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Tue, 19 Oct 2021
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Wall Street

Bailed-out banks paid no income tax in some years, according to study

Goldman Sacs Blankfein
© Susan Walsh/AP
Goldman Sachs chairman and CEO Lloyd Blankfein testifies on Capitol Hill.
Banks that received TARP money managed to avoid income tax

Five banks that received federal bailout funds during the financial crisis didn't pay income taxes for one or more years between 2008 and 2010, according to an iWatch News analysis of a new study of tax dodgers.

Wells Fargo & Co., Goldman Sachs Group, PNC Financial Services Group, Capital One Financial Inc. and State Street Corp. were among 78 of America's largest and most profitable corporations that managed to avoid paying income tax in at least one of those years.

Researchers looked at 280 corporations that reported total pretax U.S. profits of $1.4 trillion. The federal corporate tax code "ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount."

Bad Guys

'Israel may strike Iran as soon as next month'

Image
© Associated Press
Satellite picture of Iran's nuclear site
UK's Daily Mail cites 'unnamed London sources' as saying strike on Tehran's nuclear facility closer than ever. Report's validity questionable.

Is a strike on Iran closer than ever? The Daily Mail claimed Wednesday that "Israel will launch military action to prevent Iran from developing a nuclear weapon as soon as Christmas."

The British publication cites unnamed London "intelligence chiefs" as its source. The report has not been corroborated by any Israeli source, and its validity is considered questionable.

According to the report, UK Foreign Secretary William Hague said that the grave findings by the IAEA on Iran's nuclear ambitions have "completely discredited the Islamic Republic's claims of innocence."

Attention

US: Regulator - Nothing Wrong With Fannie and Freddie's Multimillion-Dollar Bonuses

Fighter Aircraft
© Minyanville

Call it sheer hubris or a woeful misreading of public sentiment: After Fannie Mae and Freddie Mac executives got slammed by Congress over news that they got $12.79 million in bonus pay last year, Edward DeMarco, their chief regulator as acting head of the Federal Housing Finance Agency, has come out to defend the bonuses paid out to the loss-making government-owned mortgage firms.

According to CBS News, DeMarco sent out a letter to lawmakers in Washington on November 10 justifying big compensation packages for executives by saying they were needed to attract and retain top talent. Wrote DeMarco:
I need to ensure that the companies have people with the skills needed to manage the credit and interest rate risks of $5 trillion worth of mortgage assets and $1 trillion of annual new business that the American taxpayer is supporting. I have concluded that it would be irresponsible of me to risk this enormous contingent taxpayer liability with a rapid turnover of management and staff, replaced with people lacking the institutional, technical, operational, and risk management knowledge requisite to the running of corporations with thousands of employees and more than $2 trillion in financial obligations each.
Yes, the big bonuses are necessary to attract the best management, like the kind that lost $5.1 billion in the third quarter for Fannie Mae and requested for $7.8 billion in bailout money, or the kind that lost $4.4 billion in the same quarter for Freddie Mac and asked for $6 billion in taxpayer money. The nearly $14 billion combined is on top of the two firms' request for $6.6 billion in bailout cash in the second quarter and, lest we forget, the $170 billion from their 2009 bailout. Yes, that kind of talent.

Attention

Chinese drug exec given suspended death sentence

A Shanghai court handed the former chief executive of a large state-owned pharmaceutical company a suspended death sentence for corruption that enabled him to amass more than 50 million yuan ($8 million), an official said Wednesday.

Wu Jianwen, the former head of Shanghai Pharmaceutical Group Ltd., was convicted of accepting bribes, embezzling public funds and other graft charges by the Shanghai Intermediate People's Court, according to a court official surnamed Wang.

Wang said the court handed down a suspended death sentence with a two-year reprieve. Such sentences usually are commuted to life in prison with good behavior.

The punishment comes as China wrestles with food and product safety concerns and appears aimed at showing that authorities are cracking down on rampant corruption.

Bomb

US Moves to Overturn Ban on Cluster Bombs

Ahmed Kamel, 12-year old Iraqi, victim of US cluster bomb
© clusterbombs.us
Ahmed Kamel, 12-year old Iraqi, victim of US cluster bomb

US Moves to Overturn Ban on Cluster Bombs Cluster bombs are widely deemed inherently indiscriminate weapons, but the US aims to torpedo international ban

The U.S. is leading an effort to water down an international ban on cluster bombs, weapons that are widely considered to be inherently indiscriminate.

The Convention on Cluster Munitions prohibits cluster munitions, requires the destruction of stockpiles within eight years, and has been signed by 111 countries, while the U.S. has steadfastly refused to sign it. In a proposal that meant to neuter the convention, Washington now is pushing to permit the use of cluster bombs as long as they were manufactured after 1980 and had a failure rate of less than one per cent.

The Convention began to take effect in June 2010, just after a U.S.cluster bomb killed 35 women and children in Yemen, with the Pentagon stubbornly refusing to admit to the wrongdoing despite damning evidence compiled by Amnesty International, which was later corroborated by classified diplomatic cables released by WikiLeaks.

Cluster bombs are highly imprecise weapons that work by dispersing hundreds of smaller submunitions, often referred to as bomblets or grenades. Often, the bomblets do not initially explode, only to explode later with civilians about.

