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Will Google (And MSFT, And HP, And BAC) Be The Biggest Loser From The Irish Bailout?

Tyler Durden's picture




 

A few days back we asked whether if as part of the now certain Irish austerity package, the imminent rise in the corprate tax rate for offshore companies based in Ireland would result in a crunch in the bottom line for US corporations such as Google. Now that a hike from the prevailing 12.5% rate is inevitable, US companies have launched an offensive to make it clear that only Irish citizens will be subject to the critical austerity measures. The Telegraph reports that "the Irish government has been given a stark warning from some of the biggest American companies in Ireland on the risk of a mass exodus if the country's low corporation tax rate is raised." If companies, which are purely circumventing much higher US corporate tax rates, also have to share the austerity burden, they will simply depart from the already insolvent country, leaving it with even less tax revenues, thus accelerating the toxic loop of greater insolvency coupled with even less revenue. And since the IMF is backed primarily by the US, which is end-domicile to the bulk of the corporations in question, it is obvious that MNCs have all the leverage and will most certainly get their wishes, further widening the chasm between the "corporation" and the simple Guinness-drinking, potato chewing peasant. In the brave new world, the pursuit of life, liberty and happiness applies only to (bailed out) banks and corporations. Everyone else has been relegated to footnote status.

More from the Telegraph:

The warning – from executives at Microsoft, Hewlett-Packard (HP), Bank of America Merrill Lynch and Intel – spoke of the "damaging impact" on Ireland's "ability to win and retain investment" should the country's corporation tax rate be increased from 12.5pc.

It came as talks between members of the Irish government and the European Union and the International Monetary Fund continued around the clock on a financial aid package of as much as €100bn to shore up the country's beleaguered banking system.

Although Brian Lenihan, the Irish finance minister, has indicated Ireland's 12.5pc corporation tax rate – the lowest in the eurozone – will not be raised, a number of factions within the European Union are known to have pushed for it to be increased in return for the bail-out.

Nicholas Sarkozy, the French president, said yesterday that while raising taxes will not be a condition of the bail-out, he expects Ireland to raise its corporation tax rate: "It's obvious that when confronted with a situation like this, there are two levers to use: spending and revenues. I cannot imagine that our Irish friends, in full sovereignty, [would not use] this because they have a greater margin for manoeuvre than others, their taxes being lower than others."

Foreign corporations who had found a beneficial tax climate in Dublin (most notably Google) now account for a major portion of the country's economy.

Foreign investment equates to €110bn – or 70pc – of all exports with US companies alone employing more than 100,000 workers.

Yet if Ireland does not relent, which is unlikely, the bulk of US corporations will simply depart for such recently beligerent partners to the US as China:

While the companies are not threatening to leave at this stage, the statement
– signed by senior Irish executives from each of the four companies
mentioned – does directly point out that although Ireland's tax rate may be
low in European terms, it is not when compared with locations such as
Singapore, India and China.

Yet the biggest loser of all this may be Google, which as was portrayed recently in an extensive analysis by Bloomberg, benefitted massively by a complex (and perfectly legal) Irish-based tax avoidance trick, which adds up to $100/share to the stock price.

An expose in Bloomberg details how courtesy of various, perfectly legal, tax avoidance schemes, Google's effective tax rate is 2.4%, which has boosted the company's stock price by a whopping $100/share!

Is Google's loss in market cap about to make the EU's contribution to Ireland (whether $80 or $180 billion) seem pale in comparison?

h/t Titan Group ltd

 

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Sun, 11/21/2010 - 17:58 | 744964 bugs_
bugs_'s picture

good to see more of this get exposed

more unsustainable fraud behind every miracle story

Sun, 11/21/2010 - 23:02 | 745009 G-R-U-N-T
G-R-U-N-T's picture

And another fraud bites the dust...

http://online.wsj.com/article/SB1000142405274870464860457562135038145856...

Another one gone and another one gone...

http://www.youtube.com/watch?v=rNQRfBAzSzo

 

 

Sun, 11/21/2010 - 19:40 | 745106 Cruel Aid
Cruel Aid's picture

Fraud... We are the fraud. Google is taking the path of least taxes. Should they pay US taxes straight up?

First sign of Ireland raising taxes sounds like the loop gets broken and Goog is overpriced by 20%.

And that CCX deal was absolutely a scam. It will be back, don't worry.

 

Sun, 11/21/2010 - 19:51 | 745136 scatterbrains
scatterbrains's picture

surely goog will get an exemption.

