mrj said:
Sorry, Terry, but no sale!
Income Tax goes to support our nation. Local taxes do not.
Everyone who has money to spend on luxuries, and darn near every person getting their cost of living paid by the federal government does spend some money to spend on luxuries, SHOULD contribute some small portion of it to that government.
Nearly everyone of 'the poor' has luxuries such as TV and others I named in previous post.
Again, where else in the world are 'the poor' so well off as in the USA?
Tex, the figure I see in the very few news reports admitting to the fact, is that there 49+% who do not pay income tax.
Certainly, there are many who are able to work and earn money, and they should be doing some sort of work, and while many do, there are many who do not, or will not work.
There is no requirement for drug testing of those receiving assistance, is there?
It does not matter how low the wages are, people should be working and getting supplemental assistance, IF truly needed, until they can find a better job.
The welfare or assistance systems are woefully flawed because there seems to be little or no screening for ability, drug use, and more to assure that government assistance is a hand up rather than a handout.
Demands for "a living wage" do not take into account the ability or desire of the worker to produce enough income for the company to cover costs of that workers' wages, and other costs to the employer, as well as make a bit of income for the business supplying the job? If a worker 'fits' the job, is able and willing to do a job capable of a reasonable return of the investment of that business in that worker, then, great, but not otherwise!
Terry, I'm in that group who pays both income taxes when fortunate enough to make a profit, AND very heavy property (land) taxes which, unfortunately are due whether or not any profit is made on the business. Many of the people you say pay a "much greater share of income...." while having low to middle incomes, also pay little or no property tax which pays for the services they very likely use more of than does my family, since those taxes are paid as a result of home or buisness premise ownership. They may pay sales taxes, but only to the extent they make purchases of items covered. Many states either do not tax food, or have clothing and other supplies under tax free basis at certain times of year, such as when school clothes and supplies are needed.
You both ignore the fact that working, even very hard, and paying reasonable taxes for responsible government use (which seems all too rare on the national level, especially) does give people a sense of accomplishment, paying their way, and of being part of government.
It would be easier for those of us paying heavily in some areas to feel good about doing our part, if ALL did their share. THose of us in industries such as agriculture where we receive such a small return on investment, and work very long, hard hours for that little return generally are very supportive of communities, yet are scolded when we ask that ALL share the burden.
Terry, you are lumping all taxes together, when I was originally addressing only income taxes. Just how is it fair for some to pay a higher percentage of their income than others? While it may be easier for 'the wealthy' to pay more, that is money they could, and many do, use liberally to help others with THEIR OWN money. What a novel idea! Apparently you and some others would rather do good with tax money than your own, as that is what so many who preach "tax the rich more, they can afford it", and then want money spent to support whomever and whatever is the cause of the moment, using that tax money taken from both the super rich and the not so rich business owners who pay too much tax because even if all wealth were confiscated from 'the wealthy', it would not be enough to run this welfare state, Obama style.
mrj
MAYBE you did not see this mrj ;
http://www.google.com/url?sa=t&source=web&cd=1&sqi=2&ved=0CB0QFjAA&url=http%3A%2F%2Fwww.itepnet.org%2Fwhopays3.pdf&ei=itstTsaGBcGGsgLt_YiFCw&usg=AFQjCNGMjgDjebubaNQXjvzxWlPMe95ypA&sig2=JMSvv8Zl8S9zfGWcixcAcw
tax cuts for the rich, or highway robbery
Monday, July 25, 2011
tax cuts for the rich, or highway robbery of the low and middle class
DID anyone see the Houston chronicle today (if they are one of the lucky ones to get a delivery driver to get their paper delivered everyday, with us, it's a crap shoot), but did you see in the business section PAY FOR TOP BRASS GUSHES HIGHER ! holey mad cow, no wonder all the rich want to keep their tax cuts for the rich. i would too, cause if they had to pay taxes on that money they are robbing their shareholders of their stock option bonuses, via not only their base salary, but on top of that, you have their annual incentive, total equity comp., other comp., change in pensions. my God, this goes beyond greed when you think of the tax cuts for the rich, it's highway robbery, and some of these low to middle income folks just don't get it, and i don't get that ??? the Houston area's highest-paid executives that was published Sunday was nauseating. after reading that, i think the rich should pay MORE taxes, because they been screwing the middle to low income class families long enough, and this excuse about the tax cuts for the rich creates more jobs, what shrimp boat or turnip truck do you all think we fell off of ? WHERE are those jobs at $$$ lets just take a look at some of these high rollers that need these tax cuts for the rick. i remember the Tyco's CEO Dennis Kozlowski Roman Orgy. i guess that did create a few ....jobs$
let's take a look at a few ... i can't say earners, ...i think thieves would be more appropriate, if you compare what their tax cuts are, and i am sure some shareholders would agree. BUT out of the top 100 earners, I will only show two as examples, and i will list the top # 1 earner, and then the bottom # 100 earner, just to be fail ;
1. Kirk S. Hachigian, Cooper Industries, Chairman, President and CEO
Base Salary $ 1,200,000.
