Tagged: corporate assholes

corporate assholes

The following press release was sent out from GEnewscenters.com (rather than the real GEnewscenter.com) to a few hundred reporters on April 13, 2011. At least one bit—setting off a media firestorm.

GE Responds to Public Outcry - Will Donate Entire $3.2 Billion Tax Refund to Help Offset Cuts and Save American Jobs

Fairfield, CT, 13th April, 2011 - GE CEO Jeffrey Immelt has informed the Obama administration that the company will be gifting its entire 2010 tax refund, worth $3.2 Billion, to the US Treasury on April 18, Tax Day, and will furthermore adopt a host of new policies that secure its position as a leader in corporate social responsibility.

"We want the public to know that we've heard them, and that we know many Americans are going through tough times," said GE CEO Jeffrey Immelt. "GE will therefore give our 2010 tax refund back to the public and allow the public to decide how to spend it."

Immelt acknowledged no wrongdoing. "All seven of our foreign tax havens are entirely legal," Immelt noted. "But Americans have made it clear that they deplore laws that enable tax avoidance. While we owe it to our shareholders to use every legal loophole to maximize returns - we also owe something to the American people. We didn't write the laws that let us legally avoid paying taxes. Congress did. But we benefit from those laws, and now we'd like to share those benefits. We are proud to be giving something back to America, and we are proud to set an example for all industry to follow."

Over the coming weeks, GE will conduct a nationwide survey to determine how the company's $3.2 billion returned refund is to be allocated. The survey will be conducted both online and offline, and will permit the public to weigh in on which of the recently-enacted budget cuts they would like to see reversed.

In tandem with the gift, the company is also announcing a host of new policies to restore public faith in the GE brand, including a commitment to keep American jobs in America, and to create one U.S. job for each new job created abroad. The ambitious plan will overhaul accounting systems to allow public transparency and phase out the use of tax havens in five years. "Given my recent appointment as President Obama's Chairman of the Council on Jobs and Competitiveness, it is no longer appropriate for GE to engage in practices that, whether by fact or perception, are at odds with the greater good of the nation," Immelt said.

Immelt outlined several concrete steps he would take to push for modernized tax policies that reflect the realities of the global economy. "I will personally ask President Obama to work with Congress to require country-by-country reporting by multi-national corporations of the sales made, profits earned and taxes paid in every jurisdiction where an entity operates. Instead of moving money via 'transfer pricing,' corporations ought to pay taxes in the jurisdictions where profits are actually made. If Congress is able to establish standard industry-wide solutions, GE will close our tax haven operations abroad, including our subsidiaries in Bermuda, Singapore and Luxembourg."

Further details on GE's new policy will be released in the coming weeks.

PRESS CONTACT

Samuel Winnacker
GE Corporate, Assistant Director
Communications & Public Affairs
+1 615 375 6658
samuel.winnacker@ge.com

 

About GE

GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

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Peabody Energy (NYSE: BTU) Announces "Coal Cares™" Initiative, New Nationwide Campaign Against Stigma of Childhood Asthma

ST. LOUIS, May 10, 2011 / PRNewswire via COMTEX/ -- Peabody Energy today announced the creation of an innovative new public health initiative designed to combat the stigma of asthma among American children ages 0-18. With Coal Cares™ (www.coalcares.org), Peabody will offer free, custom-branded inhaler actuators to children living within 200 miles of a coal plant, along with coupons worth $10 towards the purchase of the asthma medication itself.

"Too many young Americans face daily schoolyard taunting and bullying because of a condition over which they have no control," said Gregory H. Boyce, Chairman and Chief Executive Officer of Peabody Energy. "By re-branding the inhaler as a cool, individualized, must-have accessory, Coal Cares™ will empower children to tell bullies: ‘suck it up.’" Children can choose from a variety of youth-themed inhaler cases, from tween faves like "the Bieber" and "My Little Pony," to the "Emo" and "Diamond" inhalers for older, style-conscious youth. There’s even "My First Inhaler," for tots.

Coal Cares™ launches today in commemoration of Asthma Awareness Month, the Environmental Protection Agency’s effort to call attention to rising asthma rates, especially among children. Coal Cares™ and its Puff-Puff™ line of inhalers is the first, and most ambitious, market-friendly public health initiative of this scope of any privately-owned American company, and testifies to the energy industry’s commitment to the well-being of all citizens, including the youngest.

"Our actions are guided by a singular mission: to be a leading worldwide producer and supplier of balanced energy solutions, which power economic prosperity and well-being," said Boyce. "Coal Cares™ brings this mission to life, empowering children everywhere to take control of their destinies, beginning with their own lungs."

