Tag: GAO

Nov 21 2009

Grayson on: Secret Bailouts, Fed Audit, and Rewarding Failure

If you DON’T Study, DON’T play by the Rules, and DON’T CARE who is hurt by your careless actions — would you expect an “all expenses paid” Scholarship?  … or record Bonuses?  … or more free Mad Money than you know what to do with?

Hardly!

Yet that is exactly what the reckless Wall Street Bankers got — HUGE Rewards — FOR BEHAVING BADLY!

In some circles, this is call Co-dependency and “Enabling” …

In America we call it “Too Big to Fail”.

Well Alan Grayson and Ron Paul, are about expose this Trillion Dollar “reward for failure” system, for what it is …

Rep. Alan Grayson on the Fed Bailing Out Big Banks:

“You Don’t Give Scholarships to Kids Who Fail”



http://www.youtube.com/watch?v…

Nov 01 2009

Alan Grayson accused the Fed of manipulating the stock market

Crossposted at Daily Kos

     Back in late September, Alan Grayson (Big D-FL08) grilled Federal Reserve General Counsel Scott Alvarez on whether or not the Federal Reserve has manipulated the stock and futures market. Since this hasn’t been diaried and Sunday is a slow news day, I thought it would be fun to watch Alan Grayson in action in a bit of a flashback.

(UPDATE: Unfortunately and oddly, the video is no longer working for some strange reason. Good thing I transcribed it when I did. I am looking for another version of the same vide, so hang in there until I can find it

UPDATE 2: Found a second video. Hope you enjoy)

      Transcript and commentary below the fold.

Jan 17 2009

Companies get bailout billions, hide billions in tax havens

 

The Goverment Accountability Office (GAO) released a report (pdf) on Friday detailing how the biggest U.S. companies are using offshore tax havens to avoid being responsible corporate citizens. The GAO summary explains:

Many U.S. corporations operate globally and have foreign subsidiaries… In some cases they may be used to reduce taxes…

Eighty-three of the 100 largest publicly traded U.S. corporations in terms of 2007 revenue reported having subsidiaries in jurisdictions listed as tax havens or financial privacy jurisdictions. Sixty-three of the 100 largest publicly traded U.S. federal contractors…

Not only that, but many of these corporations have received billions in federal bailout money and Senators Byron Dorgan (D-ND) and Carl Levin (D-MI) estimate this corporate tax exploit shifts $100 billion tax responsibility to other taxpayers in the form of loss tax revenue.