Posts Tagged ‘ “American greed” ’

More Bank Bailouts In Our Future?

It’s being reported by that there may be a new round of bank bail out’s in the works under the guise of QE3.

While Ben Bernanke’s announcement that the Federal Reserve will embark on an open ended scheme to purchase $40 billion in mortgage-backed securities each month has been touted by the establishment media as the beginning of “QE3″ it is in fact nothing less than another banker bailout in disguise.

While many have rightly attacked the Fed’s policy of printing money as a band aid that does little to solve the economy in the long term, this new move isn’t even about that. The policy announced yesterday will merely see the Fed use taxpayer money to purchase more bad debt in the form of junk mortgage-backed derivative based securities that have been sold over and over again.

This has nothing to do with getting the economy going again and will only serve as yet another huge wealth transfer from the middle class to the elite.

Read full article

In light of this information I decided to go see which banks that previously received a bailout have actually paid back what they received. You can view a full list HERE but we’ll cover some of the banks here as well. This is just a small portion of the banks that are in default right now….

Fannie Mae still owes $90,617,000,000
Freedie Mac still owes $51,199,000,000
AIG still owes $2,609,686,768
General Motors still owes $27,197,156,843
GMAC (now Ally Financial) still owes $10,752,090,618
Chrysler still owes $1,315,061,737
CIT Group still owes $2,286,312,500

If an American owes back taxes you better bet the IRS will be seizing anything and everything they own in order to recoup that money but what’s been the penalty for these banks? Our incredibly thoughtful government never bothered to stipulate ANY penalties therefore there are NONE! They can just keep right on doing business, paying their CEO’s billions in bonuses and thumb the American public that had their money stolen in order to ensure the rich would continue their wild spending. Absolutely disgusting!


Corporate Tax Rate Too High? Not for GE…2.3% over 10 Years

The argument to not raise taxes for big businesses and corporations is now null and void. Big business needs to pay their fare share and the loopholes they have been using to get out of paying their portion need to disappear!

Noel Brinkerhoff, David Wallechinsky
Thursday, March 01, 2012

Indicative that something is amiss with the corporate income tax system, General Electric over the last 10 years paid only 2.3% tax on more than $81 billion in profits, according to the advocacy group Citizens for Tax Justice.
It was revealed last year that GE paid no federal income taxes in 2010. In fact, it received $3 billion in net tax benefits for that year. GE officials insisted the company didn’t owe anything for 2010, but added that for 2011, things would return to “normal” come tax time.
But what’s normal for GE is different from what’s normal for most Americans. Citizens for Tax Justice claims the corporation’s “effective federal income tax rate” was only 11.3%, less than a third of the official 35% corporate tax rate.
“I don’t think most Americans would consider 11.3%, not to mention GE’s long-term effective rate of 2.3%, to be ‘normal,’” said Bob McIntyre, director of Citizens for Tax Justice. “But for GE, taxes are something to be avoided rather than paid.”
Citizens for Tax Justice studied 280 major corporations and discovered that, for the years 2008-2010, the average effective tax rate was 18.5% rather than the 35% that big businesses and their Congressional supporters have been complaining about. Twenty-nine of the companies actually had a negative tax rate over the three-year period. This was most often the case with companies in the energy industry, such as Pepco, PG&E, NiSource, CenterPoint Energy, Atmos Energy, Integrys Energy and American Electric Power. Wells Fargo, Verizon, Boeing and DuPont also had negative tax bills.