Annual incentive $ 4,000,000.
Total equity comp. $18,593,770.
Other com. $1,277,938.
Change in peinsion $ 4,805.
Total comp. $ 25,076,513.
snip...
a bottom feeder here @ # 100 ;
100. John D. Carne Cmaeron International Corp. EVP and COO
Base Salary $ 599,385.
Annual incentive $ 575,533.
Total equity comp. $ 2,867,864.
Other com. $ 190,270.
Change in peinsion $ 99,073.
Total comp. $ 4,332,125.
then there is a list of 99 more of the top 100, that just can't get enough, and don't want to pay taxes that you and i pay...
James T. Hackett Chairman and CEO Anadarko Petroleum Corp. Base Salary $1,567,500 Total Compensation $24,328,710
G. Steven Farris Chairman and CEO Apache Corp. Base Salary $1,750,000 Total Compensation $19,294,429
SEE A FULL LIST OF THESE CRY BABY'S HERE, THAT DON'T WANT TO PAY THEIR FARE SHARE OF TAXES ;
http://fuelfix.com/blog/2011/07/25/want-to-find-out-who-makes-the-most-find-out-here/
source Houston Chronicle Business section Sunday July 24, 2011...see http://www.chron.com/
Pay for top brass gushes higher
Houston growth in compensation outruns the figure for the nation
By SIMONE SEBASTIAN HOUSTON CHRONICLE
July 24, 2011, 7:11PM
Read more: http://www.chron.com/disp/story.mpl/business/7665912.html#replay#ixzz1T89FkreZ
Executive pay packages surged in 2010, as Houston's largest companies started recovering from the recession and rewarded their leaders with big cash bonuses and valuable stock awards.
The median executive package reached $1.76 million last year among more than 500 highest-paid leaders of publicly traded companies in Houston, according to a survey conducted for the Houston Chronicle by Longnecker & Associates.
That median jumped 24 percent in one year, outpacing pay growth for chief executive officers nationwide.
The top factor in the rise was a 43 percent increase in the median value of stock options and awards granted to executives. That value reached $742,569 in 2010. The median bonus climbed 32 percent, hitting $400,550.
Nationally, median total compensation for top chief executiveofficers grew 11 percent in 2010, according to Hay Group, a management consulting firm. Its analysis — which was independent of the one conducted for the Chronicle by Longnecker- covered packages for leaders of the nation's 350 largest public companies by revenue.
The Longnecker study compiled executive salary information for Houston's top 125 public companies by revenue.
In addition to salary, bonuses, stock options and equity incentives, executive compensation packages can include employer contributions to retirement plans, deferred compensation and perquisites like use of the company jet and financial planning services.
Energy executives were the big winners on the Houston list- although a manufacturing executive claimed the top spot. Seventy-six of the 100 top-paid executives in Houston were with corporations involved in oil field work or pipelines.
Male-dominated group
Houston's top executive suites remain male-dominated. The highest-ranking woman on the 2010 list, at No. 150, was Janet Clark, executive vice president and chief financial officer of Marathon Oil Corp., who received $3.2 million in total compensation.
Just 23 women ranked in the top 500, up from 19 in 2009.
Longnecker & Associates compiled the pay data from corporate documents filed with the U.S. Securities and Exchange Commission.
The Houston company is a consultant on executive compensation to public and private corporations and nonprofit organizations. Chairman and CEO Brent Longnecker sits on the board of ATP Oil & Gas Corp., which has five executives on the Houston top-paid list.
Longnecker senior consultant Shane Krantz noted that the technical nature of the oil and gas industry boosts compensation for employees, from entry-level engineers to top executives. Employers are competing for a small pool of employees with specialized knowledge and experience in the industry.
And because the industry is geographically concentrated, boards shell out larger incentives to prevent neighboring competitors from luring their executives away, he said.
