So guess which companies owe more than $220 million in back taxes? Go ahead. Guess

America is being Cluster F*cked daily, folks. It’s time for a lot more than tea bags.  It’s time some hide is figuratively skinned. It’s time for prison and it’s time for seizure of personal assets.

john-lewisWASHINGTON, March 19 (Reuters) – Some top recipients of U.S. bailout money owe the federal government more than $220 million in unpaid taxes, a U.S. lawmaker said on Thursday.

 Representative John Lewis, a Democrat from Georgia who heads the U.S. House of Representatives Ways and Means oversight subcommittee, said 13 bailed-out companies owe the federal government taxes. Two of them owe more than $100 million each.

Lewis said the firms, which he did not name, signed statements at the time of receiving federal aid stating that they owed no federal taxes.

 “It is a disgrace. The American people are fed up… and they’re not going to take it anymore,” Lewis told a hearing to examine the oversight of the Troubled Asset Relief Program, or TARP.

It’s not a disgrace. It’s a Cluster F*ck and we all know it. And it has to stop. We expect it to stop. It will stop. This bailout party must come to an end. People must go to jail. Money must be recouped. Not later. Now.

Somebody has been walking away with Trillions of dollars we don’t even have. Some small group of serious thieves has raped the wallets of a minimum of two future generations using dying, pillaged corporations as money launderers for each other. AIG gets billions and the first check they write is to Goldman Sachs of Bernanke and Geithner Board of Directors fame. Why is that?

Nobody wants to work for Geithner it seems. They drop out like flies. Why is that? Geithner hired CitiGroup’s Economoic Advisor. Why is that?  Who would hire the loser-economic adviser of a losing company? And why is it that these companies that owe millions of back taxes haven’t been hounded by the IRS, Mr. Geithner?  And since the IRS is under your charge, why is it you didn’t know that their disclosures regarding taxes were a lie? If one of us owed ten cents to your IRS, we would be hounded. Of course, not paying taxes after receiving repeated warnings is no new thing to you, Mr. Geithner, is it? What job is that that you are “Just the right guy for” again?

Somebody in the US Treasury is enabling this. The money is flowing to these places like a river, in one door, out the other.  Somebody must answer for this. Bernie Madoff is beginning to look like a petty candy store thief next to what is happening here.

There are plenty of questions and it’s time somebody asked them. Rep. Lewis has started that ball rolling, bless his heart.

Lewis’ subcommittee looked at the top 23 TARP recipients and found that more than half owe unpaid federal income taxes. One unidentified company owed $112.75 million in unpaid taxes from 2006 and 2005,according to the subcommittee’s research. Another company that received government funds owed $101.8 million dating back to before 2004.

We appreciate your revealing information Rep. Lewis. We really do bless you for it. But the public has a right to know the names of these companies and the pigs who are raping us.  This is the money of the children, grandchildren and great-grandchildren of Americans!

If these companies lied on their tax disclosures in order to receive TARP money, this means somebody committed fraud, a federal offense. There must be indictments and people must go to jail. But not before we squeeze every dime of our money out of their thieving hides in the most painful of ways, up to and including all of their personal assets.

Enough is enough. And then some. America is leaving its slumber period now. Hubris will do that to people. Thank God. Thus, we begin the pitchfork and torch phase we have seen over AIG. This has just begun. America is being torn down from within. It’s time to lock the Treasury TARP money down. No more bailouts. The heads must start to roll for all the public to see these shameless faces go down in shame.

Rep. Lewis: You GO guy!

Hey Barney! You gonna join in or what? Because somebody needs to check out those nice fat Fannie Mae and Freddie Mac bonuses that are being handed out as we speak to the Big Shots from that loser corporation too.  We’ll make that YOUR assignment, because while the country is in an uproar over AIG bonuses, the rest of the Band Plays On under the radar.

And Chuck: Yeah. We DO care. America is just waking up and stretching. Soon, the coffee will be perked and suddenly, everybody is going to be moving around, wondering how it is that our House and Senate let this all happen.  That means you too, Chuck.

