Wednesday, August 29, 2007

According to the state of Wisconsin, Wal-Mart has avoided paying millions of dollars in state taxes by paying rent on 87 Wisconsin properties. The Wisconsin State Department of Revenue call this behavior “abusive and distortion of income.”

Wal-Mart is doing this by setting up one subsidiary to run all its stores and setting up another subsidiary to own its real estate. The operating subsidiary then pays the rental cost to the real estate subsidiary and takes a tax deduction for the rent. This money will, however, end up in the corporation’s own pocket.

As a result of Wal-Mart’s actions, the state tax auditors say that Wal-Mart owes more than $17.7 million in back corporate income taxes, interest and penalties from 1998-2000.

The Wal-Mart corporation claims that they are doing nothing wrong, rather they are taking advantage of an overlap of state and federal tax laws in an effort to reduce their taxes and costs.

Tuesday, October 7, 2008

A thief in Bristol, United Kingdom, has been prosecuted due to incriminating evidence in the form of a tattoo on his neck with his name and date of birth that was captured by police CCTV, when he was in the process of stealing a Satellite navigation system in a car planted by police to find criminals.

Aarron Evans, the thief, today pleaded guilty to charges of theft at Bristol Magistrates’ Court. He is aged 21 and he is illiterate and has no fixed address.

The sentence was for seven months imprisonment.

Ian Wylie, who is police superintendent for the Bristol district commented on the incident. “Criminals won’t be tolerated in Bristol and we will keep catching them and bringing them before the courts,” he said. “We get such excellent images from these cameras that there is often, and never more so than in this case, no doubt who the criminal is and what they are doing. When faced with such evidence, there is no other way to go than ‘guilty’.”

“The photographs don’t just lead us to the person breaking into the car either. Further police work has also led us on many occasions to the handlers of the stolen property and people the car criminal is working with. We have also received information from members of the public through Crimestoppers where they have reported stolen property being sold on the streets, door-to-door or in local pubs,” Wylie continued. “The covert car has been a magnificent asset to the teams working to reduce car crime happening and those arresting car criminals. “

“We will continue to play our part but members of the public can still help us in reducing the opportunity for thieves; don’t leave valuables on display in your vehicle and, better still; take them out of the car completely.”

Friday, December 12, 2008

A US$14 billion bailout package deal for the “Big Three” United States automakers — Chrysler, Ford, and General Motors — has been rejected in the United States Senate after failing a procedural vote.

The bill was rejected after bipartisan discussions on the bailout broke down when Republican Party leaders insisted that the United Auto Workers (UAW) union agree to increase wage cuts by next year in order to bring their pay into line with those of Japanese automobile companies in the United States. The UAW refused to meet the demands.

The final vote count in the Senate was 52-35, eight short of the 60 needed to pass. Only ten Republicans joined forty Democrats and two independents in voting for the bill. Three Democrats voted with thirty-one Republicans against it.

Senate Majority leader Harry Reid said that he was “terribly disappointed” by the failure of the bill to pass. “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight,” Reid said. “Millions of Americans, not only the auto workers but people who sell cars, car dealerships, people who work on cars are going to be directly impacted and affected.”

Republican Senator Bob Corker was also unhappy about the rejection. “We were about three words away from a deal. We solved everything substantively and about three words keep us from reaching a conclusion,” he said.

Some Democrats now want U.S. President Bush to reserve a portion of the $700 billion bailout package earmarked for Wall Street to assist the flagging car industry.

Stock markets worldwide fell dramatically on the news, with Japan’s Nikkei average losing 484.68 points, or 5.6 percent, reaching a level of 8253.87 points. Shares in the auto companies Toyota, Nissan and Honda all dropped by no less than 10 percent apiece. European stocks, such as those in the United Kingdom and Germany, also lost ground, with the FTSE-100 index of leading shares falling 176.3 points to a level of 4,211 at midday.

Friday, December 12, 2008

A US$14 billion bailout package deal for the “Big Three” United States automakers — Chrysler, Ford, and General Motors — has been rejected in the United States Senate after failing a procedural vote.

