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The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and Get

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The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and Get $33 Billion in Refunds
By David DeGraw

http://www.alternet.org/story/14650...--_and_get_$33_billion_in_refunds?page=entire

Journalist David DeGraw has put together a devastating report detailing how Wall Street continues to pillage the economy with the government's help. "The staggering level of theft continues unabated," writes DeGraw. "Our future is going up in flames and our government isn’t even making the slightest effort to put out the fire. In fact, they are purposely pouring gasoline all over it." DeGraw's investigation is a follow up to his previous report The Economic Elite Vs. The People of the United States of America -- check that one out to get caught up. AlterNet will run in a series of articles based on DeGraw's investigation. Here is part one.

The first thing people need to understand is that the economic crash wasn’t a crash for the people who caused it. In fact, these financial terrorists are now doing better than ever. In a recent report, titled “Social Inequality in America: Widening Income Disparities,†more evidence of the unprecedented transfer of wealth was revealed:

“As of late 2009, the number of billionaires soared from 793 to 1,011, and their total fortunes from $2.4 trillion to $3.6 trillion…. Despite the crisis, the list of billionaires has grown by 218 people and their aggregate capital has expanded by 50%. This may seem paradoxical, but only at first glance. This result was predictable, if we recall how governments all over the world have dealt with the economic crisis.â€

The inequality of wealth in the United States between the economic top 0.5% and the remaining 99.5% of the population is now at an all-time high. The economic top 1% of the population now controls a record 70% of all financial assets. The point here is that while the economic crisis has been devastating for 99% of America, the Wall Street elite are awash in record breaking profits. The most profitable firm in Wall Street history, Goldman Sachs, just had their most profitable quarter in their 140-year history and Wall Street firms issued an all-time record breaking amount in bonuses.

All of this is occurring after giving these firms $14 TRILLION in taxpayer support - that works out to be $46,662 of your hard-earned money. That’s $46,662 for every man, woman and child in this country. If you have a family of four, sorry, your future just got robbed and you and your children just lost $186,648!

So what are all these firms doing with these record-breaking profits? Are they returning them into the tax system in which they came from, the tax system that was looted just to keep their scam running?

No!

Let’s start with Wells Fargo. After being bailed out with our money in 2008, their top five executives DOUBLED their compensation and each one of them made over $11 million in 2009. Wells Fargo CEO John Stumpf made off with a cool $21.3 million last year.

And now comes news that Bank of America and Wells Fargo will pay zero, yes ZERO in federal taxes for 2009. Bank of America will net a $3.6 BILLION benefit from the federal government in 2009. Wells Fargo, after $8 BILLION in earnings for 2009, will net $4 BILLION from the federal government.

So you and I are working our asses off just to make ends meet, paying 30% of our limited income in taxes, and gizillionaire John Stumpf’s company is paying ZERO in taxes so that he can personally swipe another $21.3 million of tax payer funds.

Al Capone is a dime store thief compared to this guy!

Well, to be fair, Mr. Stumpf is just a small-timer himself in this all-time greatest heist.

JP Morgan Chase made $12 BILLION in profit in 2009, as a direct result of our tax money - yes, I need to keep repeating this fact. These are profits that would not exist if it weren’t for our tax dollars.

It’s also important to point out that this is just the level of theft that has already occurred. However, as I also can’t stress enough, the theft still continues without any let-up.

Now comes news that JP Morgan is on the verge of getting a $1.4 BILLION tax refund! Yes, you heard me right, a $1.4 BILLION TAX REFUND. But JP is not alone in this latest theft. In total, the financial terrorists are due to receive $33 BILLION IN TAX REFUNDS!

Do you comprehend how depraved it is to give these people another $33 billion in tax refunds? I assume that they’re thinking that after stealing $14 TRILLION, another $33 billion really isn’t all that much. After all, last year, Goldman Sachs, the most profitable firm Wall Street history, only paid 1% in taxes, so what’s another $33 billion kickback among friends?

Let’s be clear about this latest $33 billion of which the US tax system is being robbed. What could we do with $33 billion?

For one, we could put over one million unemployed people back to work and pay them the average national median wage for the next year. Add the record-breaking $150 billion in bonuses (our tax money) that Wall Street handed out this past year to the $33 billion and guess what? We can now put over six million people back to work making the average annual wage! Do you think that would stimulate the economy? Green shots galore.