"There are so many energy companies in Houston, and they are all fighting for talent," Krantz said. "The people across the street are pulling them away for any amount of money."
Not in the energy industry
But for the first time since 2004, Houston's highest-paid corporate leader isn't in the fossil fuels business. Kirk Hachigian - CEO, chairman and president of lighting manufacturer Cooper Industries - took the No. 1 spot from last year's top earner, Anadarko Petroleum Corp. CEO James Hackett.
Hachigian, who has led Cooper Industries for six years, received $25 million in total compensation in 2010, up 133 percent from 2009.
The last business leader outside the energy industry to take the top pay spot was former Continental Airlines CEO Gordon Bethune in 2004. He hit the pinnacle thanks to hefty retirement payouts that contributed to a $34.3 million pay package in his final year.
Hachigian's payday was buoyed by a cash bonus of more than $1 million and a stock award worth $8.1 million.
Neither payout was tied to preset performance goals, bucking the trend among corporate boards nationally. They are relying more on objective measures, instead of subjective judgment, to pay executives, said Cory Morrow, principal in the executive compensation practice of Hay Group.
Among the top executives in the Longnecker survey, 28 percent received discretionary bonuses last year. That declined from 2009, when 32 percent received the subjectively valued payouts.
Performance counts
Meanwhile, performance-based bonuses are on the rise. More than 70 percent of the top executives received bonuses tied to performance measures, like company earnings and revenue growth, up from 68 percent in 2009.
The Cooper Industries proxy, which details executive compensation, didn't give a specific reason for Hachigian's big bonus. The vice president of human resources, Heath Monesmith, pointed to Cooper's general financial improvement in 2010. Cooper Industries' net income for the year rose 1 percent to $444 million. Its total return to investors last year was 40 percent.
The use of discretionary bonuses among Houston's top earners is "unusually high" compared with national rates, Morrow said.
"Shareholders want to see that lined up with performance," he said.
The same is true of stock awards. Nationally, boards moved away from purely time-vested stock awards aimed at retaining executives. These days, they favor awards that require company leaders to meet long-term goals.
Hachigian, 52, received a time-vested award of restricted stock units. Unlike stock options, restricted stock awards retain value even when price falls. But executives can't access them for a set number of years, providing incentive for them to stay with the company.
Seven years to go
Monesmith noted that Hachigian won't fully realize the $8.1 million stock award unless he stays with Cooper Industries for another seven years. He'll receive a third of the award in each year 2016, 2017 and 2018.
"The board and shareholders want him to stay," Monesmith said. "It's a one-year deal in an effort to try to retain him."
But many Cooper Industries shareholders objected to the executive pay plan. More than 49 percent of voting shareholders rejected the compensation packages in an advisory vote required by new federal regulations. The Dodd-Frank Act of 2010 allows shareholders to give their say on executives' pay annually, though boards don't have to adjust pay packages based on those votes.
Monesmith said the company's investors took issue with Hachigian's large award of restricted stock units. Hachigian did receive performance-based pay, too - nearly $3 million in cash and $7.2 million in stock awards. Those values were on par with what he got in previous years.
Hackett, last year's No. 1 executive earner, and three other Anadarko executives took pay cuts in 2010. Even though the company's shareholders saw 23 percent return for the year, the board reduced the value of stock awards granted to top Anadarko executives to put executive pay in line with competitors. Hackett's award was reduced by about 20 percent, contributing to an 11 percent reduction in his overall compensation.
"These decisions were primarily based on competitive market data," Anadarko spokesman John Christiansen said.
A 42% decrease
Another regular top earner, Nabors Industries CEO Eugene Isenberg, saw reduced pay in 2010. Isenberg has reached No. 1 in the executive pay ranking three times since 2006. But he took a 42 percent pay cut in 2010 and fell to No. 10.
Isenberg's $19.9 million bonus made up 85 percent of his compensation in 2009. In 2010, it dropped to $9.7 million, or 72 percent of his total compensation. His annual bonus is calculated as a percentage of the company's cash flow, according to the company's SEC filing.
Isenberg agreed to reduce that percentage in 2010.
"The company grew faster than anyone expected, and Mr. Isenberg recognized that the formula was generating larger-than-normal payouts," said Dennis Smith, Nabors director of corporate development.
Isenberg also receives $600,000 in deferred compensation for each quarter that he stays with the company through the first quarter of 2019. Deferred compensation is used as a retention tool and also allows executives to delay taxation on the income.