Folks, an index of these thieving companies that took our money can be found here.

Here are the top 23 recipients as of the date of that index (late January, 2009).  Unless this list has changed drastically in totals recently, half of these companies, according to Rep Lewis, are delinquent in more than $220 million in IRS taxes.

Numbers are in millions:

10/28/2008 Citigroup Inc*** New York $25,000 Completed 10/28/2008 J.P. Morgan Chase & Co New York $25,000 Completed
10/28/2008 Wells Fargo & Co California $25,000 Completed
10/28/2008 Bank of America Corp North Carolina $15,000 Completed
1/9/2009 Bank of America Corporation** North Carolina $10,000 Completed
10/28/2008 Goldman Sachs Group Inc New York $10,000 Completed
10/28/2008 Morgan Stanley New York $10,000 Completed
12/12/2008 The PNC Financial Services Group Inc Pennsylvania $7,579 Completed
11/14/2008 U.S. Bancorp Minnesota $6,599 Completed
11/14/2008 Capital One Virginia $3,555 Completed
11/14/2008 Regions Financial Corp Alabama $3,500 Completed
11/14/2008 SunTrust Banks Inc Georgia $3,500 Completed
12/12/2008 Fifth Third Bancorp Ohio $3,408 Completed
1/9/2009 American Express Company New York NY $3,389 Completed
11/14/2008 BB&T North Carolina $3,134 Completed
10/28/2008 Bank of New York Mellon Corp New York $3,000 Completed
11/14/2008 KeyCorp Ohio $2,500 Completed
12/12/2008 CIT Group Inc. New York $2,330 Completed
11/14/2008 Comerica Texas $2,250 Completed
10/28/2008 State Street Corp Massachusetts $2,000 Completed
11/14/2008 Marshall & Ilsley Corp Wisconsin $1,715 Completed
11/14/2008 Northern Trust Illinois $1,576 Completed
11/14/2008 Zions Bancorporation Utah $1,400


45 Responses

  1. “This has just begun. America is being torn down from within.”

    Someone once said: “USA will be destroyed from within”..I can see the pattern, and its frightening. Why, because I fear for the world too. 😦

  2. I completely don’t approve of passing a law taxing people after the fact. What if they do this with us? Something they don’t like that we have gotten, however ir happened. This is winging it at its worst.

  3. Star:

    No, they owed taxes *before* they received a welfare handout from us. Owing back taxes would have disqualified them from receiving the corporate welfare. So they lied when they made sworn statements of supposedly owing no taxes, and took our money under false pretenses.

  4. So, let me get this straight. First, these companies (with the help of the previous and current administrations and Congress) created a financial crisis. Then, the companies that created the crisis received billions of dollars to help them out of the crisis they created. And our trustworthy government felt it was okay to trust these companies when they said, “Oh no, we don’t owe any back taxes”.

    Yeah, that’s HOPE! and CHANGE! I can believe in.

  5. […] Drumroll please. Here are the top 23 recipients as of the date of that index (late January, 2009).  Unless this list has changed drastically in totals recently, half of these companies, according to Rep Lewis, are delinquent in more than $220 million in IRS taxes. Numbers are in millions: […]

  6. No, they owed taxes *before* they received a welfare handout from us.

    I am talking about the House-passed bill (just now) to tax the bonuses of those AIG guys at 90%–not these back taxes of these companies.

    Also–did you hear? Junior has a $500K book deal to write a children’s book.

  7. that’s about his speed.a fairy tale lol………

  8. Presidents write books now. super.

  9. Two companies owe a total of about 215 million dollars. That leaves 5 million owed by the remaining eleven companies.
    TARP has given companies 300 BILLION dollars. That means less than 1/10 of one percent is disputed taxes, and, to this point, nobody can prove that the taxes are fraudulently owed.
    Additionally, somebody wants you to be mad enough to let them get away with punitive taxation against single entities. Not only that, the entity in question, AIG, is almost wholly owned by the government, so, they’re taxing their own employees for getting paid under legal contract. There’s something seriously wrong here folks. Remember the phrases “generated crisis,” “fundamental, foundational change,” and “capitalism will be different,” before you let the people who are out to get you manipulate you into helping them do it.