"Coal Cares™ is emblematic of the return to self-reliance that healthy entrepreneurship demands," said James Miasmus, Vice President of Government Affairs at Peabody USA. "Costly ‘scrubbing’ technology, on the other hand, is an untested and heavy-handed intrusion into our still-vulnerable economy. At Peabody, we're thinking globally but acting locally, and locating preventive action at the point of consumption, where it belongs."

"Coal Cares™ isn’t just the name of a campaign," said Kevin Briesslau, Vice President of Communications at Peabody Coal. "It’s a philosophy, a way of doing business in harmony with the community we are a part of. After all, coal is the fastest-growing fuel in the world. We're part of America’s heritage, and we’re here to stay."

To learn more about Peabody's Coal Cares™ initiative, visit: www.coalcares.org.

Peabody Energy (NYSE: BTU) is the world's largest private-sector coal company and a global leader in clean coal solutions. With 2010 sales of 246 million tons and nearly $7 billion in revenues, Peabody fuels 10 percent of U.S. power and 2 percent of worldwide electricity.

CONTACT:
Vic Ganey

Phone (314) 472-5539

SOURCE Peabody Energy

 

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April 13, 2011
FOR IMMEDIATE RELEASE

Contact:
Duncan Meisel 512-657-9124 duncan.meisel@gmail.com
Carl Gibson 601-454-6443 usuncut@gmail.com
The Yes Lab info@yeslab.org

GE Returns Billions to Public... NOT
USA Today, AP fall for US Uncut ploy; GE stock loses billions

Washington, DC - US Uncut, a burgeoning grassroots movement pressuring corporate tax cheats to pay their fair share, posted today a fake GE press release announcing that they would return their illegitimate (but legal) $3.2 billion tax refund, and that they would lobby to close the sort of corporate tax loopholes that had allowed them to skip taxes in the first place. Several major media outlets, including USA Today, ran the story as true. (Here is a link to the original USA Today story; here is the first article debunking the release.)

US Uncut quickly reacted with another release pretending to praise GE for this entirely unpredictable, unlikely, and in fact impossible act.

"At a time when working families are being asked to accept massive cuts nationwide, this action showed another way the world could work," said US Uncut spokesperson Carl Gibson. "For a brief moment people believed that the biggest corporate tax dodger had a change of heart and actually did the right thing. But the only way anything like this is really going to happen is if we change the laws that allow corporate tax avoidance in the first place."

In the period the hoax was believed, GE's stock plunged by .6% (far more than the value of the supposed return), then quickly recovered as soon as it became apparent the press had been duped. "Obviously, GE can't possibly be expected to do the right thing voluntarily; their stock would keep plunging," noted Gibson. "That's why we must change the law."

"GE's tax avoidance is unpatriotic, it's undemocratic, it's unfair," said Andrew Boyd, a US Uncut spokesperson. "It might be legal, but that's only because GE has used its money and lobbying influence to buy the loopholes they're now taking advantage of."

US Uncut developed the project with help from the Yes Lab (http://www.yeslab.org/).

 

About US Uncut

US Uncut, a grassroots movement organized through social media, connects corporate tax cheating to cuts in valuable public services. The group has lead over 100 actions nationwide against corporations who do not pay their fair share in taxes, bringing protests directly to the front door of corporate retail stores. US Uncut will hold more than 80 such events over the course of the upcoming Tax Day weekend.

"Billionaire corporations profit from the system of public services set-up by the government. It only makes sense for them to pay their fair share, just like everyone else," said Gibson. "No corporation is an island, even if they hide all their profits in tropical tax havens."

"While we all pay our taxes this weekend, Congress just passed the largest spending cuts in US history, much of it to social programs and investments for our country's future," said US Uncut DC organizer George Taghi, "Instead of slashing public services like Head Start and Pell Grants, why not go after corporations who don't bother to pay any taxes at all?"

Composed of self-organized citizens through social media, including Facebook and Twitter, the magnetic message of US Uncut has spread like populist wildfire. Anger is rising as Americans are being forced to endure brutal cuts at both the federal and state-level, for a budget crisis they did not cause. Over $100 billion estimated annually could be gained, if corporations ended practices of tax avoidance.

"Billionaire corporations have already abandoned America for foreign tax havens," said US Uncut spokesperson Ryan Clayton, "They pay zero income taxes here, hold their profits in international banks, and ship millions of American jobs overseas. That is un-American."

For more information, please visit http://USuncut.org
For time & locations of all the upcoming actions: http://USuncut.org/actions

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