Apache Corp. Chairman and CEO G. Steven Farris took the No. 3 spot among top-paid Houston executives, with $19.3 million. His 151 percent pay increase was largely a result of bigger stock awards and options. The board also granted him a $3.25 million bonus in 2010, 30 percent larger than in 2009, citing a year of record acquisitions worth $11 billion.
ConocoPhillips executives claimed three of the top 10 spots on the executive pay ranking. Chairman and CEO James Mulva received a 25 percent hike in compensation in 2010, putting him at $17.9 million and No. 4 on the top-earners list. Now-retired president John Carrig was No. 9 with a $14.4 million pay package.
So you're new here
Even newcomers at the oil giant can see big money.
Alan Hirshberg, ConocoPhillips' new senior vice president of planning and strategy, came on board in October and ranked No. 8 for 2010 with $14.9 million in total compensation.
Hirshberg got $173,011 in salary for those three months, in line with other ConocoPhillips senior vice presidents. It was his $9.4 million signing bonus that launched him into the top tier. The bonus compensated Hirshberg for pay he forfeited when he left Exxon Mobil Corp. for the new job, a ConocoPhillips spokesman said.
According to an SEC filing, he received $3 million last year and the rest will vest over the next three years.
[email protected].
Read more: http://www.chron.com/disp/story.mpl/business/7665912.html#ixzz1T899xHwp
NOW ask yourself, why should these folks pay less taxes they you ???
But the extension of the tax breaks for the wealthy have proven more controversial, especially as job-creation has remained slow. Under the extension, a family that earns between $500,000 and $1 million gets an average $25,000 tax break, according to the Tax Policy Center. A household earning more than $1 million gets more than $130,000.
Over two years, tax cuts for the wealthy will cost the government about $120 billion and will create or save about 290,000 jobs, according to analysis by the White House-aligned research group Center for American Progress. That's a cost of about $400,000 per job, many of which will likely yield salaries far below that value.
The tax extension seems especially hard for critics to swallow in light of last week's federal budget deal, which calls for spending cuts of about $38 billion. In comparison, tax breaks for the wealthy will cost the government $42 billion during this fiscal year, according to Michael Linden, director for tax and budget policy at the Center for American Progress.
http://www.huffingtonpost.com/2011/04/18/tax-cuts-rich_n_848933.html
then think of what kinda of jobs some of these rich corporate %#%)#&$ are creating ;
Leonard Dennis Kozlowski [1] (born November 16, 1946, Newark, New Jersey) is a former CEO of Tyco International, convicted in 2005 of crimes related to his receipt of $81 million in purportedly unauthorized bonuses, the purchase of art for $14.725 million and the payment by Tyco of a $20 million investment banking fee to Frank Walsh, a former Tyco director. He is currently serving 8.33 to 25 years at the Mid-State Correctional Facility in Marcy, New York. His earliest release date is January 17, 2014, when he becomes eligible for parole.
Lifestyle
Kozlowski became notorious for his extravagant lifestyle supported by the booming stock market of the late 1990s and early 2000s; allegedly, he had Tyco pay for his $30 million New York City apartment which included $6,000 shower curtains and $15,000 "dog umbrella stands".
According to Forbes, Kozlowski also purchased several acres in the private gated community, "The Sanctuary", in Boca Raton, Florida, while he was CEO at Tyco International.
Tyco paid $1 million (half of the $2 million bill) for the 40th birthday party of Kozlowski's second wife, Karen M. Kozlowski. The extravagant party, held on the Italian island of Sardinia, featured an ice sculpture of the Statue of David[clarification needed] urinating Stolichnaya vodka. This birthday bash was disguised as a shareholder meeting in order to get corporate funding. In a camcorder video, Dennis Kozlowski states that this party will bring out a Tyco core competency - the ability to party hard. Subsequently, this shareholder meeting/birthday party became known as the Tyco Roman Orgy.[5]
http://en.wikipedia.org/wiki/Dennis_Kozlowski
http://cache.goingconcern.com/uploads/2010/07/kozlowski_party-260x173.jpg
Salary triples for Goldman CEO Blankfein
By Agence France-Presse Saturday, January 29th, 2011 -- 12:32 pm
WASHINGTON — US banking powerhouse Goldman Sachs said Friday it was more than tripling the salary of chief executive Lloyd Blankfein to $2 million in 2011 from $600,000 last year.