  10. Gird your loins.

  11. Sorry, Star! Miscommunication there because of the dirty word, taxes.

    I was still grinding my teeth and battle-axe over Uppity’s post on the $220 million owed in back taxes.

    Yes, I heard this evening about the House passing a bill to tax the bonuses at a 90% rate. I agree with you on principle there, Star. But no such bill is yet in the Senate, where discussion is going nowhere fast.

    Moreover, why do I doubt somehow that POTUS The Perp would sign it? I’m not sure if Obama would mind kicking sand in the faces of Congressional Dems, but one thing is for sure: he’d never tax his financial backers at 90%! So I can’t help but think today’s House vote on the 90% bill was just a sideshow at the circus.

    WRT book deals, I heard Dubya already has written thousands of words (did the report say 30,000?) for his memoir, tentatively titled Decision Point, IIRC. I’m not bothering to look any of this up. I can’t stand it.

    {grind, sharpen, grind, sharpen}

  12. Love to know which two companies, wouldn’t you?

    Signing a disclosure saying the company is current on taxes in order to get TARP when it’s not WOULD constitute fraud.

    Ok Cinie, come on, tell us what’s on yer mind, girl. I know you are thinking here, so Give!

  13. Congress is blowing smokeabout taxing those bonuses. It’s all BS. They can’t do it, it’s not constitutional. You can’t single people out for special taxation just because you are pissed off at them. At least not if you still have a constitution. And besides, if they can do it to them, Star’s right. Next they can do it to us. Be careful what you wish for.

  14. Taxes for which year? Did the statement cover this year or last? If the taxes are in dispute, then the filer would believe they owe no back taxes. The point is, misdirection by poking the hornet’s nest.

  15. If you want to rebuild from the ground up, you have to tear what’s standing down to the studs. Obama wants, “fundamental, foundational change” to make “capitalism different.” How better to “generate” a crisis sufficient to facilitate that, than to piss the electorate off enough for THEM to want it torn down?

  16. Very perceptive, Cinie. As you always are.

  17. Cinie, judging by current and recent posts, a lot of us might agree a punitive 90% tax would be unreasonable and unconstitutional, not to mention dangerous for the rest of us. We’d rather see prosecutions in a court of law to fully expose the facts, determine the guilty, confiscate their assets and put their assets in jail.

    I’m with you there on principle but your math eludes me here:
    “TARP has given companies 300 BILLION dollars. That means less than 1/10 of one percent is disputed taxes”

    My impression is that the TARP handouts have exceeded 300 billion. My impression is based on so many bailout announcements having been understated, if not distorted or just plain made up. I have little doubt the SOT will leap at the first chance to hand out the 2nd round of TARP money, because remember, TARP is a fund intended to be doled out in 700+ billion dollar increments, with no set limit on the number of rounds AFAIK.

    Another factor is the yet unknown total of our money handed out to many of the same companies *before* TARP was ever implemented. Bailouts began early in 2008 if not sooner, before the public first got news in September 08.

    The overdue taxes mentioned by Lewis of course are not based on the TARP or any other bailout amounts. To compute how large and offensive the back taxes are/aren’t, we’d have to know the Real Total of all bailout money, as well as amounts the companies received as so-called tax rebates, and a number of other corporatist shenanigans.

  18. I think this is an inside job. I think the Fed and Treasury are laundering money. They are all positively incestuous with wall street. I think Bernanke, Paulson, Geithner are all in on it and if it’s the Bilderbergers, then so be it. The point is, this all looks more deliberate every day to more people.

  19. D.G.W. The more money TARP has given, and will give out, the less significant the tax percentage is. Also, you’re right, even the initial 80+ billion given to AIG was pre-TARP. My point is, they’re directing your attention to the chump change on the dresser while they clean out your wall safe, garage, furniture, piggy bank, and every freaking other thing you own except for the rug they’re screwing you and your family on.

