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".