Tag Archives: Corporations

26 top American corporations paid no federal income tax from ’08 to ’12 – report

Twenty-six of the most powerful American corporations – such as Boeing, General Electric, and Verizon – paid no federal income tax from 2008 to 2012, according to a new report detailing how Fortune 500 companies exploit tax breaks and loopholes.

Read more » http://rt.com/usa/low-corporate-tax-rates-275/

Book Review: Al Gore – “The Future – What are the drivers of Global Change.”

You can’t deny Al Gore’s knowledge & intelligence. A thought provoking book, every page of his book offers new insights. A must read book. In his book “The Future: What are the drivers of global Change”, he writes;  “The dominance of wealth & Corporate influence in decision making has so cowed most politicians that they  are scared to even discuss this existential threat in any meaningful way. (Page 323)

“With rare exceptions, the majority of legislators are no longer capable of serving the public interest because they are so dependent on Campaign Contributions from these corporate interests & so vulnerable to their non-stop lobbying.” — “It is profoundly troubling that special interests have been able to Capture Control of decision making & policy formation.” (page 326)

“ … Greece is only the best known of many examples of countries no longer able to make decisions for themselves. It must first get permission from the European Union, which supports it, and international Banks, which holds its debt.”

“U.S self-government is now about completely dysfunctional, incapable of making important decision necessary to realm control of its destiny.”

“The inequality in the distribution of wealth, property and income in the United States is now larger than at any time since 1929. The outbreak of the Occupy Movement has been driven by the dawning  awareness of the majority of Americans that the operations of democratic Capitalism in its current form are producing unfair & intolerable results. But the weakened state of democratic decision making  in the U.S. and the enhanced control over American democracy by the forces of wealth & corporate power, have paralyzed the ability of the county to make rational decisions in favour of politicians that would remedy these problems” (Page 121)

“Corporate “Persons” on the other hand now often seen to have little regard for how they can help the country in which they are based, they are only concerned about how that country can help them make more money.”

“Some political Scientists have asserted that the influence of corporations on modern governance is now almost analogous to the influence of the medieval Church during the era of feudalism” (page 125)

“Ruther Ford B – Hayes, to complain that, “this is a government of the people, by the people, and for the people no longer. It is government of corporations, by corporations & for the corporations.” (Page 106)

“It is now common for lawyers representing Corporate lobbies to sit in the actual drafting sessions where legislation is written and to provide the precise language for new laws intended to remove obstacles to their corporate business plans – usually by weakening provisions of existing laws & regulation intended to project the public interest against documented excesses and abuses. Many U.S. state legislatures often now routinely rubber stamp laws that have been written in their entirely by Corporate Lobbies.

Having served as an elected official in the federal government for the last quarter of the 20th century, and having observed it closely before that period, and since, I have felt a sense of shock and dismay at how quickly the integrity & efficacy of American democracy has nearly collapsed. There have been other periods in American history when wealth & corporate power have dominated the operations of government but there are reasons for concern that this may more than a cyclical phenomenon particularly recent court decisions that institutionalize the dominance & control of wealth & corporate power. “(Page 104-105)

Capitalism Becomes Questionable – by Richard D. Wolff

The depth and length of the global crisis are now clear to millions. In the sixth year since it started in late 2007, no end is in sight. Unemployment rates are now less than halfway back from their recession peak to where they were in 2007. Over 20 million are without work, millions more limited to part-time work, millions have been foreclosed out of their homes. Those who retain jobs suffer declining real wages, fewer benefits, reduced job security, and more work. This year of “austerity” began with an increase in the payroll tax rate for over 150 million wage-and-salary earners from 4.2 to 6.2 per cent (a 48% increase from 2012) — a far more significant tax event than the trivial — but wildly hyped — increase of taxes on those earning over $450,000 annually from 35 to 39.6 per cent (a 13% increase from 2012). Austerity deepens as Republicans and Democrats negotiate merely details of their agreements to cut government spending on social programs helping working people.

Between the crisis and today’s austerity policies lie the bailouts — a bought government’s program to aid mega-finance and other large corporations with unlimited funds unmatched by anything comparable for the mass of working people and smaller businesses. The bailouts worked for them, for the large corporations who secured them for themselves. For that reason, “recovery” blessed them while it bypassed everyone else. Now austerity policies shift onto the general population major portions of the costs of the crisis and the bailouts. The situation is so bad and US government complicity with capitalists at the people’s expense so exposed that the capitalist system is becoming questionable. Criticism challenges the last half-century’s treatment of capitalism as the absolutely best possible economic system, beyond any need for discussion or debate, justifiably implanted around the world by military force, etc.

