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Title: The Obama Boomerang
Source: antiwar.com
URL Source: [None]
Published: Sep 27, 2010
Author: Raimondo
Post Date: 2010-09-27 11:15:26 by ghostdogtxn
Keywords: None
Views: 855
Comments: 66

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Begin Trace Mode for Comment # 5.

#1. To: ghostdogtxn (#0)

The Obama Boomerang

...always veers to the left and hits the wrong target every time. What else could you expect from a niggerfied stick flying through the air??

X-15  posted on  2010-09-27   11:56:15 ET  Reply   Untrace   Trace   Private Reply  

ghostdogtxn  posted on  2010-09-27   12:56:01 ET  Reply   Untrace   Trace   Private Reply  

Why do you have to go there?

He's a fascist, and that's enough insult for anyone...

Please don't add control freak wannabe to your resume.

Jethro Tull  posted on  2010-09-27   13:42:33 ET  Reply   Untrace   Trace   Private Reply  

another of the kenyan's genius -

When you think of Obama, the words Clumsy, Bungling, Inept, Incompetence just jump right out at you ...... !!!!! And those are the nicest things I can say about him .......

It seemed like a miracle that the US President was able to convince BP to establish a $20 billion escrow fund to compensate those hurt by the oil plume in the Gulf of Mexico. After all, he had no constitutional power to force them to do so; so had to resort to Chicago-style negotiating. Ever wonder why BP made the concession so quickly?

Take a closer look at the effect on BP's finances for the answer:

1. BP will establish a $20 billion fund, but will pay only $7 billion into it during 2010.

2. BP is a British corporation, but has a very large operating entity in the US.. However, only about 30% of its income is derived from the US.

3. By Generally Accepted Accounting Principles (GAAP), BP must book the entire $20 billion expense in the year accrued. Therefore, they will book a $ 20 billion expense in 2010, reducing their US tax liability by $7 billion.

4. The President also convinced this massive corporation to show their concern for the "small people" by withholding dividends to their shareholders for the last 3 quarters of 2010. This reduces their outward cash flow by about $7.5 billion, including approximately 40% of that amount to US citizens. If the Bush tax cuts survive through 2010, the US Treasury will lose another $450 million in taxes on that amount. No need to even discuss the effect on the US economy.

Now, let's summarize the results into bullet points easily understood by all.

BP Cash Flow:

o Escrow funding ($7 billion)

o Dividend saving $7.5 billion

o Tax savings $7 billion

o Net favorable cash flow: $7.5 billion

US Treasury Tax Receipts:

o from BP Corporate income tax.... minus $7.5 billion

o from BP Shareholders' income tax ..... minus $0.45 billion

o Net loss of US dividend income tax receipts ..... minus $3.0 billion

o Total tax receipts loss: $10.95 billion. A huge hit!

Many feared this would happen. After all, the US President was the most inexperienced man in the room. Did he "Kick Ass", or did he get "Sucker Punched"? Or, is this another 'back room deal' Obama negotiated which will ultimately get him a huge financial 'plum'? Should Obama be negotiating anything dealing with money and finances at all?

Bottom line: The $20 Billion BP is putting up will create a $7.5 Billion positive cash flow for BP this year and a $10.95 billion loss to the US Treasury. But, Obama actually thinks he really did something special and "kicked ass'.

In reality, BP executives are laughing at him and kicked his ass. He is in over his head when he starts dealing with savvy business people.

Lod  posted on  2010-09-27   13:47:24 ET  Reply   Untrace   Trace   Private Reply  

#6. To: Lod (#5)

This is priceless. He really has lost his stride since the spill. It exposed him as the empty suit we knew him to be.

Jethro Tull  posted on  2010-09-27 14:08:35 ET  Reply   Untrace   Trace   Private Reply  

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