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Bernie Sanders Exposes 18 CEOs who took Trillions in Bailouts, Evaded Taxes and Outsourced Jobs
Sen. Bernie Sanders fired back at 80 CEOs who wrote a letter lecturing America about deficit reduction by released a report detailing how 18 of these CEOs have wrecked the economy by evading taxes and outsourcing jobs.
80 CEO’s raised the ire of Sen. Sanders by publishing a letter in the Wall Street Journal urging America to act on the deficit, and reform Medicare and Medicaid.
Sen. Sanders responded to the lecture from America’s CEO’s by releasing a report that detailed how 18 of them have helped blow up the deficit and wreck the economy by outsourcing jobs and evading US taxes.
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.
Here are the 18 CEO’s Sanders labeled job destroyers in his report. (All data from Top Corporate Dodgers report.)
1). 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.
Eighteen of the 80 CEOs who signed the call for deficit action are actually some of the biggest outsourcers and tax cheats in America. First, they crashed the economy in 2008. They followed that up by taking billions in taxpayer bailout dollars. Their next step was to outsource jobs and evade taxes. Now they are calling for action on a deficit that they helped create over the past four years.
Bernie Sanders is exposing the hypocrisy of these CEOs, and every American should understand that if Mitt Romney is elected president, these pigs see potential for unlimited feeding from the taxpayer trough. Only by standing together can we tell these CEOs that the bill has come due, and it is time for them to pay.
We can tell these gluttons of our dollars that the all you can eat taxpayer buffet is now closed.
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42 Responses to Bernie Sanders Exposes 18 CEOs who took Trillions in Bailouts, Evaded Taxes and Outsourced Jobs
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clarence swinney
Oct. 25th, 2012 at 4:39 pm
OBAMA ON TARGET
He campaigns on who can create jobs since the Republicans have no plan.
His message that the wealthy and corporations need to pay their FAIR share of Total Income
and the dire need for jobs is getting attention.
He is correct to run on the economy since he was left a skeleton.
Create jobs, protect entitlements, build the middle class, make wealth give in on more contribution.
He must stress over and over how the opposition fought every good thing he tried to achieve no matter how much it hurt the people. Paint them as villains. Ask the people to help him get America back on a track of jobs and more equality.
munkeephun
Oct. 26th, 2012 at 10:42 am
Is everyone here forgetting what Obama did to the key players in the Wall Street meltdown? Did he hold them criminally responsible and take back the money they swindled? No, he hired them for his administration & put them in charge. Come on people wake up!
www.sonyclassics.com/insi...
Ralph Parson
Nov. 1st, 2012 at 7:08 pm
This needs to be televised and on every media outlet and in churches, garages, billboards, on every moderate news channels and radios including satallite. Wow! This is too big for not letting the world know…
Rodman
Oct. 27th, 2012 at 12:10 pm
Have you read Obama’s 2010 National Security Strategy Report?
wildee7
Oct. 25th, 2012 at 5:37 pm
Look no further than this to understand why so much money is being poured into the GOP election. As a taxpayer, I am appalled that businesses this big pay NO tax. They outrageously charge us for everything including using our own money, they pass on all improvement costs to the consumers so they can pay their shareholders dividends and beef up their own salaries and bonuses. Meantime the country is going to hell in a handbag for lack of jobs they outsourced and for loss of taxes they figured out how to hide. Of course they are going to eyeball Social security! It’s ANOTHER possible windfall for these wall street EXECS to play with, and pick from until it is a dead corpse, just like they left our economy in 2008. I think this is a wake up call as to how they have manipulated US into paying THEIR fair share. Yes folks, WE are paying for those bailouts and you ALL should be really pissed off about this, and make calls to get your representatives to change whatever rules allowed them to do this to us.
