Wednesday, October 26, 2011

Matt Taibbi: What Occupy Wall Street is REALLY About


IT IS ABOUT RESISTANCE AGAINST GREED AND CORRUPTION.

Matt Taibbi is a genius when it comes to his ability to critically analyze finance. I'm definitely a fan of his work. His latest essay addresses the "why" of OWS.

here are a few excerpts from his excellent analysis: "OWS's Beef: Wall Street Isn't Winning – It's Cheating" dated Oct 25 in Rolling Stone

"Goldman, Sachs in 2008 – this was the same year the bank reported $2.9 billion in profits, and paid out over $10 billion in compensation -- paid just $14 million in taxes, a 1% tax rate.

"Bank of America last year paid not a single dollar in taxes -- in fact, it received a "tax credit" of $1 billion. There are a slew of troubled companies that will not be paying taxes for years, including Citigroup and CIT.

"When GM bought the finance company AmeriCredit, it was able to marry its long-term losses to AmeriCredit's revenue stream, creating a tax windfall worth as much as $5 billion. So even though AmeriCredit is expected to post earnings of $8-$12 billion in the next decade or so, it likely won't pay any taxes during that time, because its revenue will be offset by GM's losses."

READ THE ENTIRE ESSAY HERE: http://www.rollingstone.com/politics/blogs/taibblog/owss-beef-wall-street-isnt-winning-its-cheating-20111025



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