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Thu Sep 24, 2015, 04:19 PM

Breaking: Carly Fiorina and HP Scammed Taxpayers Out Of $4 Billion

...

The Daily Beast has just released a troubling report which seriously calls into question her judgement and motivations as a CEO and her moral integrity as a person. It also indicates just what kind of a opportunistic and heartless patrician she really is.

Under Fiorina, Hewlett-Packard heavily lobbied the U.S. government for a tax holiday – the Homeland Investment Act of 2004. Piteous moaning about the burden of having to pay corporate taxes and how it was restricting them from creating jobs was met with open arms by the George W. Bush Administration, which bent over backwards for the oligarchs and gave them a tax break on money earned overseas. Their tax rate was dropped from 35% to 5.25%, and HP saved $4.3 billion dollars.

Fiorina then decided that her personal finances were more important than the workers of her company or even the health of the company herself, and poured four billion dollars into stock buybacks, where a company artificially inflates its own stock by putting its own money into it, funneling the profits directly to Fiorina and the shareholders- which was specifically prohibited in the tax holiday bill in the first place.

http://www.occupydemocrats.com/breaking-carly-fiorina-and-hp-scammed-taxpayers-out-of-4-billion/



Carly Fiorina’s $4 Billion Job Scam at Hewlett-Packard

As CEO, she lobbied for a tax holiday on corporate profits to create jobs. Instead, the money was used to buy back stock while HP fired 14,500 workers.

...

Take, for example, the cynically named Homeland Investment Act of 2004. The bill was passed as part of the equally cynically named American Jobs Creation Act of 2004 after intense lobbying with Hewlett-Packard in the forefront.

The purported aim of the legislation was to generate economic growth and therefore jobs at home by according corporations a one year “tax holiday” on billions in overseas profits they had stashed offshore.

The result was a $265 billion corporate giveaway.

The windfall was supposed to go toward research and development, and other job-creating endeavors.

Instead, almost all of it was put into stock buybacks as a way of funneling cash to stockholders, these prominently including CEOs.

Never mind that the bill prohibited such buybacks.

...

Hewlett-Packard saved more than $4.3 billion and put more than $4 billion into stock buybacks. It laid off 14,500 workers.

To make it all even uglier, Hewlett-Packard lobbied for the Homeland Investment Act as a member of something called the Homeland Investment Coalition—this at a time when the “war on terror” was intensifying and the word “Homeland” made everyone think of national security.

...

http://www.thedailybeast.com/articles/2015/09/23/carly-fiorina-s-4-billion-job-scam.html


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Arrow 36 replies Author Time Post
Reply Breaking: Carly Fiorina and HP Scammed Taxpayers Out Of $4 Billion (Original post)
Catherina Sep 2015 OP
kairos12 Sep 2015 #1
busterbrown Sep 2015 #2
CTyankee Sep 2015 #3
busterbrown Sep 2015 #18
47of74 Sep 2015 #35
randys1 Sep 2015 #26
Rex Sep 2015 #4
gcomeau Sep 2015 #9
Rex Sep 2015 #21
Bucky Sep 2015 #5
HughBeaumont Sep 2015 #6
Wellstone ruled Sep 2015 #7
Blus4u Sep 2015 #8
ion_theory Sep 2015 #10
erronis Sep 2015 #14
ion_theory Sep 2015 #30
Wounded Bear Sep 2015 #20
hibbing Sep 2015 #11
Kingofalldems Sep 2015 #12
Unknown Beatle Sep 2015 #13
dae Sep 2015 #15
certainot Sep 2015 #16
CanonRay Sep 2015 #17
TrollBuster9090 Sep 2015 #19
Duppers Sep 2015 #22
rladdi Sep 2015 #23
WillyT Sep 2015 #24
Octafish Sep 2015 #25
ChairmanAgnostic Sep 2015 #27
red dog 1 Sep 2015 #28
hifiguy Sep 2015 #29
Vinca Sep 2015 #31
davidpdx Sep 2015 #32
Spirochete Sep 2015 #33
TeamPooka Sep 2015 #34
Mnpaul Dec 2015 #36

Response to Catherina (Original post)

Thu Sep 24, 2015, 04:44 PM

1. Typical Rethug grifter.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 04:48 PM

2. Hopefully this story..

Will be the beginning of the end for this heartless thug..

