Lovely: 13 bailout recipients owe $220 million in back taxes
More after-the-fact Kaubki outrage from members of Congress who stampeded over each other to fork out massive bailout funds: Turns out that 13 firms who accepted bailout money owe $220 million in back taxes.
Future Obama nominees!
Thirteen of the companies receiving billions in federal bailout money owe a total of more than $220 million in delinquent federal taxes.
That’s the word from the chairman of a House subcommittee overseeing the federal bailout of financial firms. Rep. John Lewis of Georgia said Thursday that two of the companies owe more than $100 million apiece. In his prepared remarks, Lewis says that the House Ways and Means subcommittee on oversight discovered the delinquent taxes in a review of records from the IRS.
The revelation is sure to spark outrage on Capitol Hill, where the House is expected to vote Thursday on a bill that would impose steep taxes on employee bonuses at firms that have received bailout money.
(Hat tip: Slublog)
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Categories: Subprime crisis
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I’m “outrageously outraged”!!!
… But not surprised. This is what happens when you put the cart before the horse.
So they got billions in a bailout and DIDN’T pay thier taxes???
I give up.
Their ‘bailout’ plan becomes clearer and clearer…they couldn’t just tax us to death without revolution. They said they had to bail out the businesses because they were too big to fail! Then they hid hundreds of earmarks in it. Then they shoved it down our throats. Now their plan is to take it all back (AIG bonuses, other monies). Money laundering at the highest level.
Seriously, they are going to have to lock a battalion of accountants in a basement for a year to figure this cluster f…. out.
Well, why doesn’t Chris Dodd take the money back as tax payments, then tell everyone we have a surplus? That’s pretty much sleight-of-hand, shell-game method of financing the government is doing these days, and it’ll take the heat off him for awhile.
I wish they’d hurry up and get to the seppuku portion of this theatre.
Sounds like an extension of the Obama cabinet. Doesn’t this renew your faith in government?
we had to pass the porkulous bailout that day because nancy had a date with the pope in rome two days hence. where was barney and chris when franklin raines got 90million from fannie as a golden parachute for bankrupting the entire world, or gorelick getting 28mil for assisting mr raines? these politicians really have us right where they want us. 1/2 the people now depend on the gubmint for their jobs, and the other half pay the taxes but are demonized as the chattering class.
Don’t worry. Timmy says it’s cool. He’ll take care of it for them.
The Democrats sure do love tax cheats.
Where is the outrage? Oh yeah. The Tea Parties…
Oh sure, they’ll hem and haw and feign indignation over this, but when the Obama ad comes to congress in the near future and asks for tax dollars to prop-up the foreign credit market – by linking it to our decline in Industrial Output – it’s a given that every Democrat in the House will support them w/o question.
Democrats need to read first – and maybe sign later.
Didn’t pay their taxes?
Gee – I had NO idea all these companies were run by Democrats!
OT:
AG Holder says he is considering releasing Gitmo
terroristser, um, I mean undocumented freedom fighters into the USAIsn’t it amazing what comes back to haunt you when you don’t read legislation before passing it? Pelosi says “pass it rover, good boy” and congress goes “rough, rough, yes mam, whatever you want, can I kiss your butt again”?
Outrage from out lefty visitors in 5…4…
…never…
Don’t you know that it’s against the law to have someone take a literacy test before they can vote?
I’ll see your outrageously outraged and raise you two…I’m outraged at the outragiously outragious outragiousness!! And besides that, I’m totally pissed off!
And while all this is going, here is what your president is spending time on.
But someone had the sense to point out the idiocy of all of this….
They’re too busy quibbling over fractions over a percent over in the Copperfield thread.
Anyone going to watch Leno tonight? I feel like I need to get the barf bag and force myself to watch. As soon as we take our eyes off this guy, he will pull some stunt. I need to know what he says! Don’t know if I will be able to take it all in one night, though, so I am recording it to watch in small doses. If he sits there and make wise-cracks about his opponents, and makes light of everything while the entire country is burning down around him, I will consider that an act of treason.