  20. Cinie asks,
    “Taxes for which year?”

    UW cites Reuters:
    “One unidentified company owed $112.75 million in unpaid taxes from 2006 and 2005, according to the subcommittee’s research. Another company that received government funds owed $101.8 million dating back to before 2004.”

    Sure, the subcommittee might be wrong. They might be under- or over-estimating the tax amounts due. Dispute of the taxes in their entirety seems less likely.We do need to know all those details, you’re right.

    “misdirection by poking the hornet’s nest.”

    Well Cinie, a couple of days ago, in an earlier thread here on AIG, I said, ‘ Obama is the source of the FUD and misdirection’ but I won’t say that about John Lewis, not yet. The letter he wrote in December counts in his favour IMO. And unlike Obama, he did pay his dues in life, the hard way.

  21. Uppity, I hate to hijack the thread, but it’s pretty clear that the reason they decided to let Lehman fail and buy AIG instead, (that’s what they did, they even fired the CEO and brought in their own guy) was to funnel (launder) more money through the back door to all the other banks without alerting attention.

  22. D.G.W., what difference does it make? These are piddling amounts of money compared to the BILLIONS being shoveled out. The anger is being purposely misplaced. And, as for Lewis’ integrity, I’ll just say something made him switch his support from HRC, and I don’t think integrity had a lot to do with it.

  23. “My point is, they’re directing your attention”

    Nope, not *my* attention being misdirected, doncha worry. In fact, few posts here are caught up too much in AIG. AIG is an example and a starting point for more questions, with the gist being there’s something more goin’ on than meets the eye.

    The only remaining point where I disagree, Cinie, is that I don’t use TARP amounts to judge the size & significance of the taxes due. The back taxes are percentages of different money from different sources/purposes. It would make more sense to me to judge the companies’ back taxes by comparing both the amounts plus penalties against what ordinary individuals and small business owners are asked to pay, as percentages of our incomes and revenues.

  24. Cinie,

    Sure, the taxes due are millions compared to billions.

    The report from the sub-committee is just another example of how often the companies lie and why they didn’t deserve the “assistance” they got. Lewis doesn’t get any special award for that. But nor will I say he is part of Obama’s misdirection.

    As I’ve said, as many others here have been saying for days on end, we’d like to hold responsible all the politicians and their cronies involved in this. *Our* anger is not misplaced.

  25. Did u get this memo?

    Kathleen Sebelius’s Political Cronyism Problem: Obama Appointee to HHS under Investigation for Misused Medicaid Funds

  26. Lewis doesn’t have to be corrupted by Obama for his efforts to be misplaced.

  27. Hey, JustMe!

    Sooo… Don Jordan is her very own appointee, her chosen secretary of social and rehabilitation services, yet… she wants us to believe she somehow is not responsible for the corruption running through his department. Aarrgh, no wonder Obama nominated her. She’s stupid, she’s corrupt, and if she gets caught, then he can remove another woman’s name from his list without being accused of sexism by The New York Times.

    By the NY Times.

    I read that the state of Kansas has a $250,000 cap IIRC on damages for civil liability cases, even for death and serious permanent injury. She helped to push through and keep that cap. It’s not much when you consider what a breadwinner in a family would earn, and how much the loss of that income would mean to children, spouse and elderly parents, plus the expense of catastrophic care.

  28. D.G.W.’s grind, sharpen, grind, sharpen.. makes for juicy uprising. It remains a conundrum of who are the worst swindlers. Something needs to be done to get back taxes paid, and liars accountable. Taking personal funds is a great motivator.

  29. I hear ya D.G.W. same here in my state a $250,000 cap : Which would never recoup earnings as you stated.

    Seems they all have to be a chip off the same block so they feel comfortable in the mix this crowd : it is mindblowing…

  30. Cinie, sister, you are never a hijacker at my place. I love your thought process.

    I have no doubt any longer that this whole thing is a laundering operation. But not for the companies. For individuals unnamed. The companies are just the conduits, methinks.

