18 CEOs Called Out By Bernie Sanders for Taking Trillions In Bailouts, Evading Taxes & Outsourcing

[KoKo]

18 CEOs Called Out By Bernie Sanders For Taking Trillions In Bailouts, Evading Taxes, and Outsourcing Jobs

August 6, 2015 by Amanda Froelich

Senator Sanders, in his no-nonsense approach, released a report identifying 18 CEOs responsible for wrecking the economy.

Bernie Sanders is the underdog in the American political race, but he’s quickly gaining momentum as a prime candidate to lead the US, as his no-nonsense, candor approach is appreciated by many – especially the millennial generation.

In response to 80 CEOS recently publishing a letter on the Wall Street Journal lecturing America about deficit reduction and urging them to “act on the deficit and reform Medicare and Medicare,”

Sanders had the following to say:

There really is no shame. The Wall Street leaders whose recklessness and illegal behavior caused this terrible recession are now lecturing the American people on the need for courage to deal with the nation’s finances and deficit crisis. Before telling us why we should cut Social Security, Medicare and other vitally important programs, these CEOs might want to take a hard look at their responsibility for causing the deficit and this terrible recession.

Our Wall Street friends might also want to show some courage of their own by suggesting that the wealthiest people in this country, like them, start paying their fair share of taxes. They might work to end the outrageous corporate loopholes, tax havens and outsourcing provisions that their lobbyists have littered throughout the tax code – contributing greatly to our deficit.

Many of the CEO’s who signed the deficit-reduction letter run corporations that evaded at least $34.5 billion in taxes by setting up more than 600 subsidiaries in the Cayman Islands and other offshore tax havens since 2008. As a result, at least a dozen of the companies avoided paying any federal income taxes in recent years, and even received more than $6.4 billion in tax refunds from the IRS since 2008.

Several of the companies received a total taxpayer bailout of more than $2.5 trillion from the Federal Reserve and the Treasury Department.

Many of the companies also have outsourced hundreds of thousands of American jobs to China and other low wage countries, forcing their workers to receive unemployment insurance and other federal benefits. In other words, these are some of the same people who have significantly caused the deficit to explode over the last four years.

Remaining true to his promise to serve the people as a politician, Sanders responded to the lecture from the American CEO’s by releasing a report detailing how 18 of them have helped blow up the deficit and wreck the economy outsourcing jobs and evading US taxes.

As PoliticusUSA discloses, eighteen of the 80 CEOs who signed the call for deficit action are actually some of the biggest outsourcers and tax cheats in America. Not only did they crash the economy in 2008, they followed that incident by taking billions in taxpayer bailout dollars.

Then, they outsourced jobs and evaded taxes. It’s pretty unbelievable, then, that they are now calling for action on a deficit that they helped create over the past four years.

Thankfully, Senator Sanders is not standing for the corruption and has done a great deed by bringing the disgraceful actions of these CEOs to attention.

---------------------
The list of 18 CEO’s follows:

1) Bank of America CEO Brian Moynihan
Amount of federal income taxes paid in 2010? Zero. $1.9 billion tax refund.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? Over $1.3 trillion.
Amount of federal income taxes Bank of America would have owed if offshore tax havens were eliminated? $2.6 billion.

2) Goldman Sachs CEO Lloyd Blankfein
Amount of federal income taxes paid in 2008? Zero. $278 million tax refund.
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $824 billion.
Amount of federal income taxes Goldman Sachs would have owed if offshore tax havens were eliminated? $2.7 billion

3) JP Morgan Chase CEO James Dimon
Taxpayer Bailout from the Federal Reserve and the Treasury Department? $416 billion.
Amount of federal income taxes JP Morgan Chase would have owed if offshore tax havens were eliminated? $4.9 billion.

4) General Electric CEO Jeffrey Immelt
Amount of federal income taxes paid in 2010? Zero. $3.3 billion tax refund.
Taxpayer Bailout from the Federal Reserve? $16 billion.
Jobs Shipped Overseas? At least 25,000 since 2001.

5) Verizon CEO Lowell McAdam
Amount of federal income taxes paid in 2010? Zero. $705 million tax refund.
American Jobs Cut in 2010? In 2010, Verizon announced 13,000 job cuts, the third highest corporate layoff total that year.