But why do that? Jamie Dimon needs another new 40,000 square foot mansion and Goldman Sachs needs to upgrade their fleet of luxury jets filled with the finest wine, champagne, cigars and hot tubs.

Maybe we could use that $33 billion to save some of the hundreds of schools that are being forced to close this year due to devastating State budget deficits. Or maybe pay the thousands of teachers who just found out that their jobs have been cut. How about using that money to feed the 50% of US children who need to use food stamps during their childhood to eat? How about using it to give a raise to the 15 million US workers who work 40 hours or more a week and still fall below the poverty line.

Wait, I know, how about helping the millions of Americans who have been foreclosed upon due to JP Morgan’s predatory lending schemes and illegal subprime “liar’s loans.â€

And don’t even get me started again on how we can better use the $14 TRILLION that Wall Street made off with.

People of the United States to Obama: Hello! This is happening on your watch!

Change We Can Believe In!

Oh, but wait… it gets even better. This just in from the Roosevelt Institute:

De facto bailout for Freddie and Frannie

Did the Fed and the Treasury orchestrate a de facto bailout of Fannie Mae and Freddie Mac — at public expense and sans Congressional approval? John Hussman thinks so. He provides a detailed account of just how 1.5 trillion dollars got diverted to Freddie and Fannie — money that we can all kiss goodbye. American taxpayers, it seems, have gotten the middle finger once again.

And then in comes this little known, highly underreported news item: U.S. Taxpayers on Hook for $5 Trillion of Fannie, Freddie Debt

“After years of winks and nods, there’s no doubt that Fannie and Freddie now enjoy an explicit guarantee, according to most observers. The U.S. government placed Fannie Mae and Freddie Mac in conservatorship in September 2008: ‘This means that the U.S. Taxpayer now stands behind $5 trillion of GSE debt,’ according to the Congressional Research Service.â€

Hank “Pentagon-Sachs†Paulson’s right-hand man Tim Geithner, now Obama’s hand-picked Treasury Secretary and point man for the continued looting, recently assured his friends on the Financial Services Committee: “We will do everything necessary to ensure these institutions have the capital they need to meet their commitments.†Geithner then acknowledged that US taxpayers will take “very substantial†losses on this bailout.

Yep, Obama’s Chief-of-Theft, Rahm “Freddie Mac Daddy†Emanuel’s former company now has unlimited ability to rob taxpayer money and is making off with $5 TRILLION. And I thought Cheney’s Halliburton was as bad as it could get.

Yes We Can… Get Robbed Even More!

But don’t worry, if you thought the past two years were bad, the history books will recall them as a walk in the park compared to what is coming our way. You don’t have trillions looted from the economy and continue to just keep going about your life business as usual. I wish I was wrong, and I wish this was just my opinion, but facts are facts and every societal and economic indicator says things are going to get worse, MUCH WORSE.
 

Blueice Mark II

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#2
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

Wyldwil, I am delighted to have you back at GIMxo!!

So these "financial terrorists" provide no benefits whatsoever?

Furthermore, to characterize an industry as terrorists only reduces the value and meaning of the word...Using terrorists in this parlor, simply understates its significance and reduces it parody..
 

foolsgold

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#3
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

To add to our angst.....

Jim Sinclair’s Commentary

Who paid the bonuses for Wall Street and how it worked:

1. FASB capitulates and allows holders of OTC derivatives to value them at whatever they wish.
2. International investment firms begin strong mark up policies towards their crap inventory.
3. Profits from the mark up of crap OTC derivatives by the international investment firms is recognized as trading income.
4. Tarp money comes into the firms and goes out as bonuses to the management, trading department and general employees at obscene levels.
5. Stock and bond issues are made to pay back tarp funds.
6. Therefore the money bonuses out by the international investment firms were TARP funds, not real earnings, but false FASB permitted mark up paper earnings through the trading department and declared as trading income.
7. The TARP money was paid back through the issue of stocks and bonds to the public, therefore the public paid the TARP back, not the financial institutions.
8. The obscene level of bonuses is because this game of convert false paper profit into cash into the bank account of the banksters and their merry crew is now game over. It was the last dip at the well of public funds laundered via TARP of the caved in FASB.
9. In the final analysis the public paid those obscene bonuses that were in truth, unearned.
 