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Response to busterbrown (Reply #2)

Thu Sep 24, 2015, 04:51 PM

3. Well, I wonder if it will just get buried. I'll believe it when I see it up on Morning Joe...

they've been giddy on Carly for days now. They gotta get real...

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Response to CTyankee (Reply #3)

Thu Sep 24, 2015, 07:22 PM

18. believe me they know...

of this and all the other crap she has done.. They play to their base audience.. Repubs and low info voters who by the way are intelligent, but just don’t follow politics closely.. They follow it but not closely..

If she starts threatening Trump.. Trump will let this crap fly.. Just like he did with Walker..

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Response to CTyankee (Reply #3)

Mon Sep 28, 2015, 08:58 AM

35. Morning Dumb Fuck won't say a word.

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Response to busterbrown (Reply #2)

Fri Sep 25, 2015, 12:12 PM

26. Every living teapartier alive would crawl across cut glass to STILL vote for this person over ANY

democrat.

There arent enough teapartiers, alone, to elect a president, however.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 04:53 PM

4. She will just say she did not know at the time...just like her illegal sales to Iran.

 

Glad this is coming out now, she needs to be exposed for the grifter she is.

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Response to Rex (Reply #4)

Thu Sep 24, 2015, 06:21 PM

9. Can't.

 

This isn't some loosely supervised subsidiary doing something. Massive stock buybacks do not happen without CEO approval. Nor does the layoff of 14000+ workers.

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Response to gcomeau (Reply #9)

Thu Sep 24, 2015, 07:31 PM

21. Oh good! I am so tired of them getting away with crime!

 

Let THIS be her downfall!

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Response to Catherina (Original post)

Thu Sep 24, 2015, 04:56 PM

5. No wonder Trump hates her so personally

He only rips off taxpayers by manipulating bankruptcy laws and only dodges few billion bucks at a time.

Fiorina does it to the tune of hundreds of billions of dollars, makes The Donald look like chump change.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 05:04 PM

6. Shared.

Utterly fucking disgusting. Swaths of America still buy the trickle on nonsense. The wealthy are not your friends, people.

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Response to HughBeaumont (Reply #6)

Thu Sep 24, 2015, 05:31 PM

7. Amazing how clueless many are.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 06:17 PM

8. HP's $4.3 billion

Is a drop in the bucket compared to the $265 billion skimmed under the Homeland Investment Act of 2004 where the bulk of that money went to the companies' stock buy back program.

Stock buybacks were prohibited under both of these pieces of legislation. Too bad we don't have a government which seeks to recover these illegally obtained funds for the American taxpayer.

Peace

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Response to Catherina (Original post)

Thu Sep 24, 2015, 06:26 PM

10. This will probably help her out in the primaries...

The repugs will just say all that means in she is a good business woman and show how our government impedes that. At this point they could have proof that she hasn't paid taxes since 1975 and she'd go up 5 points. Shameful shit...

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Response to ion_theory (Reply #10)

Thu Sep 24, 2015, 06:50 PM

14. Scary but true. True shit-for-brains. And I have some in my family --- Oh no!!

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Response to erronis (Reply #14)

Fri Sep 25, 2015, 05:46 PM

30. Have right-wing family memebers as well...

Love them to death, but the right-wingers always seem to be the least educated, most racist, least interested in actual policy and legislation, least empathetic toward others, and over 35 y/o (and this doesn't refer to more 'experience,' but old ways of thinking), and more nihilistic than those one the left or moderate. Also when politics comes up in the discussion, it's always them who actually get angry and start making arguments based on emotion and subjective reasoning.

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Response to ion_theory (Reply #10)

Thu Sep 24, 2015, 07:29 PM

20. Agreed....

Being a tax cheat and general grifter will sit well with her base.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 06:37 PM

11. Toss in some racism and her poll numbers will rise

Many of them will think this is admirable.

