"Why don't you accept your fate? You will return to your chair and you will sit there. You will entertain me and you will entertain my guests. And if you do not, I will simply kill somebody else. Him, perhaps. It doesn't matter." - Kivas Fajo, Star Trek: TNG, The Most Toys. Fajo explains the modern American Capitalist system and the threats the 1% use to control the Nation.CME Group just robbed the people of Illinois for hundreds of millions and now they are going to transfer the extorted money to cover their losses from other areas of their corporate monstrosity. When faced with their own gross negligence, budgetary shenanigans, accounting fraud and malfeasance CME Group made the simple move of transferring one column of numbers to another column.
MF Global Holdings Ltd. filed for bankruptcy on October 31 after it was forced to reveal that it had made a failed $6.3 billion bet on European sovereign debt.In a real Capitalist system, CME Group would go bankrupt for their shoddy accounting and managerial techniques but in the American Neo-Feudalist System, CME Group just threatens Governor Quinn and uses the power of the Government to take Millions from the Taxpayer to cover their losses due to criminal malfeasance or outright stupidity.
MF Global used at least $700 million of customer funds to “meet liquidity issues” in the days prior to its bankruptcy, according to CME Group Inc., which had auditing authority over the failed futures broker.
CME Group chief operating officer Bryan Durkin told a packed meeting of the National Grain and Feed Association this month, echoing earlier testimony by CME executives to Congress, that MF Global was the culprit, not CME's clearing house.
CME won a tax break from the state, which had hiked the corporate tax rate in January in an effort to plug a budget shortfall.I'm sure innocent investors lost fortunes by being involved with MF Global and CME Group but when an Illinois resident is taken by a Nigeria Lottery Email Scam they can't go to Governor Quinn and demand, 'Unless you cover my losses I'll leave the State' and be given taxpayer money.
The legislation, signed by Illinois Governor Pat Quinn on Friday December 16, will reduce CME's tax bill compared to what it was before the tax hike, shaving off about $77 million annually when it takes full effect in 2014.
This is how these 'Job Creators' cover their losses. CME Group and other financial behemoths don't create anything and have been engaged in a byzantine system of legerdemain and gambling wholly disconnected from labor and adding nothing to the economy.
And then when the bills come due these High Rollers simply march into the State Capital Building and demand the money from the Government. They don't come "hat-in-hand" but come armed with the smug superiority of being the Economic Elites, of being the financial gurus, the Wizards of Wall Street and demand their losses be covered or they will simply destroy more.
5 comments:
"CME won a tax break from the state"
Your screed might make sense except for the fact that a tax break is merely the government stealing less from someone.
This tax break gives CME a grand total of $0. Not even a penny. Why? Because it is their money already.
" CME Group just threatens Governor Quinn and uses the power of the Government to take Millions from the Taxpayer"
Actually, $0 was taken. Get real.
Ah Anonymous Corporate Slave I wondered if some right-wing buffoon would make the argument the money belongs to CME and this new tax structure is just them keeping more of "their" money. And you didn't disappoint.
Except for the GIANT FACT that it isn't their money. CME Group makes money by stealing off a portion of money moved via electronic transactions from other people's money.
And a subsidiary company, whom CME Group holds auditing power over, MF Global lost at least $1,200,000,000 USC of other peoples' money in a failed gamble.
And here is what the new code allows them to do:
The state tax code would be revised for financial exchanges so that just 27.54 percent of their electronic trades will be taxable in Illinois. Both CME and CBOE had threatened to move operations out of state if they did not get tax relief.
CME has said a change is needed because most transactions have shifted from Chicago trading floors to electronic systems, with many trades made out of state.
CME paid about $108 million in taxes for 2010 and expects to pay about $158 million for 2011, due to the state's temporary tax hikes that went into effect this year. The new law, when fully in place, could cut its bill by nearly half.
CME Group benefits from the fact they exist in a civilized Nation, if they want tax relief, let them move their headquarters to Egypt or Dubai and see how long their company HQ lasts when people over there decide they don't like Debt Slavery and Corporate Hegemony.
Or if CME loves Capitalism so much let them start up in the Cayman Islands (0 taxes) against other established banking firms which don't steal their customer's money as CME did and see how long they last.
But, CME Group can't cut it under Capitalism.
Come on now, get real. If a mugger steals your wallet and leaves you your shoes, are you shoes a gift from the mugger?
"The state tax code would be revised for financial exchanges so that just 27.54 percent of their electronic trades will be taxable in Illinois."
That's still a lot of theft that is allowed by this.
"CME paid about $108 million in taxes for 2010 and expects to pay about $158 million for 2011,"
And your own comments reveal the MASSIVE amount of money that the greedy rulers steal from CME. And you dare call it a "gift" when CME is allowed to keep some of its own property.
"if they want tax relief, let them move their headquarters to Egypt or Dubai"
No. they should stay here. We all need more tax relief.
Anonymous Corporate Slave,
Your basic argument is all taxation is theft. If a mugger steals your wallet and leaves you your shoes, are you shoes a gift from the mugger?
That's still a lot of theft that is allowed by this.
Here's the basic problem: If all taxes are theft, then all financial fees that CME takes to make their money are theft too. Usury is illegal.
But, like all Corporate Slaves you think preventing Financial Exploiters from moving "their" capital anywhere in the world at a moment’s notice, stopping them from engaging in predatory lending or usury and regulating banks so they don’t become casinos is wrong as well.
See how that works?
Oh by the way anonymous,
CME Group creates nothing but is a fancied up gambling house which engages in Oil Speculation and other derivative schemes.
CME isn't funding new techniques in refining Petroleum, new uses for oil products or wildcatting but is betting on the rise or fall of the expected price. Watch them "make money" on the fears Iran is going to shut down the Strait of Hormuz, that's some AWESOME Capitalism!!!
Post a Comment