Hey Jeb, Are Those Kickbacks Painful?

July 24, 2014 By: Juanita Jean Category: Uncategorized

This starts with the fact that “Barclays and Deutsche Bank more than a dozen hedge funds avoid paying more than $6 billion in taxes.”

They can do that by reincorporate overseas, using a loophole to pay fewer taxes.  They call it “tax inversion,” because that sounds much nicer than tax evasion, which is what it really is.

“These banks and hedge funds used dubious structured financial products in a giant game of ‘let’s pretend,’ costing the Treasury billions and bypassing safeguards that protect the economy from excessive bank lending for stock speculation,” Sen. Carl Levin (D-Mich.), chairman of the subcommittee, said at a news conference Monday.

H001036And this ends with Barclays using some of that tax inversion money they saved to invest in their Loophole Ace, Texas Republican Congressvarmit Jeb Hensarling, a man with an uncanny resemblance to Alfred E. Neuman.  Deutsche Bank also tossed money his way.  Jeb is the Chairman of the powerful House Financial Services Committee.

He represents area that starts in Dallas and then heads directly east.  It has half a million people in it with a median income of $42,000 a year.  So, I suspect that not a lot of those constituents have hedge funds.

Thanks to Alfredo over at the Dairy Queen for the heads up.


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19 Comments to “Hey Jeb, Are Those Kickbacks Painful?”

  1. I am always amazed that you can buy these prostitutes (I cleaned up my first word preference) so cheaply. The 1% can buy them for less than they can find in loose change in their couch cushions. The politicians aren’t the high-class version in a penthouse – they are the kind standing on a rough neighborhood street corner, swinging their purse and wearing fishnets.

  2. The article goes on to say, “At the heart of the report is the use of ‘basket options,’ derivatives with a payoff that is tied to a pool of assets such as stocks, commodities or securities. Deutsche Bank and Barclays sold 199 of these options between 1998 and 2013 to hedge funds, which used them to conduct more than $100 billion in trades, according to the report.”

    Hum, how did I get in this hand basket, and where am I going?

  3. Aggieland liz says:

    WHY do we continue to allow this BS?? How in hades is it legal?!

  4. Marge Wood says:

    I guess all of you have noticed that the biggest rental landlord is Blackstones which bundles it up to sell as derivatives? They don’t even talk to their renters. It’s all about making more money, not decent housing. And also that last year, the Koch brothers, not regulated by banking laws, could make better lending deals than Deutsche Bank?

  5. How in Hades is it legal? Because the ones who make the laws are bought-and-paid-for [prostitutes]. I just read an article that says if you don’t have a superPAC or a billionaire friend, forget trying to run for the House even in an off year.

  6. Cheryl, and throwing their skirts over their heads.

  7. @Cheryl,

    I have a lot of respect for those who rent their bodies out for sex, at least they are upfront and honest with you. Congressman Hensarling doesn’t have that kind of integrity.

  8. e platypus onion says:

    The Hensarlings of the world give working girls a bad name.

  9. daChipster says:

    About the only thing most of these corporate inverters do is sign a piece of paper in a low-tax foreign country (Ireland is popular) while maintaining their HQ and infrastructure here and their manufacturing in a low-wage foreign country. Then they run around and tell everyone to “buy American.”

  10. I keep my money in a local federal credit union. I don’t get interest on my meager savings (that’s for CDs and Christmas clubs) and I don’t mind. No hanky-panky with the credit union; they help renters become owners, and support local businesses (mostly small ones). They’re also the place where Occupy Wall Street kept (keeps?) its funds. No commercial banks for me; they’re all shady.

  11. Polite Kool Marxist says:

    Hensarling needs a trip to prison with many of his similar colleagues. “They all do it.” Fine, then let’s jail them all at GITMO. If a few of them are found to be innocent, maybe we’ll release them in a few years.

  12. e platypus onion says:

    Before you release them from Gitmo make them run the gauntlet of people they have screwed out of savings and retirement and homes,etc. Everybody gets their choice of golf club,baseball bats,hockey sticks, guns or knives. Any surviving congressweasels will be prosecuted,because frankly,if they survive,they had to be cheating.

  13. Polite Kool Marxist says:

    e platypus onion, may I donate a pallet of pitch forks, and an over pack of tar with some feathers? Would never strike a woman, but Didi Feinstein begs to be the exception and have the $itch slapped out of her. As for the crazy wing of the Tea Bag females, historical Salem, MA had a great idea for them.

  14. This gerrymandered district is crazy. By starting where it does in UPSCALE Dallas, it leads to the vast farmland in the unpopulated middle of East Texas.

    I wondered how he got elected when the neighborhood I grew up in Dallas was gerrymandered beyond all recognition. No wonder my Mom and her buddies protest his office.

  15. Polite Kool Marxist says:

    From Roll Call: Ethics Investigations Since 2009 — in One Chart


    For some reason, I’m not shocked that the foxes guarding this particular hen coop are protecting ethics at about a .0001% conviction rate.

  16. East Texas voter: “Jeb is just trying to protect us from over taxation. Why, when my ship comes in I’ll need that protection.
    There has be a gazillion barrels of oil under my trailer. Can anyone help me on picking the right numbers for Power Ball?
    Obama is hiding my oil.

  17. Aggieland liz says:

    Yes, I suppose this is all too true ever since Phil ($&”€£%#) Gramm started this shebang and eviscerated Glass-Steagall; if economics is an art, it’s a damned black art!

  18. Polite Kool Marxist says:

    Was reading up on the Keating Five. Imagine that. Four Democrats went down, yet songbird Johnny McCain is still befouling the Congress.

    Before my time, but am sure Da Chipster and others can fill in the real history on that one.

    Perhaps an interesting statistic, if available, as to the number of corrupt Rs v Ds and the rates of prosecution. Corruption is corruption, and I have no problem with a D being taken to task, but I have a real problem with the teflon Rs screaming for personal responsibility, while accepting none. Right, quitter governor grifter Snow St00pid?

    BTW Ted, Marco and you “young buck” Tea Bags, you boys need to chat with Juanita Jean’s man, Alfredo. He’s on your scent, you skunks.

  19. Thanks to Alfredo down at the Dairy Queen is the funniest things I’ve read in a while.