The four other top executives of Wall Street's premier investment bank will also see their basic salaries triple from the present $600,000: chief operating officer Gary Cohn, finance director David Viniar, and two vice presidents Michael Evans and John Weinberg will each earn $1.85 million, Goldman said in a document published Friday.
Such sums do not include the year-end bonuses which regularly multiply salaries at the top US banks by several times.
Last year Blankfein pulled in a bonus of $9 million
http://www.rawstory.com/rs/2011/01/29/salary-triples-goldman-ceo-blankfein/
McClatchy Investigation Exposes Goldman Sachs Corruption And Influence Over Treasury Dept
by Stan on Monday, December 7, 2009 at 5:29 pm in Politics
Greg Gordon of McClatchy Newspapers conducted a five-month investigation into the shady corrupt dealings of Wall Street investment bank Goldman Sachs, and here is some of what he found:
McClatchy's inquiry found that Goldman Sachs: •Bought and converted into high-yield bonds tens of thousands of mortgages from subprime lenders that became the subjects of FBI investigations into whether they'd misled borrowers or exaggerated applicants' incomes to justify making hefty loans. •Used offshore tax havens to shuffle its mortgage-backed securities to institutions worldwide, including European and Asian banks, often in secret deals run through the Cayman Islands, a British territory in the Caribbean that companies use to bypass U.S. disclosure requirements. •Has dispatched lawyers across the country to repossess homes from bankrupt or financially struggling individuals, many of whom lacked sufficient credit or income but got subprime mortgages anyway because Wall Street made it easy for them to qualify. •Was buoyed last fall by key federal bailout decisions, at least two of which involved then-Treasury Secretary Henry Paulson, a former Goldman chief executive whose staff at Treasury included several other Goldman alumni.
The firm benefited when Paulson elected not to save rival Lehman Brothers from collapse, and when he organized a massive rescue of tottering global insurer American International Group while in constant telephone contact with Goldman chief Blankfein. With the Federal Reserve Board's blessing, AIG later used $12.9 billion in taxpayers' dollars to pay off every penny it owed Goldman.
These decisions preserved billions of dollars in value for Goldman's executives and shareholders. For example, Blankfein held 1.6 million shares in the company in September 2008, and he could have lost more than $150 million if his firm had gone bankrupt.
With the help of more than $23 billion in direct and indirect federal aid, Goldman appears to have emerged intact from the economic implosion, limiting its subprime losses to $1.5 billion. By repaying $10 billion in direct federal bailout money — a 23 percent taxpayer return that exceeded federal officials' demand — the firm has escaped tough federal limits on 2009 bonuses to executives of firms that received bailout money.
Goldman announced record earnings in July, and the firm is on course to surpass $50 billion in revenue in 2009 and to pay its employees more than $20 billion in year-end bonuses.
The fact that Henry Paulson, Lloyd Blankfein, and other Goldman officials are still walking around as free citizens — and will undoubtedly continue to do so — just demonstrates how we have one rule of law for the elites in this country, and then an entirely other one for everyone else. President Obama and his Attorney General Eric Holder will NEVER allow an independent investigation into the Treasury Department's dealings in the matter.
America may be a lot of things, but it is NO LONGER a nation of laws.
http://www.alterpolitics.com/politics/mcclatchy-investigation-exposes-goldman-sachs-corruption-and-influence-over-treasury-dept/
ENRON
2001 Accounting scandal
Main article: Enron scandal
In 2001, after a series of revelations involving irregular accounting procedures bordering on fraud perpetrated throughout the 1990s involving Enron and its accounting firm Arthur Andersen, Enron suffered the largest Chapter 11 bankruptcy in history (since surpassed by those of Worldcom in 2002 and Lehman Brothers in 2008).
As the scandal unraveled, Enron shares dropped from over US$90.00 in the summer of 2000 to just pennies. Enron had been considered a blue chip stock, so this was an unprecedented and disastrous event in the financial world. Enron's plunge occurred after it was revealed that much of its profits and revenue were the result of deals with special purpose entities (limited partnerships which it controlled). The result was that many of Enron's debts and the losses that it suffered were not reported in its financial statements.
A white knight rescue attempt by a similar, smaller energy company, Dynegy, collapsed in late November due to concerns over an unexpected restatement of earnings. Enron filed for bankruptcy on December 2, 2001. In addition, the scandal caused the dissolution of Arthur Andersen, which at the time was one of the world's top accounting firms. The firm was found guilty of obstruction of justice in 2002 for destroying documents related to the Enron audit. Since the SEC is not allowed to accept audits from convicted felons, Andersen was forced to stop auditing public companies. Although the conviction was thrown out in 2005 by the Supreme Court, the damage to the Andersen name has prevented it from returning as a viable business even on a limited scale.