Peace

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Response to Catherina (Original post)

Thu Sep 24, 2015, 06:41 PM

12. Kicked, rec'd and tweeted.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 06:42 PM

13. Homeland never made me think of national security.

It instead reminded me of Fatherland and/or Motherland and it had nothing to do with national security and patriotism. Instead it reminded me of the PTB telling we the sheeple into believing that war was a good thing. I never fell for it but I know many people that still believe such bullshit. But I digress.

Carly Fiorina, if elected president, would utterly destroy any semblance of this country we have left. She would treat this country as her own personal HP.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 07:03 PM

15. Thanks for the post. I knew about a lot of

her shenanigans while at HP but not this. Hope her exposure causes her campaign meltdown.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 07:10 PM

16. limbaugh basically called her 'establishment' today, unlike trump and

carson. he may have had a hint of this so now he can say "see?"

meanwhile he recounts stories of how he could call rove to have a short talk with bush

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Response to Catherina (Original post)

Thu Sep 24, 2015, 07:17 PM

17. So she's a liar and a thief

well, she's in the right party.

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Response to Catherina (Original post)

Thu Sep 24, 2015, 07:23 PM

19. Fire 15,000 people, drive the company into the ground, and get rewarded with an 85% tax cut.

Hey, only in America!

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Response to Catherina (Original post)

Fri Sep 25, 2015, 10:44 AM

22. K & R. Exposure needed like this for all oligarchs!

Thanks, Catherina!

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Response to Catherina (Original post)

Fri Sep 25, 2015, 12:00 PM

23. I think we just need to look at her latest judgement on campaign ad about Planned Parenthood.

A false, outright LIE. This is the woman that wants to be our leader. She lead HP in losing half it value, while taking home tens of millions as she got fired by the board of HP. She has made some of the worst decisions that any leader could make. But we understand that the Republicans run failed people as their candidates for Presidents.

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Response to Catherina (Original post)

Fri Sep 25, 2015, 12:04 PM

24. HUGE K & R !!! - THANK YOU !!!

 


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Response to Catherina (Original post)

Fri Sep 25, 2015, 12:09 PM

25. Jebthro smiles.

Thank you for the heads-up, Catherina! This puts the final torpedo into the face that shipped 30,000 lunches overseas.

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Response to Catherina (Original post)

Fri Sep 25, 2015, 12:27 PM

27. You do realize that this will make her more popular

in some quarters of the GOP?

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Response to Catherina (Original post)

Fri Sep 25, 2015, 02:26 PM

28. K&R, thanks for posting, Catherina

President Carly Fiorina?....God help us all!

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Response to Catherina (Original post)

Fri Sep 25, 2015, 02:44 PM

29. Standard plutocrat M.O.

 

Kick/rec for visibility.

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Response to Catherina (Original post)

Fri Sep 25, 2015, 05:47 PM

31. She's really a vile and dishonest human being.

Apparently she's now embellishing on her debate Planned Parenthood lies. The sad part is, the dim bulbs never bother to check out the truth.

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Response to Catherina (Original post)

Sat Sep 26, 2015, 11:25 AM

32. There isn't much that surprises me about Fiorina

Personally I like HP's products, but I dislike both Fiorina and Whitman.

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Response to Catherina (Original post)

Sat Sep 26, 2015, 01:27 PM

33. She should pass up Trump in the polls

with that revelation...

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Response to Catherina (Original post)

Sat Sep 26, 2015, 08:48 PM

34. Just more Republicans getting free stuff from the government. nt

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Response to Catherina (Original post)

Sat Dec 26, 2015, 12:05 PM

36. The Homeland investment Act became part of the AJCA

Congress in 2004 passed the act as part of the American Jobs Creation Act. Under the Homeland Investment Act, businesses were given a one-time deduction of 85 percent of U.S. taxable incomes for extraordinary dividends received from their controlled foreign corporations, with some limitations. That made the effective tax rate 5.25 percent, compared with the normal 35 percent, according to the IRS in a 2008 study.
http://www.crn.com/news/channel-programs/240161618/the-2004-homeland-investment-act-ripple-effects.htm

AJCA: The most absurd corporate tax giveaway of 2005
http://primary.slate.com/articles/business/moneybox/2006/04/the_104_billion_refund.html

Many Democrats, including Clinton, bought into it.
https://www.govtrack.us/congress/votes/108-2004/s211

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