CARLSON RIPS BILLIONAIRE PAUL SINGER FOR VULTURE CAPITALISM - THESE FUCKER BILLIONAIRES ALL WANT OPEN BORDERS AND PAY NO TAXES, TOO!

PAUL SINGER OPERATES NO DIFFERENTLY THAN MITT ROMNEY!

Despite a booming economy, many U.S. households are still just holding on

https://mexicanoccupation.blogspot.com/2019/05/the-recovery-that-never-happened-except.html

"One of the premier institutions of big business, JP Morgan Chase, issued an internal report on the eve of the 10th anniversary of the 2008 crash, which warned that another “great liquidity crisis” was possible, and that a government bailout on the scale of that effected by Bush and Obama will produce social unrest, “in light of the potential impact of central bank actions in driving inequality between asset owners and labor."  

FNC’s Carlson Rips ‘Vicious’ Billionaire Paul Singer for ‘Vulture Capitalism’ Tactics

JEFF POOR

3 Dec 2019937

3:15

During his Tuesday broadcast of Fox News Channel’s “Tucker Carlson Tonight,” host Tucker Carlson took a highly critical look at billionaire hedge fund manager and political financier Paul Singer’s practices, which have made him a wealthy man.

Carlson reminded viewers of the circumstances throughout the country in an age where the industrial sector thrived but now barely resembles that era.

What has led to that, according to the Fox News host, is, in part, Singer’s practice of purchasing distressed companies, remaking them in a way that includes outsourcing the labor and selling them at a profit but at the expense of a company’s original employees.

“[T]he model is ruthless economic efficiency: Buy a distressed company, outsource the jobs, liquidate the valuable assets, fire middle management, and once the smoke has cleared, dump what remains to the highest bidder, often in Asia,” Carlson explained. “It has happened around the country. It has made a small number of people phenomenally rich. One of them is a New York-based hedge fund manager called Paul Singer, who, according to Forbes, has amassed a personal fortune of more than $3 billion.”

Carlson offered automotive parts supplier Delphi as an example.

“During the last financial crisis, a consortium of hedge funds, including Singer’s Elliott Management, purchased Delphi,” he said. “With Singer and the other funds at the helm, the company took billions of dollars in government bailouts. Obama’s auto-czar compared the tactics to extortion. Once they had the bailout money, the funds moved most of Delphi’s jobs overseas, and then either cut retiree pensions entirely or shifted the costs to taxpayers.”

“With lighter financial commitments at home and cheap factories abroad, Delphi’s stock soared,” he continued. “According to investigative reporter Greg Palast, of the 29 Delphi plants in operation when the hedge funds started buying Delphi debt, only four were still operating in the United States by 2012. Tens of thousands of unionized and white-collar workers lost their jobs. Paul Singer’s hedge fund cashed out for more than a billion dollars.”

Another example that Carlson highlighted was Singer’s involvement with outdoors retailer Cabela’s and how Singer’s practices decimated the town of Sidney, NE.

“In October 2015, Singer’s hedge fund disclosed an 11% stake in Cabela’s and set about pushing the board to sell the company,” he said.  “Cabela’s management, fearing a long and costly fight with Singer, announced it would look for a buyer. At the time, Cabela’s was healthy. The company was posting nearly $2 billion a year in gross profits, off $4 billion in revenue. There was no immediate need to sell. But they did anyway. One year after Singer entered the equation, Bass Pro Shops announced the purchase of Cabela’s. The company’s stock price surged. Within a week, Singer cashed out. He’d bought the stock for $38 a share. He sold it for $63. His hedge fund made at least $90 million upfront, and likely more over time.”

But in Sidney, Nebraska, it was a very different story,” Carlson continued. “The residents of Sidney didn’t get rich. Just the opposite. Their community was destroyed. The town lost nearly 2,000 jobs. A heartbreakingly familiar cascade began: people left, property values collapsed, and then people couldn’t leave. They were trapped there. One of the last thriving small towns in America went under. We recently sent two producers to Sidney, to survey the wreckage and consider what happened. Our producers talked to more than a dozen former Cabela’s employees. Almost all of them refused to speak on camera, fearful of legal retribution from the famously vicious Paul Singer.”