I’ll wait for you to give us the highlights Happy. Thanks for volunteering to the the bullet for the rest of us.
Incredible – I was unaware that Leona Helmsley had so many descendants.
“Only the little people pay taxes.”
Now we know what the President and members of Congress can do with the campaign contributions they received from these firms.
They can make the checks payable to the U.S. Treasury and indicate they are paying down the taxes due.
Why do I even bother paying my own taxes (which are considerable – I just calculated 2008’s last night)? Really, I don’t think I’m getting my money’s worth.
*sigh*
…but make sure you all pay your taxes and pay them on time or they’ll WILL come after you!!!
Oh, is that tonight? Ummm – no.
This is all designed to transfer American’s outrage from the fact that Congress gave them the money to the recipients.
Anyone notice that these revelations (AIG bonuses, etc.) came when folks were started to get upset about the bailouts?
Don’t be distracted. The problem is still the fact that over 1 trillion dollars were handed out without appropriate review.
Taxes??? We don’t got no taxes… We don’t need no taxes… We don’t PAY no STINKIN’ taxes…
Watch Leno?
I’ll be watching the NCAA Tournament on another network. Don’t fret, Promterbama will be forcing his way onto your homes on Tuesday for another press conference with his teleprompter.
Exit question: What liberal commentator will have a seat next to the wench Hellen Thomas. Ed Shultz was there for his first now who will it be? Kos? Maddow? Olberdouche? I can’t wait to find out.. Stay tuned!
Yes, I did notice that. Did you also notice that Congress and the Pres. morphed our very real outrage over their spendulous spree into outrage over these corporate bonuses? The Pres. keeps repeating that there is very real grassroots outrage toward these execs. $167mil is an enormous amount of money but they bailed AIG out with $170bil. The $167mil is one tenth of one percent of the amount they have given AIG. $170bil is less than %10 of the money that the Feds have spent in THE LAST SIX MONTHS and now they are printing,PRINTING!, money to buy up bad assets. Yes, let’s not be distracted. Keep writing and calling your Congressman/Senator. Keep your outrage brewing for the next election (and before that the next teaparty).
The bailouts are not to save deserving but down on their luck companies. They owe back taxes, they took ridiculous and possibly illegal financial risks, they may have lied to auditors.
The bailouts are to keep collapsing companies from bringing down the US economy with them. You may disagree with that theory, but don’t pretend you don’t know it.
I think we’re getting close to the writing of the death haiku part now. In fact, that sounds like a good commenter contest, if it weren’t, you know, morbid or something.
Wishes and “good” intentions are not sufficient by themselves to achieve results. The point of this is that the government is proving over and again that these bailouts were and are essentially an act of flailing around with taxpayers’ money to “fix” a problem they helped to create in the first place.
Assuming all this is true, would you care to explain why the government would hand them a large sum of money? Shouldn’t they have known these things before they gave them more money? Rewarding failure is a ridiculous solution to solve a problem.
I know, I know… It’s all because the government didn’t give them enough, right?
Please… enough with your idle speculation. You have no clue what the nature of their dealings were. Illegal? Please admit you don’t have a clue.
This statement of yours proves one thing. You watch the network news shows. The only evidence of collapse is from what the Chicken Little’s are squawking about on these shows.
Har! I see lgm responded in this thread–but I cannot see an answer in the response.
The “So Big we Cannot Let Them Fail Theory.”
Did it ever dawn on you that perhaps, just like the Soviet Union, they failed BECAUSE they were so big?
Name one instance where large scale, central planning ever worked once in history.
Everything Obama wants to do is based on the premise that central planning, direction, and control works best.
We barely out of that gate in his quest and everything he’s touched so far is a gigantic mess. Wait two years.