Rudy Gonzales
Oct. 25th, 2012 at 6:22 pm
Pretty well says it all. Bernie Sanders doing a wonderful job. Now it up to us to oust the TEA-Republican party from office and clean up Washington. The bottom line is Obama saved the country from another Great Depression, rebuilt the auto industry, reformed healthcare, reformed Wall Street, doubled the stock market, created 12 straight quarters of GDP growth, created 30 straight months of private sector job growth, got the big fish Bin Laden(no pun intended), got Gaddafi, and got us out of Iraq. And Obama did all this with no help at all from the TEA-Republican controlled House. Mitt Romney was being called on everything and the white boy cannot get over it. Obama has the cahunas to do what he can through presidential decree since the “leading as a pack” TEA-Republican’s try to shut down any positive spin for Obama. If you do not vote this cycle you convey to another the privilege to make your decision’s for you.
allison
Oct. 27th, 2012 at 4:34 am
I want to know what you are smoking~btw~Bin Laden has been dead since 2001
Tiff M
Oct. 25th, 2012 at 6:42 pm
If you suffer your people to be ill-educated, and their manners corrupted from infancy, and then punish them for those crimes to which their first education disposed them, what else is to be concluded, sire, but that you first make thieves and then punish them? -Ever After
orcg
Oct. 28th, 2012 at 12:53 am
Really were you educated in the great USofA because I think you missed the classes on english, writing and wow, just wow, your posting is very sad.
marlo thomas
Oct. 28th, 2012 at 7:37 pm
The quote isn’t from this century. Best hold your tongue–your own grammar leaves something to be desired.
ryan j
Oct. 25th, 2012 at 7:24 pm
please, mr sanders, move to kentucky so we can vote the turtle looking senator we have now (mitch mcconnell) the hell out of dodge. i can guarantee you that if we had 100 politicians with the heart and good will (towards the hard working people of this country) that mr sanders has, our government wouldnt run so terrible and things would get done. all this from a guy who runs as an independent but considers himself a…..wait for it…..gasp….socialist. eat that tea party members! bernie sanders and hillary clinton for 2016!
Catti Vucci
Oct. 25th, 2012 at 7:34 pm
I also didnt pay taxes last year. I am a widow with 4 kids ranging in ages eleven to 20. I work full time and still don’t make thirty thousand a year. I and my family are a total write-off. I might need an offshore tax shelter someday, any idea how to get one?
Tam
Oct. 25th, 2012 at 7:38 pm
We lost our house. a house the bankers got paid on THREE times. 1) All the money we paid on the mortgage before our business fell apart due to the economic depression; 2) The required PMI insurance; 3) The sale of it at auction. It was designed this way. And this was a 1300 sq. ft. house–nothing fancy, believe me. But, as my husband puts it, “WE took the hit on that bailout.” And people like us.
A Walkaway
Oct. 25th, 2012 at 8:52 pm
That’s the home insurance scam, and people don’t seem to realize that the banks were still making money off of the foreclosures. Like you said… they get paid thrice.
The bailout should have paid the mortgages of the people in trouble, rather than be put in the pockets of the damned rich. That would have done a lot more for people and the economy… and the rich would still have had their damned profit (just not as much of it… but of course they’re greedy).
San
Oct. 26th, 2012 at 1:23 pm
Tam~
Us too, my friend. Our house was 1248 sq feet. A very basic ranch style house. But we worked hard for it. Then, I got sick, had two surgeries in one summer, then lost my job, and then my husband got laid off. We used all our savings and then had nothing else to give. States have been given the money to help those like you and I, but many states are using that money simply to cover their states’ deficits, not passing it on to us.
FEDUP
Oct. 25th, 2012 at 7:39 pm
We have it in our power to change Washington and we must. The tea party is going to ruin this country in the name of racism and hate for everyone that’s worked there ass off to make a living for what certainly not for the tea party. I never and will never vote for anything or anyone the 1%ers want. And to think they want us to put there chosen man a.k.a. Twitt RMoney in the White House and we are to believe it was our decision, but we’re really playing right into there plan. VOTE OBAMA
mike lewis
Oct. 25th, 2012 at 8:03 pm
These CEO’s need to be arrested, jailed, and THE PEOPLES money returned!
