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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBanks Say “Thanks for the Bailout,” Now We’ll Park our Profits in Overseas Tax Havens
Giant financial institutions that benefitted from federal bailouts during the depths of the recession have repaid the American peoples largesse by hiding profits overseas to avoid paying their fair share of taxes.
According to a report (pdf) commissioned by Senator Bernie Sanders (I-Vermont), four big banksCitigroup, Goldman Sachs, Bank of America and JPMorgan Chasewhich received massive amounts of money and loan guarantees to keep them afloat in the wake of the financial crisis, park large amounts of money in tax haven nations.
Citigroup got the most help of the four in the bailout, $2.5 trillion. That company has at least 427 offshore divisions where it squirrels away profits out of reach of the American people. Those funds, as of early 2014, totaled $43.8 billion, which would mean $11.7 billion in tax revenue for the United States if they were brought to this country. Citigroup CEO Michael Corbat was rewarded with $1.5 million in salary, $4.5 million in bonuses and $8 million in stock for his work in 2014.
Bank of America received a $1.3 trillion bailout from the American people. In 2014, it had $17 billion in profits stashed offshore, which would bring $4.3 billion in funding for education, infrastructure and other badly needed projects in the United States. Bank of America CEO Brian Moynihan made $1.5 million in salary, $13 million in bonuses and $11.5 million in stock in 2014.
more
http://www.allgov.com/news/where-is-the-money-going/banks-say-thanks-for-the-bailout-now-well-park-our-profits-in-overseas-tax-havens-150316?news=855961
jwirr
(39,215 posts)BrotherIvan
(9,126 posts)When you know you can break the law with impunity
When you own the politicians who make all the laws go your way
When those who are supposed to be policing you are sucking up for a future or past job
YOU'RE IN THE MONEY!
erronis
(14,955 posts)I'd guess that he won't have to put up with this much longer. His store-bought clowns are running congress and all posturing about hiding wealth/income will no longer be necessary.
BrotherIvan
(9,126 posts)Just sayin'
turbinetree
(24,632 posts)Here we have one Jamie Diamond sitting at a desk rubbing his head, with his gold cuff links saying to himself, should I give the money back or should I continue ripping the American public off, I'll rip the U.S off with my whining and free market Lazaire Faire corruption , and then go around and blame everyone trying to regulates us as the problem.
And then say to himself has he shaves in front of the mirror every morning , with his smirk, I think I"ll buy off the political corruption starting with the U.S. Supreme court and then pad the investment with corrupt politicians, who don't give a damn about this country or the world for that matter .
I want my money back Diamond, and if you don't want to pay us back, then leave the country, and do not I repeat do not want you do business with the U.S. and this would include all the banks that took our money and basically scammed the public with the help from the Bush administration, with there LIBERTARIAN concept of banking---this is just outrageous and we have a do nothing republican Congress talking out of both sides of there months and then coming back and blaming the citizens for this issue, and being on vacation for everything from the queen bee day of hibernation to the dirt sits on the road day and its dirty road day.
And everyone really wonders why this country is turning into a third rate state, with a budget designed for caviar for the elite while everyone else eats rotten fish---go figure
semanticwikiian
(69 posts)a billionaire from Seattle is also focused on Wall St reform (and supports other progressive priorities)
He's a good guy to watch as an alternative to ReadyForHillary
Maybe a Hanauer-OMalley is on the horizon.
This is why we can't have nice things....like repairs on infrastructure, fully funded public schools, affordable college educations...
God forbid we ever contemplate stopping this.
rhett o rick
(55,981 posts)Somehow I just can't see her trying very hard to get this under control. Doesn't seem like Pres Obama wants to get this under control.
onethatcares
(16,133 posts)the "one time" tax amnesty, then we'll really get a hosin.
moondust
(19,917 posts)Waitin' for Republicans and Third Wayers to pass a repatriation holiday. I'm surprised we haven't heard more about it by now.
onethatcares
(16,133 posts)Rolling Stone article. I don't have the issue number but it's the one where the republicans are listed as for being for what.
McCain for war, and another to gut Dodd-Frank. It's a good read but I left it at work for my lunch time reading matter.