  31. JustMe and thetownecrier, I wonder how many of these swindlers, chislers, cheats & liars are blood relatives to each other! Why not? They all drink from the same cup, and it ain’t Human Kindness. The way Obama speaks of Geithner and treats him, you’d think they were brothers.

    I’m just a-wondering.

  32. UW, Just saw on Greta that Barry sticks his big foot in his big mouth…again, on Leno tonight. He compares his bowling skills in the WH alley to the “special olympics”. That’s the real BO…that’s what he really thinks and that’s the reason why he never goes off script–we’re not supposed to know what he’s thinking. He is just the biggest fraud!

  33. UW says : “I have no doubt any longer that this whole thing is a laundering operation. But not for the companies. For individuals unnamed. The companies are just the conduits, methinks.”


    FF says – My thoughts EXACTLY

  34. KB
    He compares his bowling skills in the WH alley to the “special olympics”.

    OMG that is awful… I remember one yr helping at the Special Olympics in the UK at the school I worked it was one of the best experiences to be part of to see the athletes take part……. There simply amazing and special people.

  35. sorry Typo Queen here forgive me..

  36. Yup, he compares his skills to that of a “special olympics”. He is truly a compassionate man, a real leader.

  37. As JSOM put it at LR Obama is TACKY.

    The first appearance by a sitting president on “The Tonight Show” may well end up being the last.

    President Obama, in his taping with Jay Leno Thursday afternoon, attempted to yuk it up with the funnyman, and ended up insulting the disabled.

    Towards the end of his approximately 40-minute appearance, the president talked about how he’s gotten better at bowling and has been practicing in the White House bowling alley.

    He bowled a 129, the president said.

    “That’s very good, Mr. President,” Leno said sarcastically.

    It’s “like the Special Olympics or something,” the president said.

    When asked about the remark, the White House said the president did not intend to offend.

  38. He also told Leno he was stunned at AIG’s bonuses…that the executives got so much more than him.

  39. Yeah, the hypocrites in congress trying to pass illegal tax laws. The same guys who I have literally lost count of now, each of them not paying their own taxes.

    They need to look in a mirror. They are just pure hypocrites, every single one of them in congress. They are just doing this trying to take the blame off themselves.

    They forced the tarp money on these companies in the first place. Then they change the rules after they forced the money on them.

    Any Government help is FAR more toxic than any toxic loans out there.

  40. I have no doubt any longer that this whole thing is a laundering operation. But not for the companies. For individuals unnamed. The companies are just the conduits, methinks.

    NOW you’re starting to get it! But it’s more like families and dynasties than just individuals. Names like Rothschild, Morgan, Rockefeller, Bush, Warburg, Astor, Carnegie should all be rattling around in your brain right about now; the lovely people behind the central banks that have been ruling the world since the days of Meyer Amschel (later Rothschild)! These people have been angling to take over the world for centuries.

    Speaking of Rothschilds, remember when Lady Lynn Rothschild made the big splash by switching her support from Hillary to McCain after the Democratic selection nomination process? She set up that website to start a group, got thousands of names and e-mail addresses, right? Anyone heard from her since? I’m just askin’…

  41. The deal today is such baloney. Public opinion weighed in and BO had to do something so they came up with the bogus (illegal) taxation policy. Gee, how many millions will we spend trying to defend that constitutional breach over the coming months? In the meantime, Barry’s supporters can say what a great guy he is and he really got that money back. We will spend even more money with this proposal but it takes the heat off and John Q. will lose interest by the time it’s resolved. Truly disgusting.

  42. That will be overturned by SCOTUS in a flash.

  43. GG,They were so close. And their own hubris exposed them all. Now what shall they do? Or, as Cinie thinks, is this all part of their plan?

  44. Olbermann on his PR client, Obama’s, crack about the disabled: More concerned about the One’s image than the insult. Worrying about the “danger” of that remark on The One.Freudian Slip: “What can WE do”?.

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