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2016 Postmortem
In reply to the discussion: Would Bernie supporters be so kind as to define "Wall Street" for us? [View all]think
(11,641 posts)121. Wall Street Professionals Admit: Yes, Lots of Us Are Corrupt
Wall Street Professionals Admit: Yes, Lots of Us Are Corrupt
By Rich Smith - Jul 20th 2012 5:15PM
Is Wall Street corrupt? Responses vary depending on whom you ask. But ask the folks who work in the financial services industry and you'll get a surprisingly clear answer: "Yes."
A recent survey of 500 financial services professionals, conducted by market researcher Populus at the behest of law firm Labaton Sucharow, turned up some surprisingly candid results from the folks surveyed. For example:
39% of financial industry insiders surveyed "reported that their competitors are likely to have engaged in illegal or unethical activity in order to be successful."
And this was more than just suspicion. "26% of respondents indicated that they had observed or had firsthand knowledge of wrongdoing in the workplace."
Nearly one in four "believed that financial services professionals may need to engage in unethical or illegal conduct in order to be successful.
Nearly one in three said they themselves felt "pressured by bonus or compensation plans to violate the law or engage in unethical conduct.
http://www.dailyfinance.com/2012/07/20/stockbroker-corrupt-wall-street-cheats/
Bernie Sanders Calls Out 18 Corrupt CEOs For Stealing Trillions, Outsourcing Jobs, and Evading Taxes
ByColin TaylorPosted on August 08 2015
Last week, 80 CEOs jointly published a letter in the Wall Street Journal calling for austerity spending cuts to deal with the deficit, in a new effort to "starve the beast" and slice funds away from public programs, especially Medicare and Medicaid, reducing their effectiveness to make their calls for privatization more effective. It's the same old game that corporations and Republicans across the country have played time and time again, one that has the American people losing. Senator Bernie Sanders, champion of the middle class and economic justice, published his own response- a scathing condemnation of their hypocrisy and blatant opportunism:
"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 nations 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 CEOs 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."
He then released a list of the eighteen CEOs who are responsible for triggering the recession, destroying the middle class, corrupting our politicians, underpaying their workers, and outsourcing jobs overseas. These are the names of traitors who have forsaken their people and nation to worship at the altar of greed:
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.
These are astonishing numbers. There are billions of dollars missing from the federal budget because huge multinational corporations don't pay any taxes while crying for spending cuts and austerity measures placed on the backs of the American people. Bernie Sanders is the only candidate really confronting these issues, and we must hear his message. We cannot allow the proud heritage of American democracy to slide into the dark pit of oligarchy, where the worker becomes a serf and the mega-rich rule like lords. Many thanks to True Activist.com for the story.
http://www.occupydemocrats.com/2015/08/08/bernie-sanders-calls-out-18-corrupt-ceos-for-stealing-trillions-outsourcing-jobs-and-evading-taxes/
And these banks are known as Wall Street banks are they not? Google Wall Street banks and see what comes up.
Here let me help you out:
https://www.google.com/search?q=wall+street+banks&rlz=1C1CHWA_enUS597US597&oq=wall+street+banks&aqs=chrome..69i57.4593j0j8&sourceid=chrome&es_sm=122&ie=UTF-8
Some more articles on Wall Street corruption:
http://www.usatoday.com/story/money/2014/11/23/is-wall-street-corruption-endemic/19353115/
http://www.pbs.org/wgbh/frontline/film/untouchables/
Hell The Huffington Post has a section dedicated to Wall Street corruption:
http://www.huffingtonpost.com/news/wall-street-corruption/
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Anyone who has supported in the past, supports now, or supports in the future, Hillary Clinton.
onehandle
Mar 2016
#2
Sanders is pretty explicit. Learn what he says and then rant if you need to.
kristopher
Mar 2016
#124
Give 'em a break, spin and lies are all they have, the can't win on the issues or her record
pdsimdars
Mar 2016
#15
We aren't against Wall Street, we're against how Wall Street has infiltrated the govt
RiverLover
Mar 2016
#32
You sound like a republican. A small stock holder has no say in what goes on in DC
RiverLover
Mar 2016
#26
It's seriously shocking to see people on this kind of a site acting confused about this.
vintx
Mar 2016
#42
Yes, it is shocking. And no it doesn't seem Democratic. But then neither does Hillary.
RiverLover
Mar 2016
#54
Hillary being in bed with Wall Street damages her; so your answer is, Wall Street ain't that bad!
CoffeeCat
Mar 2016
#82
"Sanders supporters stuff their money under their mattresses." Wow. Fuck me every which way...
cherokeeprogressive
Mar 2016
#84
That's right, Jon. Then why doesn't Bernie propose legislation capping ERs/loads
Kang Colby
Mar 2016
#135
Ridiculous post. And I worked in the financial services industry for nearly 20 years.
Old Crow
Mar 2016
#134
No envy at all. Righteous contempt, disgust and demand for reform. Now.
appalachiablue
Mar 2016
#105
The Sanders plan is online, and so is much of the work of economists like Reich.
appalachiablue
Mar 2016
#116
That's actually a legit (and critical) question in linguistic philosophy!
Lizzie Poppet
Mar 2016
#89
Sorry but many have gone far beyond their legitimate roles and size to become Big Evil Meanies
Armstead
Mar 2016
#53
I think some people here would be very unhappy with how "pro-Wall St" Elizabeth Warren is
brooklynite
Mar 2016
#56
How many crimes must Goldman Sachs, Citigroup, & JP Morgan commit before you consider them corrupt
think
Mar 2016
#61
So when Clinton calls for new reforms on "Wall Street" she wants reforms on "all of us"? n/t
PoliticAverse
Mar 2016
#129
That's the spirit! Ignore people who say things contrary to your opinion. Life is so grand.
Buzz Clik
Mar 2016
#76
I didn't say you did. I had interaction with OP previously. Got an alert from it. no hide but,
Hiraeth
Mar 2016
#80
what country are you from? ever head of Glass–Steagall before the GOP & Clintons dismandeld it.
fourcents
Mar 2016
#150
This OP is reminiscent of the kind of posts I've seen anti-regulation-of-firearms apologists make.
aidbo
Mar 2016
#100
It's a street in the south end of Manhattan running between Broadway and the FDR. n/t
Chan790
Mar 2016
#115
It's not something Bernie made up. It's commonly referred to by many in the context of
Cleita
Mar 2016
#126
How awesome is it you can refuse to see people use Wall Street for short hand
Kalidurga
Mar 2016
#130
What? Bernie is running on campaign finance reform, it's all related and it would take away the NRA-
fourcents
Mar 2016
#145
Answer=Bernie Sanders: 'Congress Doesn't Regulate Wall Street. Wall Street Regulates Congress.'
fourcents
Mar 2016
#147
Passive-aggressive OP's...always the most effective way to build party unity. n/t.
Ken Burch
Mar 2016
#149