Blueice Mark II

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#5
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

I am humbled, Your Emperor! :bowdown:
 

Brio

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#6
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and



Furthermore, to characterize an industry as terrorists only reduces the value and meaning of the word...Using terrorists in this parlor, simply understates its significance and reduces it parody..
Gotta agree with you there BlueIce, defined, 'terrorism' means calculated violence. Perhaps 'extortionists' would have been a better word.
 

dirt to oil

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#7
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

thieves would work too
 

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#8
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

I say we sacrifice them all to the Iceland Volcano Gods.
 

Brio

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#9
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

thieves would work too
Almost seems too mild. Thieves only take what you have not everything you will have for the rest of your life.
 

Blueice Mark II

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#10
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

Gotta agree with you there BlueIce, defined, 'terrorism' means calculated violence. Perhaps 'extortionists' would have been a better word.
DeGraw, needs to be declawed! :bear_laugh:

His title sure packs a punch: terrorists, destroyers, tax avoiders and unwarranted rebaters..
 

Brio

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Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

DeGraw, needs to be declawed! :bear_laugh:
Didn't read the article eh? Declawing an honest journalist is the solution? LOL. Forget the adjectives, they're superficial. I have more lies on my shampoo bottle.

Let’s start with Wells Fargo. After being bailed out with our money in 2008, their top five executives DOUBLED their compensation and each one of them made over $11 million in 2009. Wells Fargo CEO John Stumpf made off with a cool $21.3 million last year.

And now comes news that Bank of America and Wells Fargo will pay zero, yes ZERO in federal taxes for 2009. Bank of America will net a $3.6 BILLION benefit from the federal government in 2009. Wells Fargo, after $8 BILLION in earnings for 2009, will net $4 BILLION from the federal government.

So you and I are working our asses off just to make ends meet, paying 30% of our limited income in taxes, and gizillionaire John Stumpf’s company is paying ZERO in taxes so that he can personally swipe another $21.3 million of tax payer funds.
Did you that part get you or are you still worried about connotations?
 

Blueice Mark II

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#12
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

Didn't read the article eh? Declawing an honest journalist is the solution? LOL. Forget the adjectives, they're superficial. I have more lies on my shampoo bottle.

Did you that part get you or are you still worried about connotations?
Ms Brio, DeGraw maybe be an honorable journalist, however, part of his report contains several factual errors..

This is a nothing short of a demagoguery rather than reporting the facts: "This may seem paradoxical, but only at first glance. This result was predictable, if we recall how governments all over the world have dealt with the economic crisis."

Of course, a little fact checking would have discovered that, in fact, billionaires also suffer declining riches and that rather than increasing their rolls and wealth the opposite occur.

I wonder what else is in error in this report?

http://www.forbes.com/2009/03/11/worlds-richest-people-billionaires-2009-billionaires-intro.html

It's been a tough year for the richest people in the world. Last year there were 1,125 billionaires. This year there are just 793 people rich enough to make our list.

The world has become a wealth wasteland. Like the rest of us, the richest people in the world have endured a financial disaster over the past year. Today there are 793 people on our list of the World's Billionaires, a 30% decline from a year ago.

Of the 1,125 billionaires who made last year's ranking, 373 fell off the list--355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.

The world's richest are also a lot poorer. Their collective net worth is $2.4 trillion, down $2 trillion from a year ago. Their average net worth fell 23% to $3 billion. The last time the average was that low was in 2003.

 

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Blueice Mark II

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#13
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

Furthermore, is this the type of diction a honest journalist uses.

So you and I are working our asses off (:reddy:) just to make ends meet,


Finally, I oppose all corporate income tax...
 

Brio

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#14
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

The world's richest are also a lot poorer. Their collective net worth is $2.4 trillion, down $2 trillion from a year ago. Their average net worth fell 23% to $3 billion. The last time the average was that low was in 2003.

Actually, the data shows the world's richest are richer, their numbers more. The last time the inequality was so great was during the Great Depression.

Anyways i came across as a little belligerant, sorry Blueice.
 

Blueice Mark II

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Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

Actually, the data shows the world's richest are richer, their numbers more. The last time the inequality was so great was during the Great Depression.

