CORPORATE RIGHTS AND RESPONSIBILITY
Mitt Romney says corporations are people.
The U.S. Supreme Court has ruled corporations can give
unlimited amounts of money to politicians and political causes—free speech. The
Court is considering whether to allow corporations to deny employees certain
health insurance benefits—freedom of religion.
Some believe the sole purpose for a corporations existence
is to make it’s owners money.
Some believe corporations should act ethically, be held
accountable and punished for their misconduct.
Please consider the following corporate activities:
TAXES
In 1999 Caterpillar paid Pricewaterhouse Coopers more than
$55.0 million to devise and put into
effect a corporate restructuring that shifted most of the profits from overseas
parts sales to a Swiss subsidiary saving/deferring or avoiding $2.4 billion in
U.S taxes over the last 15 years. Wall
Street Journal April 2, 2014
Over two-thirds of corporations pay no federal corporate
income tax. Headline January 10, 2012
Huffington Post
Nearly 300 Fortune 500 Companies paid 18.3 per cent in taxes
and 30 companies –such as GE, Wells Fargo, Verizon, Boeing didn’t pay a cent in
2008-9-10. Citizens For Tax Justice
report 11/3/2011
Corporate tax avoidance cost states a combined $42.7 billion
between 2008-2010. Citizens For Tax
Justice report December 2011
Other articles on corporate tax avoidance:
CNN-Many big firms pay zero corporate tax (video)
New York Times –Biggest public firms paid little U.S tax
study says
Bloomberg—Thirty top companies profited without paying tax
study finds
Reuters—Thirty companies paid no income tax 2008-2010 report
GM AND OTHER AUTO MAKERS
Since January 1,
2014 GM has recalled 7 million vehicles of 27 different models it
sold with defective ignition switches and lock cylinders that resulted in at
least 13 deaths.
Since January 1,
2014 BMW AG, Fiat, Chrysler , Ford, GM, Toyota
During the 1990’s auto makers issued recalls of 123 million
vehicles which rose to 170 million in the 2000s. Wall Street Journal April 10-11, 2014
WALL STREET
J.P. Morgan Chase paid $13.0 billion in fines and settlement
costs in October 2013 for making false and misleading statements about bond and
mortgage securities which contributed to the Wall Street meltdown in 2007. Bloomberg News October 23, 2013
The six largest banks paid $62.2 billion in fines for their
2007 wrongdoing which caused the second greatest economic collapse in U.S
History. Six years later criminal
charges, have NOT BEEN FILED AGAINST ONE TOP BANK OFFICIAL FOR THIS CORPORATE
WRONGDOING. Numerous articles in many publications
BIG OIL
BP was fined $4.5 billion in November 2012 for the Deepwater
Horizon disaster for violating well safety tests in which eleven workers were
killed. Wall Street Journal October 19,
2013
Exxon paid $900 million to settle the Valdez March 24, 1989 . Wall Street Journal October 19, 2013
On March 29, 2013
Exxon-Mobile’s pipeline near Mayflower, Arkansas
TOBACCO INDUSTRY
In 1998 the five largest tobacco makers agreed to pay out
$246 billion to the various states over the course of 25 years ending in
2025. WSJ October 19, 20
PHARMACEUTICAL INDUSTRY
GlaxoSmithKline in July 2012 paid a fine of $3 billion for
illegally marketing drugs and withholding safety data. Pfizer fined $2.3 billion in 2009, Abbott
Laboratories fined $1.6 billion in 2012, Eli Lilly fined $1.42 billion in 2009 and Merck & Co
fined $950 million in 2011. WSJ October 19, 2013
COAL INDUSTRY
Alpha Natural Resources, the third largest U.S. Kentucky Pennsylvania Tennessee Virginia West Virginia March 14, 2014
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