6) Boeing CEO James McNerney, Jr.
Amount of federal income taxes paid in 2010? None. $124 million tax refund.
American Jobs Shipped overseas? Over 57,000.
Amount of Corporate Welfare? At least $58 billion.

7) Microsoft CEO Steve Ballmer
Amount of federal income taxes Microsoft would have owed if offshore tax havens were eliminated? $19.4 billion.
8) Honeywell International CEO David Cote
Amount of federal income taxes paid from 2008-2010? Zero. $34 million tax refund.

9) Corning CEO Wendell Weeks
Amount of federal income taxes paid from 2008-2010? Zero. $4 million tax refund.

10) Time Warner CEO Glenn Britt
Amount of federal income taxes paid in 2008? Zero. $74 million tax refund.

11). Merck CEO Kenneth Frazier
Amount of federal income taxes paid in 2009? Zero. $55 million tax refund.

12) Deere & Company CEO Samuel Allen
Amount of federal income taxes paid in 2009? Zero. $1 million tax refund.

13) Marsh & McLennan Companies CEO Brian Duperreault
Amount of federal income taxes paid in 2010? Zero. $90 million refund.

14) Qualcomm CEO Paul Jacobs
Amount of federal income taxes Qualcomm would have owed if offshore tax havens were eliminated? $4.7 billion.

15) Tenneco CEO Gregg Sherill
Amount of federal income taxes Tenneco would have owed if offshore tax havens were eliminated? $269 million.

16) Express Scripts CEO George Paz
Amount of federal income taxes Express Scripts would have owed if offshore tax havens were eliminated? $20 million.

17) Caesars Entertainment CEO Gary Loveman
Amount of federal income taxes Caesars Entertainment would have owed if offshore tax havens were eliminated? $9 million.

18). R.R. Donnelly & Sons CEO Thomas Quinlan III
Amount of federal income taxes paid in 2008? Zero. $49 million tax refund.

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[onehandle]

1. How much of this activity by corporations and CEOs were illegal?

None, I'd bet.

Place the blame on the Government. Senator Sanders should be on the floor of the Senate lambasting his fellow Congresspeople for setting up the rules that allow these activities.

[arcane1]

3. That's an awfully lame attempt at spinning this into some sort of bad thing.

[ejbr]

6. The point

is that these CEOs should drink a tall glass of STFU instead of trying to force those already suffering to suffer more so that they can continue this fraud.

[tclambert]

16. Laws are for little people when you can buy the laws you want and

the Attorney General of the United States publicly said he was afraid to prosecute any of these executives for fear of "collateral damage" to the economy.

[beam me up scottie]

21. Only a Hillary fan would complain about how unfair Bernie is being to the crooks.

Good thing you're here to defend those poor CEOs and corporations from Big Bad Bernie.

[rhett o rick]

27. These crooks are the ones that bribed Congress into making bribry legal.

They are the ones that give money to politicians like Clinton (Goldman-Sachs) to make sure their stealing is legal.

Those that side with the Oligarchy are on the wrong side of this class war.

Sen Sanders is pointing the finger at the problem while Clinton gives them speeches telling them that banksters are being picked upon, then they applaud and hand her cash for her personal account. She is a member in good standing of the 1% club.

[snagglepuss]

34. That is truly lame. Do you believe that lobbyists aren't involved in drafting

the legislation?

[sabrina 1]

40. I guess you missed him on the floor over the years. Would you like to see some

video through the years? Where were the Dems to support his many attempts to out these criminals, to pass legislation to restore some restrictions on their corruption that collapsed the World's economies?

Ever see his smashing of Greenspan, that old Ayn Rand fan who together with Summers et al, ran Brooksley Born out of DC when SHE tried to WARN Clinton about derivatives and what they would do to the economy if someone didn't stop them?

Never saw Bernie take them on? And why did HE have to do it? Where were all the Dems WE elected to do what HE did?

I DO place the blame on the Government, now we see that Government made up of elected officials, composed of two parties. The entire COUNTRY is blaming the Govt. Seen any polls on this lately? Satan is more popular than our government, seriously!