Enron also withdrew a naming rights deal with the Houston Astros Major League Baseball club to have its name associated with their new stadium, which was formerly known as Enron Field (now Minute Maid Park).
[edit] Accounting practices
Enron had created offshore entities, units which may be used for planning and avoidance of taxes, raising the profitability of a business. This provided ownership and management with full freedom of currency movement and the anonymity that allowed the company to hide losses. These entities made Enron look more profitable than it actually was, and created a dangerous spiral, in which each quarter, corporate officers would have to perform more and more contorted financial deception to create the illusion of billions in profits while the company was actually losing money.[8] This practice drove up their stock price to new levels, at which point the executives began to work on insider information and trade millions of dollars worth of Enron stock. The executives and insiders at Enron knew about the offshore accounts that were hiding losses for the company; however, the investors knew nothing of this. Chief Financial Officer Andrew Fastow led the team which created the off-books companies, and manipulated the deals to provide himself, his family, and his friends with hundreds of millions of dollars in guaranteed revenue, at the expense of the corporation for which he worked and its stockholders.
In 1999, Enron launched EnronOnline, an Internet-based trading operation, which was used by virtually every energy company in the United States. Enron president and chief operating officer Jeffrey Skilling began advocating a novel idea: the company didn't really need any "assets." By pushing the company's aggressive investment strategy, he helped make Enron the biggest wholesaler of gas and electricity, trading over $27 billion per quarter. The firm's figures, however, had to be accepted at face value. Under Skilling, Enron adopted mark to market accounting, in which anticipated future profits from any deal were tabulated as if real today. Thus, Enron could record gains from what over time might turn out to be losses, as the company's fiscal health became secondary to manipulating its stock price on Wall Street during the Tech boom. But when a company's success is measured by agreeable financial statements emerging from a black box, a term Skilling himself admitted, actual balance sheets prove inconvenient. Indeed, Enron's unscrupulous actions were often gambles to keep the deception going and so push up the stock price, which was posted daily in the company elevator. An advancing number meant a continued infusion of investor capital on which debt-ridden Enron in large part subsisted. Under pressure to maintain the illusion, Skilling verbally attacked Wall Street Analyst Richard Grubman,[9] who questioned Enron's unusual accounting practice during a recorded conference call. When Grubman complained that Enron was the only company that could not release a balance sheet along with its earnings statements, Skilling replied "Well, thank you very much, we appreciate that . . . asshole." Though the comment was met with dismay and astonishment by press and public, it became an inside joke among many Enron employees, mocking Grubman for his perceived meddling rather than Skilling's lack of tact. When asked during his trial, Skilling wholeheartedly admitted that industrial dominance and abuse was a global problem: "Oh yes, yes sure, it is."[10]
[edit] Peak and decline of stock price
In August 2000, Enron's stock price hit its highest value of $90.[11] At this point Enron executives, who possessed the inside information on the hidden losses, began to sell their stock. At the same time, the general public and Enron's investors were told to buy the stock. Executives told the investors that the stock would continue to climb until it reached possibly the $130 to $140 range, while secretly unloading their shares.
As executives sold their shares, the price began to drop. Investors were told to continue buying stock or hold steady if they already owned Enron because the stock price would rebound in the near future. Kenneth Lay's strategy for responding to Enron's continuing problems was in his demeanor. As he did many times, Lay would issue a statement or make an appearance to calm investors and assure them that Enron was headed in the right direction.
By August 15, 2001, Enron's stock price had fallen to $42. Many of the investors still trusted Lay and believed that Enron would rule the market. They continued to buy or hold their stock and lost more money every day. As October closed, the stock had fallen to $15. Many saw this as a great opportunity to buy Enron stock because of what Lay had been telling them in the media. Their trust and optimism proved to be greatly misplaced.