Sun, 11/21/2010 - 20:31 | 745177 masterinchancery
masterinchancery's picture

US taxes ridiculously high; lots of places to go besides Ireland, Google has all the cards in this game.

Mon, 11/22/2010 - 07:10 | 745877 Oh regional Indian
Oh regional Indian's picture

Indeed Master. The beauty of virtual corporations, with computers as the only movable asset.

They can nation hop from low to no taxes for a long time as everyone will be keen to suck on the GOOG teat. They have development centers in every major city in India.

At least when manufacturing companies sought to move sue to tax issues etc., they had plant and machinery to think of.

Not no more.

ORI

http://aadivaahan.wordpress.com

Sun, 11/21/2010 - 21:21 | 745241 nmewn
nmewn's picture

"And that CCX deal was absolutely a scam."

Not from the short side ;-)

GM is the next one.

Mon, 11/22/2010 - 00:31 | 745535 M.B. Drapier
M.B. Drapier's picture

The Irish "miracle" was quite genuine up to some point after around 2000ish, then the property madness took over.

Mon, 11/22/2010 - 07:20 | 745883 Oh regional Indian
Oh regional Indian's picture

The American "miracle" was quite genuine up to some point after around 1982ish, then the Bush madness took over.

ORI

http://aadivaahan.wordpress.com

Sun, 11/21/2010 - 17:58 | 744965 Horatio Beanblower
Horatio Beanblower's picture

Ireland's money laundering HQ - http://en.wikipedia.org/wiki/International_Financial_Services_Centre

 

If there is a dirty deal to be done, it will be done in this building.

Sun, 11/21/2010 - 18:07 | 744975 M.B. Drapier
M.B. Drapier's picture

It's Vegas for German banks, among other things.

Sun, 11/21/2010 - 18:00 | 744966 gecko_x2
gecko_x2's picture

Off topic but what happened to chat.zerohedge.com ?

i don't want to live another day without that great service! :p

Mon, 11/22/2010 - 01:24 | 745620 Howard_Beale
Howard_Beale's picture

It's right where it always was. Still there.

Mon, 11/22/2010 - 02:51 | 745730 gecko_x2
gecko_x2's picture

not for me.. got disconnected over the weekend and there is no reply on ports 6697 or 6667

Sun, 11/21/2010 - 18:07 | 744974 unwashedmass
unwashedmass's picture

 

yup...another population being held hostage by our power elite. fantastic.

Sun, 11/21/2010 - 18:09 | 744976 revenue_anticip...
revenue_anticipation_believer's picture

http://www.google.com/search?sourceid=chrome&ie=UTF-8&q=google+ireland+tax+shelter..

...i was just gonna point THAT out...google 'do no evil' ha ah ha liar liars like all the rest...

 

Sun, 11/21/2010 - 18:11 | 744979 revenue_anticip...
revenue_anticipation_believer's picture

1848 all over again...IRA do your duty, theres some real targets with names...

Sun, 11/21/2010 - 18:20 | 744989 M.B. Drapier
M.B. Drapier's picture

Is the 12.5% necessarily toast? The Irish government has been making a song and dance about it all week, including at the press conference this evening, which suggests that they think it's safe. It's even been suggested that the whole corp-tax drama is deliberate misdirection. ('FF' stands for the Irish ruling party.)

Sun, 11/21/2010 - 18:21 | 744990 AUD
AUD's picture

Yet the Oirish peasants will pay their potato tax to the Government regardless.

Sun, 11/21/2010 - 18:26 | 744998 asianist
asianist's picture

How dare those evil corporations get away with providing nothing but increased employment and economic value? They must give something back to the community!

Sun, 11/21/2010 - 20:07 | 745156 Zon
Zon's picture

How about giving back those tax dollars they steal when they get bailed out?

Sun, 11/21/2010 - 20:40 | 745184 asianist
asianist's picture

All I'm saying is, make sure you wave your pitchforks at the right people. I doubt Google or Microsoft had anything to do with crashing the Irish economy.

Sun, 11/21/2010 - 21:28 | 745252 nmewn
nmewn's picture

Well...if your an "enviromentalist" (whatever the hell that is these days) there is no place to hide the carbon footprint of one single Google server farm.

Choices bitchez...LOL.

Sun, 11/21/2010 - 23:44 | 745480 i-dog
i-dog's picture

"How about giving back those tax dollars they steal when they get bailed out?"

ummm ... When did Google and Microsoft get bailout dollars? I missed that one!

Sun, 11/21/2010 - 18:28 | 745003 Chandos
Chandos's picture

Well...the IRA just got a new set of targets...