stopbeingblind
Oct. 25th, 2012 at 8:13 pm
it is interesting that the conclusion is that this will continue under Romney – yet Obama has surrounded himself with Wall St. cronies; goldman sachs cronies wrote the ‘new’ financial regs which were not very pro consumer, despite the hype, but do promote the continuation of bank consolidation, loss of local, small, community banks in favor of the big 5 – who have been given financial protection – being designated as ‘too big to fail’…. Clearly you are unaware of all the inter-relationships of the current Administration insiders and cabinet – Obama had an unfettered opportunity to change all this – he held a democrat majority in the Senate and the House; yet Obama did NOTHING EXCEPT give more $$ to the wall street,banking and big business cronies – and added big unions to the list. yet so many of you still think Obama will fix it – based on what? certainly not based on his actions of the past 4 years.. his words mean squat – focus on his action. And nothing in this article indicated any of these men did anything illegal-so technically they were not ‘evading taxes’. They would be very poor businessmen if they did not utilize the laws available to them to maximize their profits. Laws passed by both parties. really need to look past party registration.
Jose Martinez MSQR
Oct. 26th, 2012 at 2:26 am
‘It’s not illegal’ is an oft heard retort by the Romney camp. Yet they rant at the 47 percenters doing nothing illegal. They see the mote in the eye of the 47% but cannot see the log in the eye of the 1%.
Virginia Nancarvis
Oct. 28th, 2012 at 5:43 pm
It was our Senators that wrote the Dodd Frank Act. Perhaps you should read it.
www.cftc.gov/LawRegulatio...
You wrote:”And nothing in this article indicated any of these men did anything illegal-so technically they were not ‘evading taxes’. They would be very poor businessmen if they did not utilize the laws available to them to maximize their profits. Laws passed by both parties. really need to look past party registration”, while blasting President Obama…At the very least, I find this highly hypocritical.
stopbeingblind
Oct. 25th, 2012 at 8:26 pm
one other comment – just b/c these men did not pay income taxes, that does not mean they did not pay other kinds of taxes – the article is misleading. Obama did not save the auto industry, btw – GM is planning on filing bankruptcy again, they are also going overseas, as is Chrysler Jeep – that is what happens when GM was not allowed to do the actual bk process and renegotiate contracts it could not afford – while dumping retirement investments of many, many mom’s and pop, grandparents, etc b/c Obama violated BK laws; not to mention the loss of 200,000 jobs, forced closure of profitable car dealerships – at Obama’s direction. Obama regulations and all the new taxes and regs set to take effect after the nov election is driving business out of the US; the uncertainty of what is yet to come has frozen businesses from hiring and/or expanding for the past 3 yrs – many of you are apparently unaware of all the wall street and big corp $$ ‘poured’ into Obama’s election in 2008 and now. Perhaps you should ask why Obama and other democrats refused to even consider legislation that would have headed off the mort. crisis, and ignored the oversight committee report. Obama sued banks to force them to make the crap loans that created much of the problem – you do know that right?? And they have not even tried to bring back the Glass Stegal law, nor address freddie and fannie.
Shiva (Moderator)
Oct. 25th, 2012 at 8:30 pm
You know thats really funny. GM is having one of their best years. Fox News? Sean Hannity?
had GM went through the process Romney wanted, there would have been no money for them through the banks. And their problems were not just with labor.
The same banks you talk about gave to Romney this year. Your point? Are you unaware that bills were passed against the banks? No?
The mortgage crisis started under Bush, not Obama. And while your not allowed to know, one bank CEO has just been convicted over mortgages
MCM
Oct. 26th, 2012 at 4:36 pm
The mortgage crisis actually started under the Clinton administration, when sub-prime mortgages were given the green light because “everyone deserves to own a home”… even if they don’t have the savings/credit record to back that line of thought up. When the house of cards built upon sub-prime mortgages came tumbling down, the banks became ultra-conservative, meaning that people who were actually decent customers with good track records were swept away with the rest. It’s also why it’s now so difficult for anyone to get a loan; that, and the new regulations passed during this administration that require the bank to keep way more cash reserves… they’re not interested in lending to anyone but a “sure” thing now.
