WikiLeaks founder Assange, is he safe in custody from the banks and snitch BOA

WikiLeaks Founder Julian Assange may be safer in custody.  Prior to being taken into custody Assange has stated that the next dump, sometime around the first of the year, would be aimed at a Major Banking Institution.  Though he did not name the institution, speculation has been aimed at Bank America.  And wall street, including bank America, is experiencing some anxiety of late due to a few investigations.


Bloomderg reports in, Bank of America Deal in Municipal Bid-Rig Case May Be `Tip of the Iceberg'

Bank of America Corp.’s agreement to pay $137 million in restitution for taking part in a nationwide bid-rigging conspiracy for municipal-investment contracts may soon be followed by more settlements to repay the scheme’s victims, the Justice Department’s Antitrust Division head said.

and

Bank of America, which has assisted the government probe of the $2.8 trillion municipal-bond market since at least 2007 in return for leniency, has provided documents, e-mails and recordings of phone calls, according to court records of civil suits. In September, Douglas Lee Campbell, formerly employed by the bank’s municipal derivatives group, pleaded guilty to taking part in a conspiracy to pay state and local governments below- market rates on investments purchased with bond proceeds. 

Now reading this we know what we already know. Like all the other banks our elected representatives are pimping for BOA is and has be corrupt.  What is intriguing is not only are they corrupt, but they are a government "SNITCH."  Which makes the whole Merril Lynch gig a little easier to understand and might make one wonder  if they received preferential "bail out" considerations.

How can it be that you pay more to the IRS than General Electric?

This is not to be a comprehensive discussion of the listed companies financial.  It is what we feel a snapshot to illustrate that the United States government is of two minds when it comes to using tax payer dollars to bailout multi billion doallar corporations versus the lowly unemployed American worker.  We report, you decide!  FAIR AND BALANCED MY ASS.  Tax Figures come from Forbes.

General Electric

Sales: $157 billion
Pretax income: $10.3 billion
Income taxes: (-$1.1 billion)
Tax rate: N/A
GE's financial services unit, GE Capital, keeps the overall tax bill so low. Over the last two years, GE Capital has displayed an uncanny ability to lose lots of money in the U.S. and make lots of money overseas, where tax rates are lower.

General Electric Gets a $140B Bailout - What's the Point of AAA ...

No Jobs, tax breaks for the Rich, spineless politicians and corporate whores, are we missing anybody

We have linked to Phil Davis before and you read his profile here.  He is a prolific writer on Stock Trading.  We generally skip his trade talks because to be honest, we really don't understand them. They are above our heads.  Besides him and his play in a game we can not afford.  It is his commentary on the how the government impacts the economy, you know, that piece of paper you get on Friday's that says your a part of the economy. That is of course if you still get that piece of paper.

Anyway, following will be excerpts from two of his posts we recently read.  The dude nails whats  happening to folk like you and I and  the question becomes, When will we get it? We will translate and add emphasis as we deem necessary. So you can read the emphasis and the translation and get the idea:

From:  Trillion Dollar Tuesday - More Free Money December 07, 2010:
The party of fiscal responsibility has strong-armed the President and what little is left on the Democrats in Congress to extend the Bush Tax cuts for another two years at a cost of "just" $830Bn to the little people who still have to pay taxes. They accomplished this by allowing the Democrats to extend $56Bn of additional unemployment relief to the 2M families who were cut off on Friday and were about to go their first week without checks with just 17 shopping days left until Christmas. Of course, the Democrats don’t just bend, they BREAK and the Republicans also got a 30% reduction in the estate taxes that are projected to cost an additional $66Bn to the people who don’t have $5M estates. Merry Christmas, rich folks – Lloyd bless us, everyone!

"But Phil," you may ask "who actually does pay taxes?" When your deficit is about as high as your net collections – the answer is: No one really – or not anyone who matters, anyway. As I’ve often told you, our Corporate Overlords actually pay just 2.4% of our GDP in taxes, just $138Bn last year which was less than the $6Tn in bailouts they collected by a factor of 43 – no wonder they are doing so well! As you can see from the chart, Estate and Excise taxes are barely a point on the graph and Individual income taxes are barely 6% while Employment Taxes have jumped from 1.5% of GDP in 1950 to 7.5% today – that’s a 400% increase but don’t worry, it only affects your first $106,800 in income – after that, ZERO! That way, if you earn $1M, the jump in payroll taxes from $1,250 to $6,250 is just 0.5% of your income vs the 5% increase borne by a person earning $100,000 or less.

Translated, if you make less than 100 grand your screwed!

Jobs are going to get worse, Don't say we didn't warn you

ON 12-5-10 we posted the following: Unemployment and stock market rise, Is it to late for the American Worker or is it just relative.

Were we stated,

In to many posts on this site we have referenced the saying, "Follow the money". Capital follows/chases profit.

Tax deal, robbing peter to pay paul, kiss social security goodbye

Excerpts from: High-income households to benefit from tax cut deal

 

Households with two paychecks each topping $100,000 stand to be the biggest winners from a proposed payroll tax cut under the agreement between the White House and congressional Republicans.

 

The proposal to reduce the Social Security payroll tax for employees by 2 percentage points for one year means that those households would get as much as $82 more each week in after-tax income. By contrast, a single worker earning $10,000 would pocket less than $4 a week.

 The savings would show up in workers' paychecks as a result of lower withholding by employers. Rather than paying 6.2% of their wages for Social Security, they would pay 4.2%. A worker earning $50,000 would save $1,000. Anyone earning above the current $106,800 wage cap would save $2,136.

If there's a clear loser in the deal, it's the deficit. The entire agreement would boost red ink by about $900 billion, the White House acknowledges. That could send the national debt soaring past $15 trillion.

When Obama signed last year's $814 billion economic stimulus law, he insisted on an income tax cut of up to $400 for individuals and $800 for couples. That tax cut was applied for two years but was not scheduled to be renewed in 2011.

The payroll tax cut will be about twice that size in terms of overall spending. But for individuals making less than $20,000 and couples making less than $40,000, it's not as good a deal, because their savings wouldn't reach $400 or $800.Add to Technorati Favorites