Sun, 11/21/2010 - 18:30 | 745005 mcarthur
mcarthur's picture

My Irish relatives are a bunch of piss tanks.  They do not deserve tax breaks.  Tax breaks should be exclusively for tight lipped Germans and Swiss that walk like they have a broom stick up their ass.  The Irish on the otherhand tend to use both sides of the sidewalk as they make their way from Sunday pub lunch to their freshly painted two bedroom stone house.  Definitely not deserved of a tax break.  Oh, and throw Google and all those other bastards into the mix. 

Sun, 11/21/2010 - 20:02 | 745147 Clapham Junction
Clapham Junction's picture

Ha, Mcarthur you Orange swine! Let me finish my Powers and and I'll be round to kick your arse!!!

Sun, 11/21/2010 - 20:47 | 745197 mcarthur
mcarthur's picture

I'm ready for you mate.  Just finished off my last Twinnings tea you swine.  Now just make your way to Saskatoon Saskatchewan and we'll have it out. 

Sun, 11/21/2010 - 18:34 | 745015 sgt_doom
sgt_doom's picture

Of course, the so-called "Irish miracle" was simply insurance companies offshoring their administrative jobs, beginning in the late '70s, lead by Prudential, to Ireland, then a bit later the exodus began with "profit shifting" to the E-Isle.

And just do a simple one-to-one comparison between those American (and Euro and Japanese) cities that became economically-distressed rust-belt cities, and those cities which burgeoned in India and China.

Back in 2007, there was an exact one-to-one correlation between the percentage of wage increase among 20-year-olds to 28-year-olds in China, and wage decrease among the same age cohort in the USA.

Nothing surprising here to anyone paying attention, but thanks for the post.

Sun, 11/21/2010 - 18:40 | 745025 mcarthur
mcarthur's picture

Surprise, surprise.  The last time I was in Ireand I made note of a rather large Bank of America administrative office in the middle of nowhere. 

Sun, 11/21/2010 - 18:43 | 745032 Budd Fox
Budd Fox's picture

But if ALL the Governments raise the taxes at reasonable levles, say around 28/30%, where this corporate thieves are going to hide??

I like Russia in this..you don't pay taxes, they send you assault troops.

Mon, 11/22/2010 - 03:46 | 745505 i-dog
i-dog's picture

"raise the taxes at reasonable levles, say around 28/30%"

You call 28-30% reasonable?!!! Places like Hong Kong can thrive with a maximum corporate tax rate of 17.5% -- personal tax rate is MUCH lower -- (AND no VAT, no tariffs, no sales taxes, no payroll tax, no solidarity tax, no municipal tax, no SS levies, no medicare levies, no..........) ... simply because the government stays the fuck out of providing services that the private sector can provide more cheaply and to a higher standard!!

Ireland would also have survived nicely on the 12.5% rate if they hadn't blown their savings investing in toxic American MBS/CDS frauds!!

All the western property bubbles are a direct result of the bankstas' 100% LTVs backed by SIV fraud schemes. The Asians are still driving their property prices up while putting in hard-earned cash at 60% LTVs (or less).

Mon, 11/22/2010 - 07:17 | 745880 Oh regional Indian
Oh regional Indian's picture

i-Dog,

Hong kong does not count. They have no army/navy/air force, are under the chinese umbrella. Any other gubbermint worth it's salt spends pretty hefty chunks of their monies on "Defense". Plus, I wonder where HK gets it's power from.

But you get the point.

ORI

http://aadivaahan.wordpress.com

Mon, 11/22/2010 - 08:15 | 745901 i-dog
i-dog's picture

"But you get the point."

No, I don't, ORI. Hong Kong had both the British army and navy stationed there, to "protect" it from China, for nearly a century. The Brits didn't do that for free!

Further, Hong Kong doesn't go around threatening its neighbours with nuclear strikes (eg. against Pakistan, in the case of India) or invasions (eg. against Cuba, Philippines, Guatamala, Vietnam, Panama, Iraq, Afghanistan and dozens of others in the case of the US).

That's the beauty of a free market society ... you don't piss anyone off, so you don't end up having punch-ups with your neighbours. No trade wars, no currency wars, no cold wars, no hot wars, no religious wars, no wars against drugs, no wars against terror.

On top of that, Hong Kong welcomed millions of refugees who snuck in over the border from China -- between 1948 and the 1980s -- and provided them with housing, medical care and job opportunities -- all when the corporate tax rate was only 15% and personal income tax rate for an average office worker was less than 5%.