[ljm2002]

43. Thanks Sabrina...

...you said it better than I could. That sad attempt at criticism defines the meaning of LAME perfectly.

[BeanMusical]

44. Lol.

[Scuba]

2. Gee, aren't some of Hillary's biggest supporters on that list?

[colsohlibgal]

4. Really

Can anyone imagine Hillary doing this list, naming names?

The sad thing is that most HRC supporters are either oblivious to all this or more worrisome don't care.

[BeanMusical]

45. Some corporations on that list are backing her up financially.

But it's fun to imagine her doing it.




Disclaimer for the not-too-bright and/or zealots: I am not imagining nor wish her to literally shoot herself in the foot.

[azureblue]

7. you tell us

you made an accusation. Back it up.

[Scuba]

8. Sure ...

http://finance.yahoo.com/news/here-s-where-hillary-clinton-will-get-her-campaign-money-155434031.html

Here's how Hillary Clinton plans to raise tons of campaign money

Wall Street. When Clinton was a senator from 2001 to 2009, 5 of her 10 biggest funding sources were Wall Street banks: Citigroup (No. 1 with $782,327 in donations), Goldman Sachs (2, $711,490), J.P. Morgan Chase (4, $620,919), Morgan Stanley (6, $543,065) and the now-defunct Lehman Brothers (9, $362,853). Donors from the securities industry overall contributed $11 million to Sen. Clinton. Wall Street CEOs who have helped fund her past campaigns include Jamie Dimon of J.P. Morgan, Lloyd Blankfein of Goldman Sachs and James Gorman of Morgan Stanley. They may have soured on Democrats since Clinton was in the Senate, due to aggressive new banking regulations rolled out under Obama. But they may also see Clinton as friendlier toward the financial industry than the current president.

http://www.alternet.org/news-amp-politics/hillary-clinton-rakes-big-money-two-goldman-sachs-speeches-one-week

Former Secretary of State, and presumed 2016 presidential hopeful, Hillary Clinton spoke at two separate Goldman Sachs events in the past week (on October 24, and then again on October 29), for a cool $200,000 per speech, her normal fee according to Politico and the New York Times. $400,000—not a bad payday for the former First Lady.

[retrowire]

12. owned

So many Hillary supporters have their heads in the sand over these facts. I am amazed at the spin some supporters have attempted in trying to parry this information. Good work.

Hillary = Big money. <----fact, not a smear or an attack.

[azmom]

20. Scuba, you rock.

[pocoloco]

29. Now azureblue knows!!

....and is set free!!!

So refreshing!

[Dustlawyer]

13. This is how they get these benefits, they buy politicians!

Bernie wants to eliminate this, please give your support!

[procon]

22. This why it's so difficult for nonaligned voters to get credible information

of this candidate. Admittedly, my first thought was to skip this article because there were so many follow up comments that were more interested in senselessly poking at Clinton than actually discussing what Sanders had to say. For people like me who hold their vote near and dear, Sanders has raised a valid concern and deserves better than he's getting.

I went elsewhere to read more about what Sanders said because his message was being marginalized here by cheap shots at his rival that only served to detract from what should have been a great discussion on the issues he presents.

[Unknown Beatle]

31. Cheap shots?

Since when is telling the truth about any candidate a cheap shot?

[LWolf]

32. Shocking.

Who'd have predicted THIS?

[jwirr]

5. Go Bernie Go.

[asiliveandbreathe]

9. The next time I hear someone screaming about illegals

taking jobs I will make a point to tell them - when these companies bring jobs back here, and pay their taxes, and stop off shore tax havens - then, and only then do they have an argument....pathetic, ignorant, lacking substance bigots....

[Chico Man]

10. I'll keep my job

Thanks

[99th_Monkey]

11. Bernie shines more light on the greedy Oligarchs lies. Can there be any doubt ...

.. who the real "people's" candidate for POTUS is?

I think not.

Go Bernie go!!!!!!!!

[KoKo]

26. Step by Step he Builds his Campaign "Big Mo" for those disgusted and want New Voice!

[restorefreedom]

14. from open secrets

three from the above list of tax cheats are among hillary's top donors.

draw your own conclusions.


