Wednesday, March 9, 2011

on edge


from my notes, there was an article on cnn by chris isadore about gm about 2 weeks ago.
our government became a partner in general motors at it's bankruptcy a couple years ago.
when someone goes bankrupt, they have (big) tax losses in the past.
it is mostly more than made up for by the amount of people they stiff, which technically, is the bankrupt concern's income.
if you lend me a thousand and i stiff you in bankruptcy, that thousand is technically my income.

the u.s. treasury has recently decided that, although general motors went through bankruptcy, and got billions of taxpayer dollars, and billions forgiven by their creditors, the treasury has forgiven them $14 BILLION in taxes.

tax losses  were once reasons that some companies bought up other companies, just for the tax credits.
congress_the previous) put a stop to that, except when the treasury decides it can disobey the law. 
they did it for a couple of banks before the countrywide deal.  congress found out about it.
despite that, geithner gave the same break to wells fargo when they bought countrywide,
i thought we had seen an end to that crooked crap.
to give gm the ability to make money forward and not have to pay taxes after this mess is an abomination.

why should gm not be liable for  their taxes?
their total global tax is 19 BILLION, so they are stiffing the world.

gm's u.s. tax bill will be reduced 14 BILLION.
this is unconsciounable.
where does geithner get off, no matter how much congress tells him he cant do it, he still does it.
who elected geithner?

since the company shed 30 BILLION in indebtedness during bankruptcy, this should have wiped out most of the gm tax break.

gm even warned that it expected to lose those tax breaks shortly before filing chapter 11 protection.

buy a gm car if you wish, but i don't have the stomach.
geithner, dems, republicans--they  are all just lowly servants of the big money interests.

thinking what happened to all the gm stockholders a couple years ago................

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