Archive for vulture capitalism

Wall St. "Too Big to Fail" Banks and Corporations Are the Real Takers: Count the Ways

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Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

The takers are on the loose, mugging most of the American population and destroying a vital economy and representative democracy in the process.  They break the rules, think only of themselves, and take unaccountable advantage of decent people in society. [...]

Who are the takers in our society? The corporations who make record-breaking profits at a time when workers are enduring decreased (adjusted for inflation) pay or losing their jobs – and the too big to fail financial institutions who take advantage of an all but monopoly-hold on our money supply.

The following are just a few examples of the takers in action.

Banks: ...These banks aren't banks: they are financial entities with tentacles that control DC to ensure lack of regulation, which allows them to take and take and take from those of us who actually labor for a living.

Agri-business: First they came and squeezed so many of the small farmers out of business.  Now they are taking away our fundamental human right to own and farm the basic grains of life: seeds.... You can't be more of a taker than one who steals the agrarian seeds of life and forces payment for them throughout the world.

Logo Brand Corporations: ...Logo brand corporations take our dollars, increase their record profits, hire exploitative labor sub-contractors in financially desperate nations – and they make relatively minor financial investments in building the domestic US economy.

Predatory Venture Capitalists: Mitt Romney represented the ultimate $250 billion dollar venture capitalist blood sucker on the US workforce and economic structure.  All he did was implement strategies to take companies down, sell off their parts and decrease labor costs.  [...]

Corporate Intellectual Capital: Who provides the education that allows companies such as Apple, Microsoft, General Dynamics, and Northrop Grumman to prosper?  Do they pay for the education of their workers?  Not a chance. The public school system – and public and private colleges – are the fundamental basis of the brain power behind US corporations.  [...]

They are the 1% freeloaders, freeloaders on a society that provided everything they needed to become the ultimate gilded grifters.

Please read the entire post here.

george carlin corporate rich v poor inequality

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Hedge Fund Billionaires Lower Taxes by Sending Cash on a Bermuda Vacation

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chart vulture income disparity inequality smaller

Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

Bloomberg Businessweek (ironically owned by politician plutocrat and defender of the oligarchy Michael Bloomberg) just reported that "a hedge fund tax dodge uses Bermuda reinsurers" ... But the Bermuda based "reinsurers" are sometimes just little more than mail drops that serve as a vehicle for tax-evasion money laundering, with little concern being expressed by the IRS. [...]

Referring to three gluttonously wealthy hedge fund managers, Bloomberg Businessweek reveals:

The companies set up by Paulson, Cohen, and Loeb are all located within a half-mile of each other in the narrow streets of Hamilton, Bermuda’s capital and the global center of the reinsurance industry. The three put a combined $1.7 billion back into the fund managers’ hands last year.

Even the Murdoch-owned tabloid The New York Post jumped on the legalized theft from the public purse of this scheme...

Billionaire hedge-fund moguls are getting comfortable with a US tax loophole to fatten their already plump bottom lines. [...]

Hedgies like John Paulson and Steve Cohen are forming reinsurance companies in tax-free havens like Bermuda or the Cayman Islands — and then transferring cash from their funds to the reinsurance companies.

The cash, classified as insurance company reserves, is then transferred back into the funds as reserves to be invested for future claims.

Thanks to an IRS loophole, profits from these insurance companies aren’t taxed — until the stake in the fund is sold, and that could be years down the line.

And here’s the kicker: The taxes, when paid, are at the lower capital-gains rate and not as ordinary income. [...]

The more the rich get richer, the more they get a free pass from legal oversight.

Please read the entire post here.

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Romney's Bain investment record: Three times the bankruptcies of fed investments

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Cartoon via Lalo Alcaraz

Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

Jon Stewart lacerated the myth of Romney's alleged expertise as a venture capitalist the other night. (See video here.) Quite simply, under Mitt's leadership, Bain Capital had a worse investment record than the federal government's backing of alternative energy companies (e.g., Solyndra).  

In fact, Romney's record at Bain showed him picking firms that went into bankruptcy at three times the rate of the fed record.

Stewart started by quoting part of Romney's "closing argument" to the American voters:

The government of the United States is not a very good venture capitalist …. [Obama] doesn't just like picking winners and losers, he likes picking losers.  Half of the ones [alternative energy companies that the government has invested in under Obama] have gone bankrupt.

[...]

Whoa! So Romney's accusation of a 50 percent bankruptcy rate as a result of Department of Energy financial support (in loans and subsidies) to alternative energy firms is at best actually 8 percent. [...]

So that's 8% failure for government investments in alternative energy firms vs. a 22% bankruptcy record under Mitt Romney's leadership at Bain. [...]

When Romney's bankruptcy record, as he ironically promotes himself as a "job creator," is just about three times the rate of Obama's as president, it's clear the "job creator" is really (particularly when combined with his slash and burn labor strategies) a job destroyer.  He's also a liar, and his dissembling is meant to hide one of the greatest myths of the campaign: that private investment is more effective at stimulating the economy, when Romney's own record as the CEO of Bain Capital shows that it isn't.

Please read the entire post here.

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VIDEO- Broken Promises: Mitt's Mass. Record. "Romney runs government like his Bain Capital"

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Learn more: http://www.RomneyEconomics.com

Mitt Romney ran for Governor of Massachusetts promising more jobs, decreased debt, and smaller government.

Here's what Massachusetts got instead:

Jobs: 47th out of 50 states in job creation
Taxes and fees: Increased more than $750 million per year
Long-term debt: Increased more than $2.6 billion

Fact is, Romney economics didn't work then, and won't work now.

Via a friend of mine who worked at a company that was bought by Bain Capital:

Romney runs government like his Bain Capital.

Romney did the same thing in Massachusetts as he did for Bain: He borrowed money to pay for his expenses.

His record as governor of Massachusetts:

  • Record debt
  • Record fee increases
  • 47th in job losses
  • 5% decrease in wages

He killed business and was then forced to drop a bid for reelection because he was polling way behind his challengers.

And if you don't know how Bain works, there's this:

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VIDEO: "Think the Bain Capital business has nothing to do with you? Do you pay taxes?" Mitt Romney left us to pick up the tab.

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:

Think the Bain Capital business has nothing to do with you?

Do you pay taxes?

Point made.

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VIDEO- Donald Trump: Mitt Romney would "buy companies, he'd close companies, he'd get rid of jobs, OK?"

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Who's “attacking capitalism” now?

February 2012:

"He was a fund guy. He walked away with some money from a very good company that he didn't create. He worked there. He didn't create it. He'd buy companies, he'd close companies, he'd get rid of jobs, okay?"

Okay!

May 2012:

"Donald Trump is a representative of the Romney campaign. Mr. Romney is raising money off of Donald Trump."

Which just goes to show you that all the money in the world can't buy you class.

But the best part was still Birther Trump informing everyone that Willard would "get rid of jobs." The GOP candidate's own fundraiser/spokesMittwit invalidated Willard nearly as effectively as he did to his very own self here.

H/t: Think Progress

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Cartoons of the Day- What GOP, Romney Want For America

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