Contributor
Total
Indivs
PACs
Greenberg Traurig LLP $273,550 $265,450 $8,100
Corning Inc $274,700 $256,700 $18,000
Credit Suisse Group $290,600 $280,600 $10,000
Merrill Lynch $292,303 $286,303 $6,000
Ernst & Young $297,142 $277,142 $20,000
National Amusements Inc $297,534 $294,534 $3,000
21st Century Fox $302,400 $302,400 $0
Squire Patton Boggs $310,596 $305,158 $5,438
Kirkland & Ellis $311,441 $294,441 $17,000
University of California $329,673 $329,673 $0
Cablevision Systems $336,288 $306,900 $29,388
Lehman Brothers $362,853 $359,853 $3,000
Skadden, Arps et al $406,640 $402,140 $4,500
Time Warner $411,296 $386,296 $25,000
Morgan Stanley $543,065 $538,065 $5,000
EMILY's List $605,174 $601,254 $3,920
JPMorgan Chase & Co $620,919 $617,919 $3,000
DLA Piper $628,030 $601,030 $27,000
Goldman Sachs $711,490 $701,490 $10,000
Citigroup Inc $782,327 $774,327 $8,000
This table lists the top donors to this candidate in 1999-2016. The organizations themselves did not donate, rather the money came from the organizations' PACs, their individual members or employees or owners, and those individuals' immediate families. Organization totals include subsidiaries and affiliates.
Why (and How) We Use Donors' Employer/Occupation Information
METHODOLOGY
NOTE: All the numbers on this page are for 1999-2016 and based on Federal Election Commission data available electronically on Monday, March 09, 2015. ("Help! The numbers don't add up...&quot
Feel free to distribute or cite this material, but please credit the Center for Responsive Politics. For permission to reprint for commercial uses, such as textbooks, contact the Center.

[RoccoR5955]

15. K&R. Everyone needs to see this. n/t

[erronis]

17. Wonder if the WSJ (Murdoch's "respectable" rag) would run a full page with these 18 CEOs listed?

Of course it would cost a pretty penny or two. But let's just say that a liberal benefactor offered to pay the going rate for a full page ad. My guess is that rag wouldn't allow it.

[L0oniX]

18. K & R

[V0ltairesGh0st]

19. Add.... Disney

eom

[NCTraveler]

23. Deflection on his part.

This is the fault of congress. 100%.

[Phlem]

24. K&R!

[Heather MC]

25. I totally Mis-read this, I thought it said 18 CEO's Called out Sanders

Last edited Sat Aug 8, 2015, 08:15 PM - Edit history (1)

I was like ok let me see what they are talking about, maybe it's not as bad as it sounds

Whew!

[KoKo]

28. No!...Sanders Calls Out 18 CEO's...

You did mis-read.

[cantbeserious]

30. No Citizen Need Settle For The Lesser Of Two Corporate Evils - Go Bernie Go

eom

[TrollBuster9090]

33. It's really amazing what happens when just ONE POLITICIAN chooses not to accept CORPORATE BRIBES.

He's liberated, and can tell the truth.

I guess it also has to be a politician who's not afraid to be called the "S" word. (Socialist.) It helps if you call yourself a socialist first, I guess! It's such a refreshing change from politicians who shit their pants in fear that somebody will call them a LIBERAL, never mind a socialist.

[snagglepuss]

35. Go Bernie Go

YAY Bernie.

[hifiguy]

36. Very happy to be rec #100!

Bernie keeps telling truth.

Others keep riding the corporatist gravy train.

GO BERNIE!!!

[SoapBox]

37. I so want to see Jamie Dimon and his smug face

in a mug shot with his prison suit on.

He makes my blood boil!

[Initech]

38. They're not CEOs, they're participants in a giant pyramid scheme.

[Enthusiast]

39. K&R! This post should have hundreds of recommendations!

Hundreds!

[raouldukelives]

41. K&R Some labor and invest for a better future.

Some in Wall St. Thanks to them, we live in the most democracy they can afford us to have.

[Babel_17]

42. Senator Sanders forces their hand, they'll now back other candidates :) nt

[BeanMusical]

46. Bunch of greedy crooks who never have enough.