Slide Show: 8 Corporations That Owe You Money
- From: ww <lbt006@xxxxxxxxxxx>
- Date: Sat, 16 Apr 2011 20:34:14 -0700 (PDT)
http://www.thenation.com/slideshow/158255/slide-show-8-corporations-owe-you-money
According to a congressional report, the cost of offshore tax abuses
could be as high as $100 billion per year [PDF]. The corporations in
these slides have been tricking the government twice over: first by
hiding their money in offshore accounts and second by claiming they
still needed the fed’s TARP funds.
Plenty of corporations not on this list didn’t get bailout money, but
are still robbing Americans of tax revenue that should rightly be all
of ours—massive pharmaceutical companies like Pfizer and retail
companies like Apple, BestBuy, ExxonMobil, FedEx, McDonald’s and
Safeway are just a few of the more recognizable corporations funneling
money through tax havens.
In a time of crippling budget cuts across the US, Hari argues in his
article in this week’s issue, “most of these cuts could be prevented
simply by requiring super-rich individuals and corporations to pay
their taxes.” What are American taxpayers waiting for? Read this 10-
step guide to holding these corporate tax dodgers accountable for more
ways to make them pay their fair share.
Research for this slide show provided by Kevin Gosztola
Credit: Reuters Pictures
General Motors (2 of 10)
In 2008, after years of institutional stagnation and falling sales,
General Motors received a whopping $51 billion in TARP funds to remain
in business. But according to the GAO data, the auto giant also held
money in 11 tax havens, including one located in Ugland House, the 5-
story building in the Cayman Islands that is home to over 18,000
companies—a set-up that Obama called the “biggest tax scam on record.”
Bank of America (3 of 10)
Around the time Bank of America and its subsidiary Countrywide Loans
were foreclosing homes across the country (and giving out rock-bottom
rate loans to its politician friends), it was also enjoying a TARP
windfall to the tune of over $45 billion. But BoA also had accounts in
115 offshore tax havens—shouldn’t the government have forced the
corporation to close those off-the-books accounts before it gave it a
very on-the-books bailout?
Citigroup (4 of 10)
Citigroup, the bank with the biggest financial network in the world,
also had the most accounts in offshore tax havens: a full 427 by the
GAO’s count. Like Bank of America, Citigroup also received $45 billion
in TARP funds.
JP Morgan Chase (5 of 10)
The government loaned JP Morgan Chase over $25 billion as part of the
TARP bailout. But the massive banking firm also operated 50
subsidiaries in tax havens, including 7 in the Cayman Islands, a 0%
corporate tax nation.
Wells Fargo (6 of 10)
According to the GAO data, Wells Fargo operated 18 subsidiaries in tax
havens (including 9 in, again, the Cayman Islands). Despite dodging
their own taxes, the banking group received over $25 billion in TARP
money.
GMAC/Ally Financial (7 of 10)
Since 2008, GMAC has received $16 billion in TARP funds, despite
operating subsidiaries in known tax havens. Last year, GMAC rebranded
itself Ally Financial—perhaps an attempt to divert attention from the
fact that they have yet to pay back their government bailout money.
Goldman Sachs (8 of 10)
Goldman Sachs, the financial firm led by Lloyd Blankfein (seen above
at a Senate investigation into investment banks) that can boast former
Secretary of the Treasury Henry Paulson among its alumni, should also
be up front about the 29 tax-dodging accounts the firm held the year
before it received $10 billion in TARP funds from the government.
Maybe the feds should have done a little more research into Goldman
Sachs before doling out the cash: just last year, the firm was charged
with exacerbating the sub-prime mortgage crisis by producing risky
investment options.
Morgan Stanley (9 of 10)
Morgan Stanley is another big fan of the Cayman Islands, operating 158
of their 273 tax-dodging subsidiaries there. Did the firm really
deserve the $10 billion in TARP money the government sent their way in
2008?
.
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