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Archive for April 7th, 2010

ExxonMobil paid no federal income tax in 2009. (Updated)

Posted in Main Blog (All Posts) on April 7th, 2010 4:37 am by HL

ExxonMobil paid no federal income tax in 2009. (Updated)
Last week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year […]

exxon-mobilLast week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:

Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.

Mother Jones’ Adam Weinstein notes that, despite benefiting from corporate welfare in the U.S., Exxon complains about paying high taxes, claiming that it threatens energy innovation research. Pat Garofalo at the Wonk Room notes that big corporations’ tax shelter practices similar to Exxon’s shift a $100 billion annual tax burden onto U.S. taxpayers. In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”

ThinkFast: April 6, 2010
Twenty-five coal miners died and four others remain missing in a “huge underground explosion” at Massey Energy’s Upper Big Branch Mine yesterday, making it “the worst U.S. mining disaster in more than two decades.” The tragedy is the latest deadly disaster involving coal baron Don Blankenship’s Massey Energy, which has been repeatedly cited for “serious […]

Twenty-five coal miners died and four others remain missing in a “huge underground explosion” at Massey Energy’s Upper Big Branch Mine yesterday, making it “the worst U.S. mining disaster in more than two decades.” The tragedy is the latest deadly disaster involving coal baron Don Blankenship’s Massey Energy, which has been repeatedly cited for “serious safety violations.”

President Obama said Monday that the nation’s new nuclear guidelines will “substantially narrow the conditions under which” the weapons will be used. The Nuclear Posture Review, to be released today, “renounces the development of any new” weapons and represents “a sharp shift” from “his predecessors.”

American taxpayers are making an 8.5 percent profit off bank bailouts, according to a new survey. The profits come from 49 companies that have already repaid their portion of the Troubled Asset Relief Fund, and the Treasury Department predicted Friday that the bailout would be a net profit to taxpayers once all of it is returned.

In a speech before a group of supporters yesterday, Senate Majority Leader Harry Reid (D-NV) took a jab at Sarah Palin. “I was going to give a few remarks on the people who were over here a week ago Saturday, but I couldn’t find it written all over my hands.” He added, “You betcha.”

Bombs hit apartment buildings and a market in Baghdad on Tuesday, killing at least 45 people,” in a series of attacks that have killed more than 100 people over the last week. Former Prime Minister Iyad Allawi, whose bloc came out slightly ahead of current Prime Minister Nouri al-Maliki’s in the recent elections, blamed the violence on political gridlock.

Democrats and Sen. Jim Bunning (R-KY) “traded barbs” Monday over who was responsible for the expiration of unemployment benefits for thousands of Americans. Bunning insists that Democrats are responsible for not paying for the extension, while Democrats claim the benefits qualify for “emergency spending” that does not need to be immediately paid for.

“The panel established by Congress to investigate the causes of the financial crisis has been hobbled by delays and internal disagreements and a lack of focus,” the New York Times reports after interviewing “a majority of its members and government officials briefed on its work.” “We lost a fair amount of time on the front end,” said commissioner Keith Hennessy, a former economic adviser to President Bush.

“Republican National Committee Chairman Michael Steele’s top political advisers announced Monday evening that they are parting ways with the embattled committee following Chief of Staff Ken McKay’s dismissal.” Curt Anderson of OnMessage Inc., who advised Steele’s 2006 Senate run, “confirmed in a statement that his firm is ending its relationship with the committee and the chairman.”

State Department legal adviser Harold Koh attempted to articulate a legal rationale for the use of drone attacks, which many experts consider to be a violation of international law. “In this ongoing armed conflict, the United States has the authority under international law…to defend itself, including by targeting persons such as high-level al Qaeda leaders who are planning attacks,” Koh said.

And finally: President Obama’s thoughts on his pitching performance at yesterday’s Washington Nationals game.

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West Virginia mine has been cited for myriad safety violations

Posted in Main Blog (All Posts) on April 7th, 2010 4:36 am by HL

West Virginia mine has been cited for myriad safety violations
The West Virginia mine where at least 25 workers died Monday in an explosion was written up more than 50 times last month for safety violations. Twelve of the citations involved problems with ventilating the mine and preventing a buildup of deadly methane.

Bomb blasts kill at least 35, wound scores in Shiite areas of Baghdad
BAGHDAD — A series of at least seven bombings ripped through mostly poor Shiite Muslim neighborhoods in the Iraqi capital Tuesday, killing at least 35 people and wounding at least 140, security officials said.


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Britain’s Brown sets May date for election
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Even in Loss, Butler Gives Hope to Little Guys

Posted in Main Blog (All Posts) on April 7th, 2010 4:31 am by HL

Even in Loss, Butler Gives Hope to Little Guys
Bob Kravitz, Indy Star
This is not the way the fairy tale ends. Little Red Riding Hood doesn't get mauled by the big, bad wolf. Cinderella doesn't show up two hours late for the ball because of traffic on I-65. The Three Little Pigs don't get evicted from their home before the dyspeptic fox even thinks about blowing their house down.Duke 61, Butler 59.Where were Norman Dale and Jimmy Chitwood when you needed them? Where was Hollywood when Gordon Hayward's fall-away jumper from the corner, on line but slightly long, bounced off the rim and out? Where were the writers when Hayward's…

Putin’s Chavez Gambit

Still Waiting for that ObamaCare Bounce
Kyle Wingfield, Atlanta JC
Yet another opinion poll indicates the public wasn’t sighing in relief after ObamaCare passed. The latest is from CBS News, which calls the American public “increasingly skeptical” about the new health laws:Fifty-three percent of Americans say they disapprove of the new reforms, including 39 percent who say they disapprove strongly. In the days before the bill passed the House, 37 percent said they approved and 48 percent disapproved.Republicans and independents remain opposed to the reforms, and support has dropped some among Democrats. Now 52 percent of…

The White House and the Writedowns
James Klein, Wall Street Journal
Commerce Secretary Gary Locke had it backwards last week on these pages when he cited the “hype and overheated rhetoric” of U.S. corporations that have reported large writedowns in response to health-care reform.In fact, the companies' accounting announcements were written in the most bland prose imaginable. It was the Obama administration that created the controversy by suggesting that these legally required filings were politically motivated. Mr. Locke himself publicly criticized the companies for being “premature” in making these disclosures, even though rules…

Obama’s 17-Minute Non-Answer Answer
Debra Saunders, SF Chronicle
In June, comedian Bill Maher complained of President Obama, “You don't have to be on television every minute of every day — you're the president, not a rerun of 'Law & Order.'”I get paid to listen to politicians tell the same old jokes, repeat the same canned sound bites and — as often occurs — not answer questions. But I do not think it too much to ask that, now that Obama has signed legislation to overhaul the health care system, he ditch the health care spiel.