Anyways i came across as a little belligerent, sorry Blueice.
Pony Two to Pony One, you are intelligent, but never belligerent! :flowers:

I would like to know your source, please! I suspect many of the rich wealth lay with stock holdings and as we know, 2009 was not a good year for stocks...
 

Blueice Mark II

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#17
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

I agree with you Blueice Mark II, i think 2009 wasn't a good year though..
Not only that, but you were not a fine member of the board!

Garymoore, delighted by your presences...:bear_thumb:
 

sholomar

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Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

I read somewhere the top 400 wealthiest earners in America pay somewhere around 16% in taxes. Basically what that tiger-kitty said is true... the middle support the top and the bottom with the highest effective tax rates as a percentage of take home income. I 'd define 'middle' as anyone making from $34,000 to say $106,800 per year in household income.. these people are taxed the most, with a 25% bracket along with the social security tax which phases out at the $106,800 number. In truth though, anyone working any sort of job (especially for someone else) pays more percentage-wise then the top 400 wealthiest earners, the exception being single mothers and households with lots of children, which can get significant tax credits on earned income.

Business owners can write off expenses, though they have to pay the other half of the social security that the employer would normally pay. When you factor in bailouts... people getting money for failing and using it to give themselves bonuses, the numbers can be even more lop-sided. Basically taking our money and giving it to the already rich failures.. rather then, say forcing the people who were directly responsible for the failure to have to pay from their own already large net worth to help bail things out. Corporate welfare, concentration of wealth to the top.. how fun. Not that it's any more fun giving it to a welfare mom, but the amount wasted by the top, and on military conquests, so far outdoes anything that the bottom receives, the bottom isn't really worth mentioning... though I suppose giving free health care to the bottom who don't work could get expensive.

Admittedly I haven't done much research on the alternative minimum tax, so if anyone has any data to throw in there that would be useful, excellent.
 
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Blueice Mark II

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#19
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

I read somewhere the top 400 wealthiest earners in America pay somewhere around 16% in taxes. Basically what that tiger-kitty said is true... the middle support the top and the bottom with the highest effective tax rates as a percentage of take home income. I 'd define 'middle' as anyone making from $34,000 to say $106,800 per year in household income..
If my memory is correct, the top 5% of taxpayers pay 50% of all federal income tax...

How do you suppose, that the middle class supports them?
 

Brio

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#20
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

I would like to know your source, please! I suspect many of the rich wealth lay with stock holdings and as we know, 2009 was not a good year for stocks...
The very source you c/p Blueice. "As of late 2009 the number of billionaires soared from 793 to 1,011 and their total fortunes from 2.4 trillion to 3.6 trillion"
 

Blueice Mark II

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#21
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

The very source you c/p Blueice. "As of late 2009 the number of billionaires soared from 793 to 1,011 and their total fortunes from 2.4 trillion to 3.6 trillion"
:Sorry:, Ms Brio, however, those numbers in the images are from this source and as you can see, they were just turned around to fit the agenda or theme of this article...

http://www.globalresearch.ca/index.php?context=va&aid=18281

The real numbers are from the Forbes link which I provided....
 
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#22
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

:Sorry:, Ms Brio, however, those numbers in the images are from this source and as you can see, they were just turned around to fit the agenda or theme of this article...

http://www.globalresearch.ca/index.php?context=va&aid=18281

The real numbers are from the Forbes link which I provided....

The CIA carries out international economic analysis, including wealth inequality. According to their data, the US had a GINI rating of 40.8 in 1997. In 2007, in had increased to 45, meaning that wealth inequality had gone up in that period of time. A higher rating means higher wealth inequality. In contrast the nation, according to the CIA, which had the lowest wealth inequality was Sweden, with a rating of 23 in 2005. In light of that it seems that both you/Forbes are wrong, or that the CIA is wrong. I'll take my chances with the CIA.

But moreover, this is wealth, not income, tabulations. Income is manufactured by the store of wealth that is in inventory. The reason that we've had increasing wealth disparity is due to the fact that the rich are getting more income, despite having Democrats as President. The argument that somehow the rich need tax breaks because they're paying too much gets diluted when one looks at the objective data compiled by the spooks.....
 
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#23
Re: The Financial Terrorists Who Destroyed Our Economy Will Pay Zero in Taxes -- and

Funny that, we have increasing numbers of billionaires in this country, not fewer.