Tell me lgm, how aware and how knowledgeable do you think Obama really is when he fails to grasp the concept that a citizen who voluneers to defend this nation, puts on the uniform, willingly takes our risk in a combat zone and is wounded should have his medical expenses paid for by the U.S. Government. DO YOU HAVE A CLUE TODAY WHAT EVERYONE WHO WEARS OR HAS WORN THE UNIFORM THINKS OF HIM AFTER THAT EPISODE?
Let’s apply that to the current joke of a President shall we?
So, we are due a new President and you know it.
Poking fun at idiots is soooo much fun.
I’m an ordinary citizen, never served in the military, but for Obama to even consider that, spoke volumes as to his mindset for me. I’ve always considered him misguided, now, evil is the only adjective that comes to mind.
Thanks happy, I myself cannot stand to hear this obtuse, liar’s voice, nor see this creapweasel face any longer. but I do thank you, plze report.
Their opinion of der fuher is the reason if and when a violent revolt was to take place, the vast majority of the armed forces would not fire on the American citizenry.
Hey Walter…By the time I finish watching it, you will get more details from MM and FOX. I don’t think I can take more than 10 minutes at a time. In fact, now that I think of it, why am I watching it? That is downright dumb. We will get the highlights (transl. spin and deceptive remarks) soon enough.
On his show today, Rush said he hoped those who got the bonuses and are now being targeted by Congress ALL voted for Obama, so they can see first hand what they have done! I kinda doubt that people in that income bracket voted for Obama, but maybe a few of them did.
Failure to pay taxes? Hmmmm…it fits a certain pattern, does it not?
Speaking of tax payments, I haven’t seen nor heard anyone address property tax payments that are owed by those poor, unfortunate (and ignorant), in mortgage foreclosure. How much more is owed to the various state governments by these “oppressed” homeowners?
In California, unless you are protected (more or less) by Proposition 13, your property tax billed by the state is onerous. Even with Prop 13, my property has doubled since it passed, but I still pay it on time.
Does bailing out those in foreclosure exonerate them from paying their fair share of state property tax, or will the elected representatives hand out yet another perk at taxpayer (those of use who actually pay their taxes on time) expense, and waive said taxes in order to save the homeowner?
How can you owe taxes (which means you made a profit) and need a bailout (which means you lost money)???????
Fantasy economics, fantasy basketball, it’s all the same to him
I owed a few hundred when I did last year’s taxes, how much you want to bet they would come after me with a far greater intensity than the companies who owe the $220 million? I doubt I’d get a bailout, I’m probably not too big to fail in their opinion.
Tell me again, which party is looking out for the little guy and who’s in the tank for the giant corporations?
Millilons?
Chump change.
We don’t even speak in billions any more.
It’s all about trillions, baby!
Rushing healong into Godzillions!
Salt said (#34):
From the original…
The thing I want to say, and I’m surprised nobody’s said yet is this:
Aren’t these the guys who donated BIG BUCKS to get Obama elected?
And if they are, why should we be surprised that they didn’t pay their taxes? that seems to be the SOP for that crowd of “bigwigs” and “prominent people”.
I’m not sure that you know it. Care to explain it?
Not only do I know this theory, I wholly disagree with it and label it STUPID. MORONIC. IGNORANT. USELESS. CRIMINAL.
There’s already a bailout built into US Law – it’s called BANKRUPTCY. Don’t pretend you don’t know about it but you may be too ignorant of the law to realize what it really it.
A company that’s down on their luck can file for BANKRUPTCY, restructure their debt, cut off the dead wood, throw out money loosing contracts and return stronger than ever without going out of business, without taking down the banks with them, and without putting undue burden on the American tax payer.
The only people that would lose are touchy-feely morons with no idea of how the financial system works and Democrats who are doing everything they can to sink this economy.
Of course with BANKRUPTCY you don’t get Democrats handing out millions of taxpayer dollars for bonuses for their buddies and Democrat displays of manufactured rage when their hands are caught in the cookie jar.
Why is it that these democrats hate successful companies, yet throw massive $$ at dysfunctional companies who even owe back taxes??? Is the world upside down or what??