Breaking: Carly Fiorina and HP Scammed Taxpayers Out Of $4 Billion
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The Daily Beast has just released a troubling report which seriously calls into question her judgement and motivations as a CEO and her moral integrity as a person. It also indicates just what kind of a opportunistic and heartless patrician she really is.
Under Fiorina, Hewlett-Packard heavily lobbied the U.S. government for a tax holiday – the Homeland Investment Act of 2004. Piteous moaning about the burden of having to pay corporate taxes and how it was restricting them from creating jobs was met with open arms by the George W. Bush Administration, which bent over backwards for the oligarchs and gave them a tax break on money earned overseas. Their tax rate was dropped from 35% to 5.25%, and HP saved $4.3 billion dollars.
Fiorina then decided that her personal finances were more important than the workers of her company or even the health of the company herself, and poured four billion dollars into stock buybacks, where a company artificially inflates its own stock by putting its own money into it, funneling the profits directly to Fiorina and the shareholders- which was specifically prohibited in the tax holiday bill in the first place.
http://www.occupydemocrats.com/breaking-carly-fiorina-and-hp-scammed-taxpayers-out-of-4-billion/
Carly Fiorina’s $4 Billion Job Scam at Hewlett-Packard
As CEO, she lobbied for a tax holiday on corporate profits to create jobs. Instead, the money was used to buy back stock while HP fired 14,500 workers.
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Take, for example, the cynically named Homeland Investment Act of 2004. The bill was passed as part of the equally cynically named American Jobs Creation Act of 2004 after intense lobbying with Hewlett-Packard in the forefront.
The purported aim of the legislation was to generate economic growth and therefore jobs at home by according corporations a one year “tax holiday” on billions in overseas profits they had stashed offshore.
The result was a $265 billion corporate giveaway.
The windfall was supposed to go toward research and development, and other job-creating endeavors.
Instead, almost all of it was put into stock buybacks as a way of funneling cash to stockholders, these prominently including CEOs.
Never mind that the bill prohibited such buybacks.
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Hewlett-Packard saved more than $4.3 billion and put more than $4 billion into stock buybacks. It laid off 14,500 workers.
To make it all even uglier, Hewlett-Packard lobbied for the Homeland Investment Act as a member of something called the Homeland Investment Coalition—this at a time when the “war on terror” was intensifying and the word “Homeland” made everyone think of national security.
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http://www.thedailybeast.com/articles/2015/09/23/carly-fiorina-s-4-billion-job-scam.html
