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Here's how it works when you can rig the system.
The Circle of Betrayal: Big Profits Overseas, Big Losses in the U.S.
Bank of America, Citigroup, and Pfizer can be found here. In the last two years each one of them made much of their revenue in the U.S., but they claimed billions of dollars in foreign profits and billions of dollars in U.S. losses.
Here are the sordid details:
Citigroup, whose 2005 "Plutonomy Memo" said that "the World is dividing into two blocs - the Plutonomy and the rest," had 42% of its 2011-12 revenue in North America (almost all U.S.) but declared a $5 billion U.S. loss and a $28 billion foreign profit.
Pfizer had 40% of its 2011-12 revenues in the U.S., but declared almost $7 billion in U.S. losses to go along with $31 billion in foreign profits. After the SEC questioned Pfizer in 2012 about four straight years of U.S. losses despite large worldwide incomes, the company went ahead and declared a fifth straight U.S. loss.
Bank of America may be the worst. CEO Brian Moynihan once lamented that nobody understood "how much good" his employees do. But his company, with a whopping 82% of its 2011-12 revenue in the U.S., declared $7 billion in U.S. losses and $10 billion in foreign profits.
http://www.alternet.org/how-americas-corporate-overlords-cheat-and-screw-us-taxes?akid=10325.310455.jwW2hW&rd=1&src=newsletter824675&t=5
The Circle of Betrayal: Big Profits Overseas, Big Losses in the U.S.
Bank of America, Citigroup, and Pfizer can be found here. In the last two years each one of them made much of their revenue in the U.S., but they claimed billions of dollars in foreign profits and billions of dollars in U.S. losses.
Here are the sordid details:
Citigroup, whose 2005 "Plutonomy Memo" said that "the World is dividing into two blocs - the Plutonomy and the rest," had 42% of its 2011-12 revenue in North America (almost all U.S.) but declared a $5 billion U.S. loss and a $28 billion foreign profit.
Pfizer had 40% of its 2011-12 revenues in the U.S., but declared almost $7 billion in U.S. losses to go along with $31 billion in foreign profits. After the SEC questioned Pfizer in 2012 about four straight years of U.S. losses despite large worldwide incomes, the company went ahead and declared a fifth straight U.S. loss.
Bank of America may be the worst. CEO Brian Moynihan once lamented that nobody understood "how much good" his employees do. But his company, with a whopping 82% of its 2011-12 revenue in the U.S., declared $7 billion in U.S. losses and $10 billion in foreign profits.
http://www.alternet.org/how-americas-corporate-overlords-cheat-and-screw-us-taxes?akid=10325.310455.jwW2hW&rd=1&src=newsletter824675&t=5