Sun, 11/21/2010 - 18:46 | 745038 DisparityFlux
DisparityFlux's picture

The austerity package terms fine print stipulated the end of all rainbows shall hence forth be in Germany and leprechauns are to be outsourced to an Indian firm.

Sun, 11/21/2010 - 18:48 | 745045 Cathartes Aura
Cathartes Aura's picture

the parasite/host relationship can be a delicate balancing act, but eventually there needs to be a purge, as the host loses vitality, life even. . . the parasite must be removed in order for the host to survive. . . recovery of vitality happens over time, but cannot begin until the parasite is disposed of.

the bankers & corporate parasites will jump to the next advantageous "zone" - who is left "holding the bill" can only be answered by the host.

Sun, 11/21/2010 - 18:58 | 745060 pitz
pitz's picture

So these big corporations will just run from country to country, extorting tax breaks and extorting governments to pledge their lands in exchange for billions of dollars of loans to lower tax rates? 

Sure sounds like one giant circle jerk that won't end well. 

 

Sun, 11/21/2010 - 19:06 | 745063 The Axe
The Axe's picture

This stuff the Tyler posts is terrific, and of course sad that we let companies like GOOG just rape us. Of course trading on this or any information is useless in a controlled, no volume, FED fueled market...just forget it...Thanksgiving week will see more meltups then you could imagine.

Sun, 11/21/2010 - 19:13 | 745071 pitz
pitz's picture

Yup, yet the sheeple think that Google is a miraculous company because they provide a search tool (which never was any better than Altavista had back in the late 1990s), allow people to download videos (something that definitely pre-dated Googles' existence), and have a mediocre web based email reading package.

Every time I look at Googles' financials, they never make any sense.  And I don't know anyone who actually clicks on Googles' ads either, so why the hell are advertisers paying them anything?  Or are they?? 

Wouldn't surprise me that, in a few years, its discovered that Google was just one giant scam, top to bottom. 

Sun, 11/21/2010 - 19:45 | 745126 Aristarchan
Aristarchan's picture

Google is one of the most intrusive companies in the world. They make their money selling data mined from their search engine users to advertisers and targeted marketing companies.

Sun, 11/21/2010 - 23:31 | 745457 Bearish News
Bearish News's picture

"which never was any better than Altavista had back in the late 1990s".

Altavista was an extremely simple algorithm, primarily based on a page's "meta-keywords", which are selected by the site owner/manager. This algo proved extremely easy to exploit, and Google revolutionized the search industry by introducing pagerank (looking at how many other reputable sites/pages link to the page in consideration for ranking).

I've talked to top search execs from Google, Yahoo, and MSN. Seen them speak at conferences. Trust me, Google is best of breed. They're at least 2-5 years ahead of the competition at this point, and the lead keeps getting bigger.

I don't know how this tax thing will play out, but I expect it will amount to nothing. After all, if they "bust" Google, they might have to bust everyone. That's a lot of special interest to fight.

Sun, 11/21/2010 - 19:07 | 745066 omi
omi's picture

How the F does this make any sense?

Sun, 11/21/2010 - 19:17 | 745075 buzzsaw99
buzzsaw99's picture

Yeah, and eric schmidt doesn't get groped at the airport either.

Nobody touches the schmidt lucky charms.

It's not illegal because the corporations write the tax code.

Sun, 11/21/2010 - 20:08 | 745153 G-R-U-N-T
G-R-U-N-T's picture

Scanning seems to be the in thing perhaps groping is an up and comer?

http://www.youtube.com/watch?v=Ouof1OzhL8k

Sun, 11/21/2010 - 21:34 | 745259 nmewn
nmewn's picture

Don't Touch My Junk! ®

Sun, 11/21/2010 - 19:40 | 745119 IrrationalMan
IrrationalMan's picture

so this is why the futures gapped up 7 point...

Sun, 11/21/2010 - 21:38 | 745260 Ludwig Van
Ludwig Van's picture

99er -- Just want to say thank you for this and all the charts you post on ZeroHedge. I never let one go by; each is uncannily appropriate. Keep up the good work.

Sun, 11/21/2010 - 22:21 | 745310 chopper read
chopper read's picture

agreed

Mon, 11/22/2010 - 00:19 | 745519 i-dog
i-dog's picture

"each is uncannily appropriate"

Indeed ... unlike Robo's rearview mirror charts. :/

Mon, 11/22/2010 - 02:15 | 745711 chopper read
chopper read's picture

agreed. 