Follow Jeff Poor on Twitter @jeff_poor

Watchdog Accuses Silicon Valley Giants of Dodging $100 Billion in Taxes

AFP Photo/Alex Wong

LUCAS NOLAN

 3 Dec 201945

4:52

Six of the Silicon Valley Masters of the Universe have been accused of dodging $100 billion in taxes by a British tax watchdog.

CNBC reports that six major Silicon Valley tech firms have been accused of having a combined “tax gap” of $100 billion over the past ten years according to an analysis by a British tax organization. Fair Tax Mark, a British organization that certifies businesses for proper tax conduct, examined the global tax payments of Facebook, Apple, Amazon, Netflix, Google, and Microsoft from 2010 to 2019.

The research analyzed the company’s 10-K filings submitted to the U.S. government by the tech giants. Fair Tax Mark looked at tax provisions, which is the amount that companies set aside in their financial reports to pay taxes, and compared these with the amount of money that the companies actually paid to the government, called cash taxes. Researchers found that over the past ten years, the gap between the tax provision set out by the tech firms and the taxes they actually paid was approximately $100.2 billion.

The report also claimed that the profits were “shifted to tax havens, especially Bermuda, Ireland, Luxembourg and the Netherlands.” The researchers noted that most of the tax shortfall “almost certainly arose outside the United States,” with tax charges from countries outside the United States coming to 8.4 percent of the companies’ profits overseas.

Paul Monaghan, CEO of Fair Tax Mark, discussed the report with CNBC stating: “The amount of tax being paid by these businesses is $100 billion less than reported in their accounts.” The report noted that Amazon was the worst offender of the six tech firms. The report alleged that Amazon paid $3.4 billion in income taxes since 2010, noting that the cash tax paid by Amazon amounted to 12.7 percent of its profit for the decade despite the corporate tax rate being set at 35 percent for seven of the past ten years. President Donald Trump cut the corporate tax rate to 21 percent in 2017.

The report stated: “The company is growing its market domination across the globe on the back of revenues that are largely untaxed and can unfairly undercut local businesses that take a more responsible approach.” A spokesperson for Amazon told CNBC in a statement:

Amazon represents about 1% of global retail, with larger competitors everywhere we operate, and had a 24% effective tax rate on profits from 2010-2018. Amazon is primarily a retailer where profit margins are low, so comparisons to technology companies with operating profit margins of closer to 50% is not rational. Governments write the tax laws and Amazon is doing the very thing they encourage companies to do — paying all taxes due while also investing many billions in creating jobs and infrastructure. Coupled with low margins, this investment will naturally result in a lower cash tax rate.

Facebook had the second-biggest tax gap with the cash tax it paid representing 10.2 percent of the profit it made over the decade. A spokesperson for Facebook told CNBC:

In 2018 we paid $3.8 billion in corporation tax globally and our effective tax rate over the last five years is more than 20%. Under current rules we pay the vast majority of the tax we owe in the U.S. as that is where the bulk of our functions, assets and risks are located. Ultimately these are decisions for governments and we support the OECD process which is looking at new international tax rules for the digital economy.

Google ranked third with its taxes amounting to 15.8 percent of its profits with its foreign tax charge amounting to 7.1 percent. A Google spokesperson told CNBC that the report form Fair Tax Mark “ignores the reality of today’s complicated international tax system and distorts the facts documented in our regulatory filings.”

The company added: “Like other multinational companies, we pay the vast majority — more than 80% — of our corporate income tax in our home country. As we have said before, we strongly support the OECD’s work to end the current uncertainty and develop new tax principles.”

Netflix ranked fourth in the list handing over 15.8 percent of its profit while Apple ranked fifth with a tax rate of 17.1 percent. Apple told CNBC in a statement:

As the largest taxpayer in the world, we know the important role tax payments play in society. We pay all that we owe according to tax laws and local customs wherever we operate, and since 2008 Apple’s corporate taxes alone have totaled over $100 billion.

Microsoft paid the highest tax rate of 16.8 percent with a spokesperson telling CNBC: “Microsoft is fully compliant with all local laws and regulations in every country in which we operate. We serve customers in countries all over the world and our tax structure reflects that global footprint.”

Read more about the report at CNBC here.

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or email him at lnolan@breitbart.com