Dollar

Currency wars are underway: Max Keiser predicts Italy will use its gold reserves to broker a bilateral deal with China

This week Max Keiser and co-host, Stacy Herbert, discuss European gold wars and the brokers at the Chicago Board of Trade telling others to get a job while they can't even do the one job they have. In the second half of the show, Max Keiser interviews James G. Rickards about his new book - Currency Wars: The Making of the Next Global Crisis.


Stormtrooper

The future of British policing is here: Government thugs in plain clothes arrest young protester during #Nov9 protest

I witnessed this arrest while outside of the kettle in Moorgate around 4pm. This was a large and planned operation. Before he was dragged out of the protest a line of police horses was formed to prevent protesters from following the cops. Undercover officers were intimidating people who tried to photograph the incident.

He was dragged to a small alley and police blocked it to prevent any witnesses from coming in. The second part of the clip is when I run to the other end of the alley. There was around 10 coppers involved.


Bad Guys

9 Ways The Hijacked Federal Government Is Waging War Against The American People

Armageddon
© The Excavator

"The minute we fell for 9/11 we signed our doom," said Paul Craig Roberts on the Alex Jones Show on November 9, 2011.

Alex responded, "9/11 is America's death warrant."

In the ten years since 9/11, America has been turned into a third world police state with a large underclass, a rapidly declining middle class, and a plutocracy that has broken its economic, political and emotional ties with America.

America's traitorous political establishment has abandoned ship. They are treating America like a dump. Instead of building new bridges and creating jobs at home, they are shipping jobs overseas and forcing millions of Americans to beg for a piece of meat.

Even the body parts of American war heroes are discarded in landfill sites. That act is symbolic of the fact that the new world order traitors in Washington think of the American people as garbage and dirt.

On 9/11, the new world order traitors declared war on America and humanity.

So far, they have carried out the war from behind the scenes, in the shadows, inside the heart of government, while posing as America's protectors. But that could change any day because the police state infrastructure that they have constructed in the last three decades in the guise of fighting terrorism and stopping the flow of drugs into America has given them the ability to wage their war against America out in the open.

They have the resources and the will to completely destroy America. All that is missing is the perfect storm.

After the snakes of the new world order cause the perfect storm the wolves of the new world order will be unleashed on America. At that point, the war against America and humanity will enter a new stage.

Below I've listed nine ways that the new world order traitors are conducting their war against the American people and American constitution.

Dollar

Italy pushes through austerity law

Image
© Reuters/Stefano Rellandini
The Senate is seen during a voting session in Rome November 11, 2011.
Italy's parliament began rushing through austerity measures demanded by the European Union to avert a euro zone meltdown, after U.S. President Barack Obama ratcheted up pressure for more dramatic action from the currency bloc.

Italy's Senate approved a new budget law, clearing the way for approval of the package in the lower house on Saturday and the formation of an emergency government to replace that of Prime Minister Silvio Berlusconi.

In Athens, former European Central Bank policymaker Lucas Papademos was sworn in as Greek prime minister after days of political wrangling, tasked with meeting the terms of a bailout plan to avert bankruptcy.

Obama spoke with German Chancellor Angela Merkel and French President Nicolas Sarkozy late on Thursday and also called Italian President Giorgio Napolitano.

A German government official said there had been an "exchange of opinions" between Merkel and Obama, while Treasury Secretary Timothy Geithner demanded fast action from Europe.

"The crisis in Europe remains the central challenge to global growth. It is crucial that Europe move quickly to put in place a strong plan to restore financial stability," Geithner said in a statement following a meeting with finance ministers from the Asia Pacific Economic Cooperation countries.

Comment: "We can't solve problems by using the same kind of thinking we used when we created them." - A. Einstein


Star of David

America's Deadly Dynamics With Iran

Image
© Tavis Coburn
Commuting to work in Tehran is never easy, but it is particularly nerve-racking these days for the scientists of Shahid Beheshti University. It was a little less than a year ago when one of them, Majid Shahriari, and his wife were stuck in traffic at 7:40 a.m. and a motorcycle pulled up alongside the car. There was a faint "click" as a magnet attached to the driver's side door. The huge explosion came a few seconds later, killing him and injuring his wife.

On the other side of town, 20 minutes later, a nearly identical attack played out against Mr. Shahriari's colleague Fereydoon Abbasi, a nuclear scientist and longtime member of the Islamic Revolutionary Guards Corps. Perhaps because of his military training, Mr. Abbasi recognized what was happening, and pulled himself and his wife out the door just before his car turned into a fireball. Iran has charged that Israel was behind the attacks - and many outsiders believe the "sticky bombs" are the hallmarks of a Mossad hit.

Perhaps to make a point, Mr. Abbasi, now recovered from his injuries, has been made the director of Iran's atomic energy program. He travels the world offering assurances that Iran's interest in nuclear weapons is peaceful.

Even for the Iranian scientists who get to work safely, life isn't a lot easier. A confidential study circulating through America's national laboratories estimates that the Stuxnet computer worm - the most sophisticated cyberweapon ever deployed against another country's infrastructure - slowed Iran's nuclear progress by one to two years. Now it has run its course. But there is no reason to believe the attacks are over.