The bill was rejected after bipartisan discussions on the bailout broke down when Republican Party leaders insisted that the United Auto Workers (UAW) union agree to increase wage cuts by next year in order to bring their pay into line with those of Japanese automobile companies in the United States. The UAW refused to meet the demands.

The final vote count in the Senate was 52-35, eight short of the 60 needed to pass. Only ten Republicans joined forty Democrats and two independents in voting for the bill. Three Democrats voted with thirty-one Republicans against it.

Senate Majority leader Harry Reid said that he was “terribly disappointed” by the failure of the bill to pass. “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight,” Reid said. “Millions of Americans, not only the auto workers but people who sell cars, car dealerships, people who work on cars are going to be directly impacted and affected.”

Republican Senator Bob Corker was also unhappy about the rejection. “We were about three words away from a deal. We solved everything substantively and about three words keep us from reaching a conclusion,” he said.

Some Democrats now want U.S. President Bush to reserve a portion of the $700 billion bailout package earmarked for Wall Street to assist the flagging car industry.

Stock markets worldwide fell dramatically on the news, with Japan’s Nikkei average losing 484.68 points, or 5.6 percent, reaching a level of 8253.87 points. Shares in the auto companies Toyota, Nissan and Honda all dropped by no less than 10 percent apiece. European stocks, such as those in the United Kingdom and Germany, also lost ground, with the FTSE-100 index of leading shares falling 176.3 points to a level of 4,211 at midday.

Monday, October 27, 2008

United States Senator Ted Stevens of Alaska was convicted Monday on seven counts of failing to report gifts. Stevens, a senior United States Senator from Alaska and the longest serving Republican in the Senate, had been accused of not reporting tens of thousands of dollars worth of gifts from the VECO Corporation including free house remodeling. The jury in the District of Columbia found Stevens guilty on all seven counts.

Bill Allen, VECO’s CEO, is a longtime friend of Stevens and much of the case involved the specific interaction between Stevens and Allen. Allen had been previously convicted and had agreed to testify against Stevens and to record conversations he had with Stevens. The gifts given to Stevens included a massage chair that Stevens claimed was a loan but prosecutors noted was in Stevens house for over seven years.

Stevens is up for reelection and was facing a tough reelection bid before the convictions. It is unlikely that Stevens will retain his seat in the Senate given the convictions.

Stevens is considered to be a moderate Republican and was a member of the Republican Main Street Partnership. While a long-time Senator with many accomplishments, Stevens is known to many for a speech against net neutrality in which he referred to the internet as a series of tubes.

The New York Times has speculated that out-going United States President George W. Bush might pardon Stevens.

Saturday, March 28, 2009

The 108-floor central component of the new World Trade Center in New York City has been officially renamed 1 World Trade Center, ending the Freedom Tower moniker it had sported since 2003.

Freedom Tower was envisioned as a symbol of America’s victory over terrorism. It is currently on track for completion in 2013, with 10 floors partially finished so far.

Port Authority Chairman Anthony Coscia commented on the change, “It’s the one that is easiest for people to identify with — and frankly, we’ve gotten a very interested and warm reception to it.”

Former Governor George Pataki, who revealed the Freedom Tower name nearly six years ago, was critical of the switch, saying “The Freedom Tower is not simply another piece of real estate and not just a name for marketing purposes.”

1 World Trade Center has been the building’s legal name and address for the past two years, with the public change precipitated by the ramp up of construction and the commencement of lease marketing.

Mayor Michael Bloomberg seemed ambivalent to the change, saying “I would like to see it stay the Freedom Tower, but it’s their building, and they don’t need me dumping on it. If they could rent the whole thing by changing the name, I guess they’re going to do that, and they probably, from a responsible point of view, should. From a patriotic point of view, is it going to make any difference?”

The change was approved following the signing of a two-decades-long lease by a Chinese real estate company, which plans to occupy floors 64 through 69. Other future tenants include the U.S. General Services Administration and the New York State Office of General Services.