Wednesday, January 21, 2009

Where's all that No Banker Left Behind Money Going To?

Over 8 in 10 corporations have tax havens

If Congress truly wanted to find out where all of that money involved in the 700 BILLION dollar No Banker Left Behind Act was going, they'd investigate these scams.

But they're too busy taking in bribes and swearing allegiance to Israel to worry about something like the economy or Americans. Don't pay any attention to the mild barking coming from some of our Senators and Reps, talking about looking into these swindles.
They're like the night security guard who was paid to be elsewhere when the mob broke into the bank and stole the loot.

They know nothing about what happened and can readily prove they know nothing.

While Americans lose their homes, life savings and pensions to Wall Street racketeers, pimps, con artists and thieves, the stolen loot will be moved offshore, out of sight, to be enjoyed by the few. Offshore havens that have strict laws regarding secrecy, but very little if any laws regarding how that loot got to be there.

And when this next 350 billion is gone, we'll be told AGAIN that Wall Street desperately needs MORE of our money or else the whole damned thing will implode. It's imploding as it is, so why give those thieves wearing custom made suits and carrying briefcases instead of guns more of our money?

Report: Over 8 in 10 corporations have tax havens

WASHINGTON – Eighty-three of the nation's 100 largest corporations, including Citigroup, Bank of America and News Corp., had subsidiaries in offshore tax havens in 2007, and some of the companies received federal bailout funding, a government watchdog said Friday.

The Government Accountability Office released a report that said Bank of America Inc., Citigroup Inc. and Morgan Stanley all had more than 100 units in countries that maintain low or no taxes. The three financial institutions were included in the $700 billion financial bailout approved by Congress.

Insurance giant American International Group Inc., which has received about $150 billion in bailout money, had 18 subsidiaries. JPMorgan Chase & Co. had 50 units and Wells Fargo & Co. had 18; both financial institutions received government bailout money.

Sens. Carl Levin, D-Mich., and Byron Dorgan, D-N.D., who requested the report, have pushed for tougher laws to fight offshore tax havens around the globe. Levin, who leads the Senate Permanent Subcommittee on Investigations, has estimated abusive tax havens and offshore accounts cost the U.S. government at least $100 billion a year in lost taxes.

General Motors Corp., which received $13.4 billion from the federal rescue package, had 11 offshore subsidiaries while GM's financing arm, GMAC LLC, had two offshore units. GMAC, whose majority owner is private equity firm Cerberus Capital Management LP, received $5 billion from the Treasury Department in late December.

Citigroup said in a statement that it has more than 4,000 subsidiaries around the globe "which enables us to serve hundreds of millions of individuals and institutions in more than 100 countries." A News Corp. spokeswoman declined comment. Messages were left with several of the companies identified in the report.

Separately, the GAO said 63 of the 100 largest federal contractors maintain subsidiaries in 50 tax havens.

Levin noted that many competitors use the tax havens to varying degrees. PepsiCo Inc. has 70 subsidiaries while the Coca-Cola Co. has eight units. Caterpillar Inc. had 49 while Deere & Co. had three.

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