Wednesday, August 31, 2011

Highest-Paid CEOs Often Earn More Than Company Pays In Income Taxes, Study Finds:

This was the headline, in the Huffington Post, that snapped my head to attention and caused the thought;
Well This Is A Good Start, But, Where’s That Trickle Down Effect I've Been Waiting 20 Years For?

This story, in The Huffington Post, caught my attention today not because it was such a shock, it wasn't, it was more that it wasn't a shock and all I could think was that I had been saying for years that the health of this country’s economy, and thus the worlds, was pegged to the overinflated salaries of CEOs and company executives. Company executives who have, in the past as well currently, all the pay in the world for themselves but nothing for the common worker that makes happen the plans they make.

The same companies that have benefited from this countries stellar performance over the years but are also the same people responsible, along with wall street, for the current fiasco we saw the market suffer in 2008 as the house of cards came crashing to earth.......problem though is it will not end until the market levels itself back to the real value of things before the manipulated markets effects were felt.

They, most of corporate America as a recent article reported on, of all places I believe it was a Fox News story, receive the most in return for the least paid in taxes. The same companies run scams on counties and states year after year by having those areas beg and make deals to have those companies come to their town and do nothing but further enrich the already wealthy and the company in question.

So I say good going to the reporter of this story but I ask how successful can we possibly hope to be if we can't get any closer than 20 years to a problem; our recognition of that problem and then to start doing something about it?

Highest-Paid CEOs Often Earn More Than Company Pays In Income Taxes, Study Finds:

WASHINGTON - Twenty-five of the 100 highest paid U.S. CEOs earned more last year than their companies paid in federal income tax, a pay study said on Wednesday.

It also found many of the companies spent more on lobbying than they did on taxes.

At a time when lawmakers are facing tough choices in a quest to slash the national debt, the report from the Institute for Policy Studies (IPS), a left-leaning Washington think tank, quickly hit a nerve.

After reading it, Democratic Representative Elijah Cummings, ranking member of the Committee on Oversight and Government Reform, called for hearings on executive compensation.

In a letter to that committee's chairman, Republican Darrell Issa, Cummings asked "to examine the extent to which the problems in CEO compensation that led to the economic crisis continue to exist today."

He also asked "why CEO pay and corporate profits are skyrocketing while worker pay stagnates and unemployment remains unacceptably high," and "the extent to which our tax code may be encouraging these growing disparities."

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In putting together its study, IPS chose to compare CEO pay to current U.S. taxes paid, excluding foreign and state and local taxes that may have been paid, as well as deferred taxes which can often be far larger than current taxes paid.

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The group's rationale was that deferred taxes may or may not be paid, and that current U.S. taxes paid are the closest approximation in public documents to what companies may have actually written a check for last year.


Compensation for the 25 CEOs with pay surpassing corporate taxes averaged $16.7 million, according to the study, compared to a $10.8 million average for S&P 500 CEOs. Among the companies topping the IPS list:

* eBay whose CEO John Donahoe made $12.4 million, but which reported a $131 million refund on its 2010 current U.S. taxes.

* Boeing, which paid CEO Jim McNerney $13.8 million, sent in $13 million in federal income taxes, and spent $20.8 million on lobbying and campaign spending

* General Electric where CEO Jeff Immelt earned $15.2 million in 2010, while the company got a $3.3 billion federal refund and invested $41.8 million in its own lobbying and political campaigns.

Though the companies come from different industries, their tax breaks fall into two primary areas.

Two-thirds of the firms studied kept their taxes low by utilizing offshore subsidiaries in tax havens such as Bermuda, Singapore and Luxembourg. The remaining companies benefited from accelerated depreciation.

Shareholders have responded favorably when companies in which they invest keep a tax bill low through legal methods, thereby benefiting earnings. But Chuck Collins, an IPS senior scholar and co-author of the report, said that is a mistake.

"I think it's an exposure of weakness in a company if their profitability is dependent on their accounting department and not on making better widgets," he said.

In prior reports, Collins said, out-sized CEO pay was often a red flag of bigger problems to come. The IPS has been putting a pay report together for 18 years. Among those whose leaders have made the high pay list in years past, only to have their businesses falter: Tyco, Enron and WorldCom.

(Reporting by Nanette Byrnes; Editing by Howard Goller and Todd Eastham)

(The following story was corrected to show Boeing paid CEO Jim McNerney $13.8 million, not billion)

Copyright 2011 Thomson Reuters.