First of all, this deep and long crisis undermines decades of confident assurances and predictions that another deep capitalist depression was no longer likely or even possible. Capitalism’s inherent instability overwhelmed and thus proved the futility of efforts to prevent its crises. Moreover, both conventional and extraordinary monetary and fiscal policies failed repeatedly to bring Europe, Japan, and the US out of the crisis. Central banks, international agencies, and national executives charged with economic responsibilities have, since 2007, spoken with assurance and met often, posed for media photos, puffed and threatened, made a few last-minute, stop-gap agreements, resolved to meet again and do more at the next meeting. However, the crisis continued for most people. In many places it has gotten much worse. All this challenges glib notions that capitalism’s highest authorities have the system “under control.”

Implicitly, at first, millions of people began to question whether capitalism does still “deliver the goods” as its defenders so long insisted. In the US, declining economic conditions for parents coupled with rising school debts and declining job prospects for their children suggest rather that capitalism “delivers the bads.” The widening inequalities of wealth and income that contributed to the crisis have in turn been further aggravated by it.

Continue reading Capitalism Becomes Questionable – by Richard D. Wolff

Canada jobs figure shrinks for first time in 6 months

Canada’s economy shed 22,000 jobs in January, but a corresponding drop in the number of unemployed people looking for work caused the jobless rate to also drop, to seven per cent.

Statistics Canada said the jobless rate ticked 0.1 percentage points lower as 57,500 people stopped looking for jobs — more than enough to offset the decline in the number of jobs.

“It had to be coming,” CIBC economist Avery Shenfeld said in reaction to the news.

In the last five months of 2012, the Canadian economy cranked out an average of 37,000 jobs a month. That was against a backdrop of official GDP data that showed the economy wasn’t expanding much.

With those two data points at odds, something had to eventually give. “The only question was when,” Shenfeld said.

Most of the job losses came from the public sector, where there were 27,000 fewer positions. Self-employment rose slightly, and the private sector was largely unchanged, the data agency said.

Self-employment tends to tick higher following job losses in conventional industries, as people decide to start their own businesses.

Construction boom

The manufacturing sector lost 22,000 jobs, bringing total employment in that key sector down to the same level it was at a year ago. The construction industry was a bright spot, adding 17,000 positions during the month.

“Given the recent slowdown in homebuilding and ongoing public sector restraint, we do not expect the strong hiring gains in the [construction industry] to be sustained,” Scotiabank economist Derek Holt said following the release of the data.

Read more » CBC
http://www.cbc.ca/news/business/story/2013/02/08/business-jobs-canada.html

Preying on Poverty: How Government and Corporations Use the Poor as Piggy Banks

by Barbara Ehrenreich
Individually the poor are not too tempting to thieves, for obvious reasons. Mug a banker and you might score a wallet containing a month’s rent. Mug a janitor and you will be lucky to get away with bus fare to flee the crime scene. But as Business Week helpfully pointed out in 2007, the poor in aggregate provide a juicy target for anyone depraved enough to make a business of stealing from them.

The trick is to rob them in ways that are systematic, impersonal, and almost impossible to trace to individual perpetrators. Employers, for example, can simply program their computers to shave a few dollars off each paycheck, or they can require workers to show up 30 minutes or more before the time clock starts ticking.

Lenders, including major credit companies as well as payday lenders, have taken over the traditional role of the street-corner loan shark, charging the poor insanely high rates of interest. When supplemented with late fees (themselves subject to interest), the resulting effective interest rate can be as high as 600% a year, which is perfectly legal in many states.

It’s not just the private sector that’s preying on the poor. Local governments are discovering that they can partially make up for declining tax revenues through fines, fees, and other costs imposed on indigent defendants, often for crimes no more dastardly than driving with a suspended license. And if that seems like an inefficient way to make money, given the high cost of locking people up, a growing number of jurisdictions have taken to charging defendants for their court costs and even the price of occupying a jail cell. ….