Lay has been accused of selling over $70 million worth of stock at this time, which he used to repay cash advances on lines of credit. He sold another $20 million worth of stock in the open market. Also, Lay's wife, Linda, has been accused of selling 500,000 shares of Enron stock totaling $1.2 million on November 28, 2001. The money earned from this sale did not go to the family but rather to charitable organizations, which had already received pledges of contributions from the foundation. Records show that Mrs. Lay placed the sale order sometime between 10:00 and 10:20 am. News of Enron's problems, including the millions of dollars in losses they had been hiding went public about 10:30 that morning, and the stock price soon fell to below one dollar. Former Enron executive Paula Rieker has been charged with criminal insider trading. Rieker obtained 18,380 Enron shares for $15.51 a share. She sold that stock for $49.77 a share in July 2001, a week before the public was told what she already knew about the $102 million loss.
http://en.wikipedia.org/wiki/Enron
Rupert Murdoch
Rupert Murdoch was listed three times in the Time 100 as among the most influential people in the world. He is ranked 13th most powerful person in the world in the 2010 Forbes' The World's Most Powerful People list.[6] With a net worth of US$7.6 billion, he was ranked 117th wealthiest person in the world in March 2011.[1]
snip...
News International phone hacking scandal
Main article: News International phone hacking scandal
James and Rupert Murdoch testify at the parliamentary committee. In July of 2011 Murdoch became a prominent figure in the media after widespread allegations that the now defunct tabloid News of the World, owned by Murdoch's NewsCorps, had been regularly hacking the phones of private citizens.
On 14 July, the Culture, Media and Sport Committee of the House of Commons served a summons on Murdoch, his son James, and his former CEO Rebekah Brooks to testify before a committee on July 19.[52] After an initial refusal, the Murdochs confirmed they would attend after the committee issued them a summons to Parliament.[53] The day before the committee, the website of the NewsCorp publication The Sun was hacked, and a bogus story was posted on the front page claiming that Murdoch had died.[54]Murdoch described the day of the committee "the most humble day of my life". He argued that since he ran a global business of 53,000 employees and that the News of the World was "just 1%" of this, he was not ultimately responsible for what went on at the tabloid. He added that he had not considered resigning,[55] and that he and the other top executives had been completely unaware of the hacking.[56][57]
A personal full-page apology ad published in British newspapers by News International. [58] On 15 July Rupert Murdoch attended a private meeting in London with the family of Milly Dowler, where he personally apologised for the hacking of their murdered daughter's voicemail by a company he owns. The Dowler family's solicitor later said Murdoch appeared shaken and upset during the talks. He added that the Dowlers were surprised Murdoch's son James did not attend and called on the News International chairman to "take some responsibility" in the affair.[59][60]On 16 and 17 July, News International published two full-page apologies in many of Britain's national newspapers. The first apology took the form of a letter, signed by Rupert Murdoch, in which he said sorry for the "serious wrongdoing" that occurred. The second was titled "Putting right what's gone wrong", and gave more detail about the steps News International was taking to address the public's concerns.[61] On 15 July, Rupert Murdoch in interview with the News Corp owned Wall Street Journal personally apologised for the News of the World letting slip the group's standards of journalism.[citation needed]
[edit] Activities in the United States
Murdoch made his first acquisition in the United States in 1973, when he purchased the San Antonio Express-News. Soon afterwards, he founded Star, a supermarket tabloid, and in 1976, he purchased the New York Post. On 4 September 1985, Murdoch became a naturalised citizen to satisfy the legal requirement that only US citizens were permitted to own American television stations. This resulted in Murdoch losing his Australian citizenship.[62][63] Also in 1985, Murdoch purchased the 20th Century Fox movie studio. In 1986, Murdoch purchased six television stations owned by Metromedia. These stations would form the nucleus of the Fox Broadcasting Company, which was founded on 9 October 1986. In 1987 in Australia, he bought The Herald and Weekly Times Ltd, the company that his father had once managed. By 1991, his Australian-based News Corp. had worked up huge debts (much from Sky TV in the UK)[citation needed], forcing Murdoch to sell many of the American magazine interests he had acquired in the mid-1980s.
Murdoch at the World Economic Forum, 2009 In 1995, Murdoch's Fox Network became the object of scrutiny from the Federal Communications Commission (FCC), when it was alleged that News Ltd.'s Australian base made Murdoch's ownership of Fox illegal. However, the FCC ruled in Murdoch's favor, stating that his ownership of Fox was in the best interests of the public. That same year, Murdoch announced a deal with MCI Communications to develop a major news website and magazine, The Weekly Standard. Also that year, News Corp. launched the Foxtel pay television network in Australia in partnership with Telstra.