Sun, 11/21/2010 - 19:58 | 745144 Clapham Junction
Clapham Junction's picture

To the big companies from this Irishman:

(...edited out due to drunkenness......)

Sun, 11/21/2010 - 20:03 | 745152 cxl9
cxl9's picture

Yeah! Stick it to business! Hey, where do companies get their money, anyway? Oh right, from their customers.

Sun, 11/21/2010 - 20:10 | 745158 max2205
max2205's picture

Oh, and fuck the TSA!

Sun, 11/21/2010 - 20:21 | 745170 americanspirit
americanspirit's picture

If you really want to fuck with the TSA and homeland security just begin every cell phone call you make with a phrase something like "Hello Mohammed. The explosives are on board the aircraft and the timers are set." If enough people do this, we can all sit back and watch their computers do a meltdown.

Oh, and don't try to fly anywhere ever again. They have a secret "fry this one" setting on their body scanners you know.

Sun, 11/21/2010 - 20:31 | 745176 max2205
max2205's picture

+666

Mon, 11/22/2010 - 00:45 | 745562 Calculated_Risk
Calculated_Risk's picture

forgot...

Assalaamu 'alaykum
Sun, 11/21/2010 - 20:31 | 745178 Bearster
Bearster's picture

All hatred of corporations aside, whatever you punish (making profits) you will get less of.  Whatever you reward (unemployment) you will get more of.

If only people understood this, and if only they understood that profits (at least in a free market) are only to be made providing something that people are willing to pay for.  Google is *NOT* in the same camp as Goldman Sachs.  The former earns its profits, the latter captured the government.

If Ireland raises taxes, they will kill (or drive off) some of the golden-egg-laying geese.  If other countries do it, they will destroy some wealth-creating ability.

Let's not forget, wealth must be created before it can be looted by the State.

Sun, 11/21/2010 - 22:41 | 745336 StychoKiller
StychoKiller's picture

Next, you'll be demanding consideration for long-term effects as well as short-term in Economic decisions!  Put the brain away, back away slowly, and no one gets hurt! :>D

Sun, 11/21/2010 - 20:49 | 745200 max2205
max2205's picture

Anyone think this bailout was baked into the close?!?

Mon, 11/22/2010 - 01:58 | 745677 ebworthen
ebworthen's picture

Every close of every day has been baked in since the initial bailouts in 2008.

It is clear that the FED and Politicians will bail out the markets each and every time, without exception, other than a token bank or company here and there.

It is guaranteed and "baked in" that the taxpayer and individual citizen will be bled for the water in their blood and the fertilizer value of what remains.

Sun, 11/21/2010 - 20:50 | 745202 Doctor sahab
Doctor sahab's picture

Am I wrong in thinking that treating corporations as people was a poor idea? Don't get me wrong, I benefit from some rules as I have an S Corp but all this is only needed due to the litigious nature of our society.

Sun, 11/21/2010 - 20:52 | 745206 trav7777
trav7777's picture

GET BACK ON THOSE WHEELS, HAMSTERS

Sun, 11/21/2010 - 22:30 | 745319 chopper read
chopper read's picture

AND PAY YOUR TAXES!!!

Sun, 11/21/2010 - 21:11 | 745225 YHWH
YHWH's picture

Wait?  Do you mean Google isn't in Ireland because of the vast intellectual achievement of the Irish People?

Sun, 11/21/2010 - 21:27 | 745250 Ignorance is bliss
Ignorance is bliss's picture

EMC outsources a lot of their support and manufacturing to cork Ireland. FYI...possible short target.

Sun, 11/21/2010 - 21:27 | 745251 SteveNYC
SteveNYC's picture

The good people of Ireland threatened by the ECU, EU, IMF, Google, Microsoft, HP, BAC etc. all in the span of a single week!!

Perhaps the government and corporate pigs can do what the English couldnt': conquer Ireland?? Don't let it happen my Irish brothers and sisters, stand together!!

Sun, 11/21/2010 - 22:19 | 745306 Elvis Lives
Elvis Lives's picture

Can we expect the DeLorean motor co, to be making a comeback after this bailout?

Sun, 11/21/2010 - 22:35 | 745315 DollarDive
DollarDive's picture

Why should the corporations not pay ?   They won't leave if everyone else is raising corporate taxes too.  Maybe it's time countries start to tax some of these corporations a bit more....force them to share in the bailout...why should they be untouchable ? Bottom line is the governments spend too much.  The people should vote them out, but we've all witnessed how governments think, now, that they are above the "peasants".  Watch your backs...!!