Tuesday, August 30, 2011

Links To Articles Concerning Mortgage Fraud And Those Responsible

Stories from The Huffington Post concerning mortgage fraud and those responsible and their current actions.

Bryan Gardner Charged With 'Using' Treasury Secretary's Account To Pay Off Mortgage

The Man Who May Bring the Banksters to Justice (If They Don't Break His Knees First)

Even those responsible to protect us, to defend us and to hold all accountable to the law equally under the same terms appear to be failing is it any wonder that crime is on the rise?

John O'Brien MA Registry of Deeds: AG Tom Miller Should Step Down

This is everyones problem from the top of the strata of the middle class to the lower end of same to the poor handicapped and mentally ill. If no one is taken to task for the crimes committed by corporations then a diatopian world evolves where corporations run everything to everyones detriment.

The Financial Thriller Continues... What Do the Numbers 753, 20, 138, 130 and 35 Tell Us?

Response to Opposing Counsel: Or "Why I think you'd rather back up and punt"

This whole mess started a couple of years ago, and is why ladies and gentlemen when you leave a partner remember to severe your responsibility to the checking account, due to a narrow and rather circumspect reading of a Social Security Administration rule (Herein after known as "SSA"). Subsequently leaving the individual in question without the means to survive as all income was derived from a fixed income from SSA.

The defendants in this matter filed a rather nice response to opposing counsels objections and motions. The culmination of which would have been to deprive the defendants of all their evidence and force them to face the Plaintigffs in the wrong court of law.  It would appear that filing this matter in the State Superior Court of Maine was inappropiate as TD Bank N.A. is a Federally chartered bank. According to rule 17(b)(2) of the Federal Rules of Civil Procedure, in TD Bank N.A.'s capacity to sue and to be sued, that the deciding factor for an incorporated business, TD Bank N.A., is the law used to incorporate that business and inTD Bank N.A.'s case that would be federal law.

I link it from the Scribd account it was found at: Enjoy these people basically put everyone on the hot seat and answerable for federal felonies connected to the non reporting of a felony committed against the United States Government if they try and just wave this aside they get bitten by the requirements of reporting as mandated by statute 18 U.S.C. 4 and lying as defined in 18 U.S.C. 1001.

I like this case as it is a clear case of fraud and the screwed up reaction of local law enforcement and local leadership in that apparently it's easier to take illegally someones property than to prosecute the well defended Banks doing the fraudulent foreclosures that pas for due process today in most areas.

Sunday, August 28, 2011

From The Author: A Note On Yet Another New Blog----

In today's world the posting of yet another blog message to yet another blog is not new nor that fancy a way of getting a message to those of whom may be looking for the message you are delivering. That said I am looking forward to chronicling one of the most interesting and surreal trips down the legal road of todays’ US court system and I hope you may find within these messages something useful in your battle against Mortgage Fraud.

Mortgage Fraud a crime, in my humble opinion an absolute statement of disloyalty to your country short of treason its self, and agreed with by the F.B.I. in their assessment that Mortgage Fraud “According to a December 2005 press release from the FBI, that "mortgage fraud is one of the fastest growing white collar crimes in the United States"[1].

Hell the FBI warned in 2004 that if we didn’t get a handle on Mortgage Fraud the outcome could be dire at best. “2004, the FBI warned that mortgage fraud was becoming so rampant that the resulting "epidemic" of crimes could trigger a massive financial crisis.”[2] Wow pure prescient ability there. That the FBI was able to conclude that crime might have a negative impact on the world and the economy in general…ya think?

No matter how bad or wrongheaded you think the economy is and/or destructive it is, and you will not get any argument from me on the subject. It is the system we have to deal with now and pulling the plug on the patient before death is a no-no and crap like the mortgage fraud debacle is pulling the plug on what may be an ill patient (economy) but one that deserves to live and try and make up for its transgressions, say by putting the suckers, responsible, in jail and let the key get lost.

Please tune in as my other half and I take on corporate America in the form of TD Bank N.A. v. Twila A. Wolf. Tune in as we make a bank say uncle, ok, ok I can hope and work my little legal butt off can’t I?, Hopefully someone responsible for the crimes committed so far and the ones committed as the Banks attorneys try and hide their misdeeds will pay with some jail time.

1) and referenced at  2) FBI warns of mortgage fraud 'epidemic'". CNN.