Obama: Un-American Corporations

Bait, Switch, Bait, Oops: Obama Discovers His Sponsors Are Scofflaws.

After baiting us, Obama could have done a lot when he became president. He did not. Instead he switched to the will of those mentoring and monitoring him. As early as 2007 Obama was surrounded by plutocrats, and had been told to keep his real friends away… by said plutocrats (some of whom already mentored Bill Clinton that way).

It was all the easier to do, as Obama, just like Clinton, did not know much, beyond his hunger for domination, and how to navigate by pleasing everybody. If the only people who know much around you are plutocrats, plutophiles and their servants, that’s all your universe is. Just like the world the Cathars depicted, it’s dominated by the Devil, and its name is the Good Lord.

In the first three months of his rule, Obama could have done much. Such control of government (Congress, Senate, Presidency) is rare.

Although it’s true that the banks needed trillions to keep going, Obama could have financed them with the Treasury, instead of TARP and Quantitative Easing, and thus acquire control of them (as Reagan and Bush Senior, two eminent Marxists did, in an earlier, similar crisis). But of course, when one is a child with his toys, with senior plutocrats in attendance, baby-sitting, it’s a ridiculous perspective.

Even a series B actor like Reagan knew more. Now the Marmot-In-Chief, realizing the hour is late, has woken up.

President Obama called for Congress to end a tax loophole that allows big corporations to designate a foreign country as their official address, avoiding American taxes while maintaining their presence in the United States. (Individuals trying this without using anonymous companies go to jail, or risk destitution. Plutocrats, though, just set-up perfectly legal companies off-shore.)

Same said companies also avoid big taxes from other big countries (Germany, France, UK, etc.), and accept them from tax havens (Ireland, Luxembourg, British Virgin Islands, etc.) So it’s not just the USA that is at fault.

The president indulged in unusually harsh language to describe companies using the relocation practice, known as “inversion”. Obama claimed they were renouncing their American citizenship by “cherry-picking” the nation’s laws at the expense of ordinary taxpayers.

“These companies are cherry-picking the rules, and it damages the country’s finances,” he said. “It adds to the deficit. It sticks you with the tab to make up for what they are stashing offshore… I don’t care if it’s legal — it’s wrong…You shouldn’t get to call yourself an American company only when you want a handout from the American taxpayers,”. The audience booed the companies.

Mr. Obama called on Congress to close the loophole, as he poses for what White House officials call a “new economic patriotism”. The president is pressing that argument as elections approach in the fall.

Republicans refused to consider the president’s tax proposals. And the question is… why did Obama not impose all this on day one, in 2009? When he had control.

Because he never intended it to pass. Or maybe he did not want to be shot.

Now that he is sure that it won’t pass, he is trying to pose as a great progressive.

History will see through these games.

Yet, it’s good Obama talk about this. By ignoring such subjects, We the People has been an accomplice to its own demise.

Patrice Ayme’

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3 Responses to “Obama: Un-American Corporations”

  1. gmax Says:

    That Obama is a manipulative NEOCON, there is no doubt. If nothing else, his whining asking Republicans to do the right thing, after him not even trying to do it, is proof enough of his manipulations

    • Patrice Ayme Says:

      Indeed, GMax, indeed… And he did that not just on tax avoiding corporations. Funny the French gov did not ask why it is that a USA corporation that got a 60 billion dollar gift from the government is allowed to buy a major private French company…
      BTW, the Tea Party has had enough of these gifts (see what they are trying to do with the Import-Export bank)
      PA

  2. Patrice Ayme Says:

    From Wall Street Journal:

    Hedge Funds Bet Big on Overseas Tax Deals

    Firms Wager Billions of Dollars on Potential Takeover Moves

    By Liz Hoffman and Rob Copeland

    July 25, 2014 7:26 p.m. ET

    Hedge funds are wagering billions of dollars on companies they believe will benefit from a wave of takeover deals designed to lower taxes for U.S. acquirers.

    The boom in “inversion” deals, in which a U.S. firm buys a foreign company and moves overseas, has raised the ire of President Barack Obama, who has said the practice is “wrong.” But many bankers and lawyers believe the trend could continue until at least the end of the year, potentially enabling hedge funds to make hefty profits.

    Wall Street has long tried to guess which companies are likely to engage in takeovers, both acquiring companies and target firms, sometimes a lucrative game.

    This time hedge funds are scouting for U.S. companies and the foreign firms they could target in a bid to reincorporate overseas to escape higher U.S. taxes.

    Almost a dozen such transactions are pending valued at more than $100 billion, including Medtronic Inc. MDT -0.60% ‘s $42.9 billion acquisition of Irish medical-device maker Covidien COV -1.12% PLC and AbbVie Inc. ABBV -1.66% ‘s $54 billion acquisition of Dublin-based pharmaceutical company Shire SHPG -0.11% PLC.

    “It’s very simple when the math works,” said Dr. Jacob Gottlieb, founder of Visium Asset Management LP, a roughly $7 billion New York hedge-fund firm.

    The companies have said these deals bring strategic as well as tax benefits.

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