Maybe it's time to boycott some of these companies....Maybe we need to start a no search week.  Nobody uses google or yahoo for a week.  What would this do to their numbers......How about an Apple less Christmas.  No HP Month.....If something like that got enough momentum, then damage could be done.  The peasant hold the power of the sales.  If we vote with our pocketbooks, they'll have to listen.  

Sun, 11/21/2010 - 22:45 | 745344 StychoKiller
StychoKiller's picture

Corporate taxes are passed on to the Corp's customers, so in effect, you're asking for customers to be taxed yet again!  Why is this such a difficult concept for most people?

Mon, 11/22/2010 - 10:49 | 746199 RKDS
RKDS's picture

That's OK, I frequently ask myself why it's so difficult for people like you to see that what multi-national corporations do is extortion.  Give us handouts or we'll move the factory, give us handouts or we'll crash the market, give us handouts or we'll abuse our ill-acquired government-sponsored monopoly, etc.  The people are constantly held hostage only to be blamed for it by their captors while a surprisingly large segment of the population succumbs to stockholm syndrome.

Mon, 11/22/2010 - 03:44 | 745534 i-dog
i-dog's picture

I guess you want a NWO Global Government to mandate a fixed corporate tax rate of 66.6% in EVERY country? A socialist's wet dream!! (and certainly part of the oligarchs' plan).

There are plenty of countries looking for corporate investment and job creation in return for low tax rates -- either country-wide or in "free trade zones" ("special economic zones" to get things started in China a few years back).

Sun, 11/21/2010 - 23:20 | 745438 Bearish News
Bearish News's picture

This may be misleading:

"Google's effective tax rate is 2.4%, which has boosted the company's stock price by a whopping $100/share!"

I'm pretty sure that 2.4% number is just international, not US. Bloomberg:

"International income-shifting, which helped cut Google’s overall effective tax rate to 22.2 percent last year, shows one way that loopholes undermine that top U.S. rate."

http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-bi...

Compared to GS' 1% overall effective tax rate for 2008, 22.2% doesn't seem too bad.

The fact that it takes that much work to reduce your corporate taxes to 22% shows the need for tax reform/reduction.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a6bQVsZS2_18

Sun, 11/21/2010 - 23:49 | 745490 Fraud-Esq
Fraud-Esq's picture

Yeah! Enjoy the TENSION between Bankers/bondholders and Production.

Another small example. 

The only way anyone will ever beat banking is by co-opting Industry into the campaign.

Short of total revolution, I still believe it's the only way. Two step process. Got to turn Industry against Banking first!

Mon, 11/22/2010 - 01:53 | 745669 ebworthen
ebworthen's picture

And all those bright faced young American idealogues touting the great Google, the free-source miracle, "It's free" they say with a smile and twinkle of innocence; "Look, Google Docs, and I don't have to buy it."

Yes Virginia and Dick, you don't have to buy it, at least not directly; just like your bailout of Citibank and AIG and GM and Wall Street - you won't pay for it for another 10-20 years.

Cross your fingers and hope that you or your children don't pay for the lies in blood.

Mon, 11/22/2010 - 03:33 | 745755 YHWH
YHWH's picture

The best part about open source?  It lowers the vastly overpaid salaries of IT workers. YAY!!!!

Mon, 11/22/2010 - 10:56 | 746225 RKDS
RKDS's picture

Yeah, it's wonderful, we get to buy a skyrocketing degree that nobody will hire us without and then work hard for a salary too low to repay it, all so the something-for-nothing free-lunchers can get richer while they lecture at us as if they have some sort of moral high ground, hooray state captialism!

Mon, 11/22/2010 - 03:34 | 745757 Fred C Dobbs
Fred C Dobbs's picture

It seems to me that certain people in Ireland will not like the idea of being indebted to foriegn and domestic bankers for the rest of their lives while at the same time these giant foreign corporations pay reduced tax rates.  If you are an indentured servant forever why not violence.  And if you go that route why not everyone.  These corporations might want to leave Ireland for reasons other than tax rates.  The Irish are not americans. 

Mon, 11/22/2010 - 06:10 | 745846 Djirk
Djirk's picture

wil jouw een lekker Nederlandse broodje?

Mon, 11/22/2010 - 14:33 | 747011 Spigot
Spigot's picture

May be more "fluster" than "buck you" here due to the low cost of being in the "Eurozone" and within the ISO-sphere when having a Kool-Aid stand fronted in Ireland...

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