In 1996, Murdoch decided to enter the cable news market with the Fox News Channel, a 24-hour cable news television station. Ratings studies released in the fourth quarter of 2004 showed that the network was responsible for nine of the top ten programs in the "Cable News" category at that time[citation needed]. Rupert Murdoch and Ted Turner (founder and former owner of CNN) are long-standing rivals.[64]
In late 2003, Murdoch acquired a 34 percent stake in Hughes Electronics, the operator of the largest American satellite TV system, DirecTV, from General Motors for $6 billion (USD).[citation needed]
In 2004, Murdoch announced that he was moving News Corp.'s headquarters from Adelaide, Australia to the United States. Choosing a US domicile was designed to ensure that American fund managers could purchase shares in the company, since many were deciding not to buy shares in non-US companies. Some analysts believed that News Corp.'s Australian domicile was leading to the company being undervalued compared with its peers.
On 20 July 2005, News Corp. bought Intermix Media Inc., which held MySpace.com and other popular social networking-themed websites, for $580 million USD.[65] In June 2011, it sold off Myspace for US$35 million.[66] On 11 September 2005, News Corp. announced that it would buy IGN Entertainment for $650 million (USD).[67]
In May 2007, Murdoch made a $5 billion offer to purchase Dow Jones, owner of the Wall Street Journal. At the time, the Bancroft family, which controlled 64% of the shares, firmly declined the offer, opposing Murdoch's much-used strategy of slashing employee numbers and "gutting" existing systems. Later, the Bancroft family confirmed a willingness to consider a sale – besides Murdoch, the Associated Press reported that supermarket magnate Ron Burkle and Internet entrepreneur Brad Greenspan were among the interested parties.[68] On 1 August 2007, the BBC's "News and World Report"[69] and NPR's Marketplace[70] radio programs reported that Murdoch had acquired Dow Jones; this news was received with mixed reactions.
[edit] Support for American politicians and political positions
McNight (2010) identifies four characteristics of his media operations: free market ideology; unified positions on matters of public policy; global editorial meetings; and opposition to a perceived liberal bias in other public media.[71]
On 8 May 2006, the Financial Times reported that Murdoch would be hosting a fund-raiser for Senator Hillary Clinton's (D-New York) Senate re-election campaign.[72]
In a 2008 interview with Walt Mossberg, Murdoch was asked whether he had "anything to do with the New York Post's endorsement of Barack Obama in the democratic primaries." Without hesitating, Murdoch replied, "Yeah. He is a rock star. It's fantastic. I love what he is saying about education. I don't think he will win Florida... but he will win in Ohio and the election. I am anxious to meet him. I want to see if he will walk the walk."[73][74]Murdoch is a strong supporter of Israel and its domestic policies. [75]
In 2010 News Corporation gave $1 million to the Republican Governors Association and $1 million to the U.S. Chamber of Commerce.[76][77][78]
Murdoch also served on the board of directors of the libertarian Cato Institute.[79]
http://en.wikipedia.org/wiki/Rupert_Murdoch
EXECUTIVE PROFILE*
Keith Rupert Murdoch
Chairman of The Board, Chief Executive officer, Director of News Limited, Director of Star Group, Director of News America and Director of News International, News Corp.
Age 81
Total Calculated Compensation
$22,725,275 As of Fiscal Year 2010
ANNUAL COMPENSATION*
Salary
$8,100,000
Total Annual Compensation
$8,100,000
STOCK OPTIONS*
Restricted Stock Awards
$4,050,000
All Other Compensation
$296,475
TOTAL COMPENSATION*
Total Annual Cash Compensation
$12,765,275
Total Short Term Compensation
$8,100,000
Other Long Term Compensation
$4,346,475
Total Calculated Compensation
$22,725,275
This person is connected to 98 board members in 17 different organizations across 20 different industries.
See Board Relationships
http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=393701&ticker=NWS:US
Corporate Criminals
http://www.youtube.com/watch?v=vu4B2DqOCWE
and these bozos still want tax cuts for the rich, while low to middle income struggling families pay more taxes than the rich $$$
WHY ???
APPEAL THE TAX CUTS FOR THE RICH !!!
TSS
Monday, July 25, 2011
tax cuts for the rich, or highway robbery of the low and middle class
http://bushtaxcutsforrich.blogspot.com/2011/07/tax-cuts-for-rich-or-highway-robbery-of.html
http://bushtaxcutsforrich.blogspot.com/
Monday, July 25, 2011
VERIZON TAX CUTS FOR THE RICH, AND CENSORSHIP THERE FROM !!!
http://bushtaxcutsforrich.blogspot.com/2011/07/verizon-tax-cuts-for-rich-and.html