Shiva (Moderator)
Oct. 26th, 2012 at 5:57 pm
Wrong.
www.nytimes.com/2008/12/2...
then read Bush’s 2nd inaugural speech. He highlights his give everyone a home program
Virginia Nancarvis
Oct. 28th, 2012 at 5:58 pm
I understand this was a part of the housing bubble but commercial banks were also given the go-ahead to invest with the customers deposits..until then only allowed by investment banks. This loosening of requirements for home loans in no way gave the banks an out for the harm they caused feeding on the unsophisticated borrower and in some instances encouraged/misinformed them…knowing the owners would fail to pay off the loan. The banks and hedge fund managers sold these toxic loans to unsuspecting investors as well..with the help of the rating industry (Standards and Poor and Moody)by giving them A++ ratings.
madea
Oct. 26th, 2012 at 1:21 am
you are blind and stupid get real and get true real facts not those from the right wing racist and stfu
Craig
Oct. 27th, 2012 at 3:57 pm
you spelled that out very well. Hit the nail right on the head. Thanks for your post…
Lois E. Olin
Oct. 25th, 2012 at 9:06 pm
All 18 are criminals, in the highest degree!!!
Floyd Miller
Oct. 26th, 2012 at 4:28 pm
and traitors
k flanery
Oct. 25th, 2012 at 9:22 pm
Have only one thing to say,social security, medicaid, and medicare are security blankets for senior citizens and the poor. Leave it alone!!!!
piper sellers
Oct. 25th, 2012 at 9:56 pm
Bernie Sanders is my new hero! How dare these people tell ANYONE they need to step it up and take responsibility??
CW
Oct. 25th, 2012 at 10:27 pm
Tell me again. Just who are the real (tax) welfare queens?
Spamnomaam
Oct. 25th, 2012 at 11:40 pm
Don’t blame women, CW. They are all welfare KINGS, not queens.
migeli
Oct. 25th, 2012 at 11:14 pm
The wealthy now think they are royalty.Tax the peasants,pay them slave wages,and ship the good jobs overseas where they can even pay lower wages.They are using the global economy to make America a third world countryThey pay low or no taxes here so they can buy yachts for their kids just like daddys.Then they label us “victims who want handout.Off with their heads.
Jose Martinez MSQR
Oct. 26th, 2012 at 2:32 am
DELISH
Rodman
Oct. 27th, 2012 at 12:08 pm
Yeah you tell em’ Bernie!
BothSidesOfTheBorder
Oct. 27th, 2012 at 6:59 pm
In anyone’s math, how the hell can you put in NOTHING (pay $0 taxes) and take out SOMETHING?! No wonder most countries are running a deficit that they can not realisticly get out of. If any average person consistantly didn’t balance their household or business finances, how long would they stay in business or out of jail? Bottom line is it doesn’t matter WHO is in office. Period. Because they are NOT accountable to the ‘people’. They are put there by those with the money, and work for those with the money. The rest is lip service and a token ‘crumb’ thrown to the electorate to keep them at bay. Democracy is only a word. At best elections are a selection of the ‘lesser evil’ and a contest to see who is a better cat: Lassie or Benji?
Linda
Oct. 29th, 2012 at 1:19 am
We hard working Americans are pawns for these power hungry, greedy corporations. They dont care who they step on as long as they keep their footing among the wealthiest in OUR country! Despicable!
Pirate622
Oct. 29th, 2012 at 9:21 am
Sanders and others need to go further and start putting the banksters into jail and recover the money that was replaced with derivatives.
Damian Thompson
Oct. 29th, 2012 at 9:32 pm
Just everyone on his list are Obama PAC money donors, whats up with that?
Shiva (Moderator)
Oct. 29th, 2012 at 9:39 pm
You are living on cliches and a severe lack of knowledge
Romney
www.opensecrets.org/pres1...
Obama
www.opensecrets.org/pres1...
ncrjob
Nov. 4th, 2012 at 11:32 pm
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