Sears Executives abandoning the Company laden with stolen Illinois Taxpayer dollars

Sears executives are fleeing from the company one after another.

Sears Holdings Corp's Chief Marketing Officer Monica Woo left the struggling chain earlier this year after just five months, dealing yet another blow to the retailer as it tries to turnaround its business.

John Goodman, a seasoned retail executive who was executive vice president of the apparel and home unit, left earlier this year. Dev Mukherjee, president of the home appliances business at Sears, left the Hoffman Estates-based chain in March. Reporting by Dhanya Skariachan (Reuters)

In December, Governor Quinn gave Sears Holding Corp a special tax dispensation after the company threatened to move out of their Hoffman Estates, Illinois Corporate Headquarters and close numerous Illinois stores.

Sears used their leverage over Quinn to secure tax credits worth $15 million a year for 10 years, which it can use against withheld employee income taxes. The deal also extended a special taxing district, reducing the company's local property tax bill for another 15 years.

The reason a Corporation gets special tax district in a state is so they can funnel their profits to the Corporate HQ and report the income in that special district thus paying a lower rate from other states on the profits.

There was an obvious quid pro quo in place that Sears would spare Illinois stores, but last month Sears Holding announced it was closing five stores in Illinois.

The Illinois stores — two Sears locations and three Kmarts — join a list of up to 120 underperforming stores that Sears said in December would be shut. No Illinois stores were on the first list, but Sears didn't rule out later additions.

I don't know if Monica Woo, John Goodman, or Dev Mukherjee received a Golden Parachute special executive compensation severance packages for their bang-up work running Sears into the ground but, I do know the average Sears/K-Mart worker got a Corporate Golden Shower when they were terminated.

But, I wouldn't be shocked to find out those 3 received millions for helping with the special tax dodge and the Corporate "restructuring". Because this is how modern American Capitalism and Corporate business works. A company gets the state to absorb it's deficits and losses, cuts jobs and closes stores, off-shores manufacturing jobs and hires illegals with false social security numbers all to increase the bottom line and compensation for those at the very top.

What You Talkin' 'Bout Willis Tower? Sears is Bankrupt

Well, it was a good thing Governor Pat Quinn gave a bunch of Illinois taxpayer money to Sears Corp because of all the Jobs they are going to create.

What a joke this modern American "Capitalism". Corporations routinely get bailed out by taxpayers, exploit the byzantine tax structure to pay "negative tax rates", eliminate jobs here in the States, close factories, and are declared "People" and "Job Creators".

Here is what Sears extorted from Governor Pat Quinn on December 16,

The deal gives Sears tax credits worth $15 million a year for 10 years, which it can use against withheld employee income taxes. The deal also would extend a special taxing district, reducing the company's local property tax bill for another 15 years.

So, Sears Holding Corporation got a 15 year special property tax zone in Illinois. Sears Corporate Headquarters is located in Hoffman Estates, Illinois. This is what they are going to do with their new special tax zone in Illinois, Sears is going to use accounting gimmicks and legerdemain to transfer money electronically from other stores in other states into the Corporate HQ, that money will then be listed on the Corporate profit sheet and will be accounted under the special taxation rate. This is known as the Las Vegas Loophole.

Additionally, by declaring Bankruptcy and closing 100+ stores Sears are reducing their labor costs and protecting their assets from going to the few American employees they have left. After Bankruptcy and restructuring the CEO, COO, and Corporate Board are going to abscond with Millions of Dollars in Golden Parachute severance packages.

Sears Corporation owes no allegiance to any flag, cares nothing for any nationality and sees every nation as little more than a piggy bank on which to fatten themselves all the while selecting governments which make their rampant corruption and outright theft "legal".

All for the 1%, Nothing for the 99%

"Louis, Louis...still whining after all these years! Have you heard enough of that...I have! I've been listening to it for centuries." - Lestat

The unceasing whine from the 1% has surpassed the angst ridden moping of Anne Rice's titular character from Interview with the Vampire.

“Acting like everyone who’s been successful is bad and because you’re rich you’re bad, I don’t understand it,” JP Morgan Chase and Co CEO Jamie Dimon recently complained to an investor's conference.

Dimon and all the Banking CEOs have not succeeded because of superior skill, work habits or ingenuity. They have succeeded by lying, cheating, swindling, obfuscating, and setting up a giant rigged system in which they knew they could be assured of riding the bubble all the way until it burst and then the bill would be picked up by the American Taxpayer with the help of their chosen defenders the Republicon Party and the Federal Reserve.

But you didn't think they were done did you? At that same "Investor's" Conference Home Depot co-founder Bernard Marcus was asked if he was worried about the impact of OWS. "Who gives a crap about some imbecile?” Marcus replied. Be sure to read all the quotes from those assembled at this conference; Rich Myopic Assholes are going to be Rich Myopic Assholes.

But, the 1% are never satisfied. Sears and the Chicago Mercantile Exchange (CME) successfully took hostage the State of Illinois and demanded a $350,000,000 ransom. The Illinois Legislature passed a measure giving the two Corporations the ransom they demanded. Now, do you think these two are going to invest that money into the State? Do you think they are going to hire thousands of new workers? Do you think they are going to lower prices to aid consumers? No. Sears and CME, the world’s largest owner and operator” of private exchanges for derivatives products, are going to take that money and give their CEOs and Boards millions of dollars in "bonuses".

But, don't worry aid is coming from the US Congress. Of course, it won't be in the form of a payroll tax break which would overwhelmingly aid middle class and struggling working class Americans. No, if there is anyone the Republicons love to be overburdened by taxes and debt it is the 99%.

The Republicons are going to make sure that Millionaires don't receive food stamps and uninsurance coverage. But, don't be fooled by this Republicon move. It isn't designed to curb fraud, waste or abuse, it is designed to get Americans thinking that food stamps and unemployment are wrong and no one should have them.

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