Read more » Common Dreams

Imperialism didn’t end. These days it’s known as international law

By: George Monbiot

A one-sided justice sees weaker states punished as rich nations and giant corporations project their power across the world

The conviction of Charles Taylor, the former president of Liberia, is said to have sent an unequivocal message to current leaders: that great office confers no immunity. In fact it sent two messages: if you run a small, weak nation, you may be subject to the full force of international law; if you run a powerful nation, you have nothing to fear.

While anyone with an interest in human rights should welcome the verdict, it reminds us that no one has faced legal consequences for launching the illegal war against Iraq. This fits the Nuremberg tribunal’s definition of a “crime of aggression”, which it called “the supreme international crime”. The charges on which, in an impartial system, George Bush, Tony Blair and their associates should have been investigated are far graver than those for which Taylor was found guilty.

The foreign secretary, William Hague, claims that Taylor’s conviction “demonstrates that those who have committed the most serious of crimes can and will be held to account for their actions”. But the international criminal court, though it was established 10 years ago, and though the crime of aggression has been recognised in international law since 1945, still has no jurisdiction over “the most serious of crimes”. This is because the powerful nations, for obvious reasons, are procrastinating. Nor have the United Kingdom, the United States and other western nations incorporated the crime of aggression into their own legislation. International law remains an imperial project, in which only the crimes committed by vassal states are punished. ….

Read more » guardian.co.uk

State Bank has no Board Director from Sindh

By: Dr Ali Akbar Dhakan, Karachi, Sindh

There is an old maxim that the cry of an oppressed or Victim never goes heedless but its bring Allah`s calamity and catastrophe for the oppressors. Since the creation of the world, the history tells that the society wherein the principle of might is right has been adopted, neither the fate of that society has flourished nor solidarity has achieved sound footings. I have expressed here my worries and woes experienced in the service career of State Bank of Pakistan which is the central Bank or the authority to regulate and control the monetary related affairs of the country.

Continue reading State Bank has no Board Director from Sindh

The United States of Prisons

21st-Century Slaves: How Corporations Exploit Prison Labor

In the eyes of the corporation, inmate labor is a brilliant strategy in the eternal quest to maximize profit.

By Rania Khalek

There is one group of American workers so disenfranchised that corporations are able to get away with paying them wages that rival those of third-world sweatshops. These laborers have been legally stripped of their political, economic and social rights and ultimately relegated to second-class citizens. They are banned from unionizing, violently silenced from speaking out and forced to work for little to no wages. This marginalization renders them practically invisible, as they are kept hidden from society with no available recourse to improve their circumstances or change their plight.

They are the 2.3 million American prisoners locked behind bars where we cannot see or hear them. And they are modern-day slaves of the 21st century.

Incarceration Nation

It’s no secret that America imprisons more of its citizens than any other nation in history. With just 5 percent of the world’s population, the US currently holds 25 percent of the world’s prisoners. “In 2008, over 2.3 million Americans were in prison or jail, with one of every 48 working-age men behind bars,” according to a study by the Center for Economic and Policy Research(CEPR). That doesn’t include the tens of thousands of detained undocumented immigrants facing deportation, prisoners awaiting sentencing, or juveniles caught up in the school-to-prison pipeline. Perhaps it’s reassuring to some that the US still holds the number one title in at least one arena, but needless to say the hyper-incarceration plaguing America has had a damaging effect on society at large.

The CEPR study observes that US prison rates are not just excessive in comparison to the rest of the world, they are also “substantially higher than our own longstanding history.” The study finds that incarceration rates between 1880 and 1970 ranged from about “100 to 200 prisoners per 100,000 people.” After 1980, the inmate population “began to grow much more rapidly than the overall population and the rate climbed from “about 220 in 1980 to 458 in 1990, 683 in 2000, and 753 in 2008.”

The costs of this incarceration industry are far from evenly distributed, with the impact of excessive incarceration falling predominantly on African-American communities. Although black people make up just 13 percent of the overall population, they account for 40 percent of US prisoners. According to the Bureau of Justice Statistics (BJS), black males are incarcerated at a rate “more than 6.5 times that of white males and 2.5 that of Hispanic males and “black females are incarcerated at approximately three times the rate of white females and twice that of Hispanic females.”

Michelle Alexander points out in her book The New Jim Crow that more black men “are in prison or jail, on probation or on parole than were enslaved in 1850.” Higher rates of black drug arrests do not reflect higher rates of black drug offenses. In fact, whites and blacks engage in drug offenses, possession and sales at roughly comparable rates. ….

Read more » AlterNet