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PulauHantu29's picture

Excellent pickup.

You are THE MAN! Bruce.

anonnn's picture

Oh, does reality have to be that American corporations must serve American persons' interests?

There is need to inspect the meaning of American, corporations, interests and persons. It is a simple act that quickly dispels fog-think.

Btw, anyone know of a dictionary that defines corporation as persons and having the rights of persons?

There exists a technique known as creating insanity by redefinition of words. Beware.

Re: insanity by redefinition of words/symbols: Ivan Pavlov demonstrated easy creation, at will,  of paralyzing confusion and insanity in animal experiments. E.g., he alternately rewarded or shocked  animals by training them to choose between 2 clearly different symbols, like a square and circle.

Afterwards, he slowly altered the symbols [such as progressively rounding the corners of the square] until the victimes went beserk in their confusion over which symbol rewarded and which shocked.

Pavlov lessons are well understood by the very best control freaks...from advertising to ruling the unruly. 

DeeDeeTwo's picture

It can get lonely on Platial Plantations. Bruce needs to spend some quality time with his Tulip Girls. Perhaps his Swan Counters can round them up. Lay some pipe, baby.

heresy101's picture


The list of corporate welfare is disgusting, but thanks for the list.

A few corrections on biomass generation are in order:

1) GE bought out Jenbacher engines a few years back because they run on as low as 40% methane from biogas that has only minimal clean-up. There is a waiting list for Jenbacher engines to run on landfill gas.

2) The engines aren't blast furnaces but are very large "truck" engines - from 2 to 8 Megawatt (about 12,000 hp). They are internal combustion engines.

3) As opposed to solar their capacity factor (% running in a year) is between 80-90% where solar is 18-25%

4) Landfill and biomass projects are more dependent on the gas supply than the technology. We have a PPA for a landfill project that has been reliably generating since 1987.

5) Looking at GE's website, monopoly finance grows ever larger. Besides Jenbacher, GE has disgustingly gobbled up another competitor-Waukesha.

If you have money to invest and know something about the technology, there are a lot of digester and landfill projects that will make steady money (not the Enron kind), but a good cash flow and provide renewable energy. Unfortunately, banks will not look at a lot of developers who need financing. There are a few hustlers and dreamers, but most know the technology and can make it work. The key is to be able to sell electricity at below $85/MWH and still make money.

disabledvet's picture

and it would seem "the competition" is far more threatened by a crisis in Europe than vice-versa. Sure...there are demand issues. But aren't the issues related to "local production" for more threatening in the long run to an industry like GE?

piceridu's picture

BK, yet again you bring us stuff that not many can or will talk about. Thank you for your continued contributions.

RiverRoad's picture

Amen to that "piceridu".

  And thanks for a great article BK.  IMO this whole Euro thing was a farce from the get go.  A wonderful way for the global oligarchies like GE to keep their profits offshore in an appreciating currency while the US dollar went down the toilet as it had to for us to compete with the Third World.  NOW they want their moola back in the US (untaxed!) as the ground shakes in Europe.  Worked great for Europe too:  allowing them a phoney pumped up fiat to buy their yachts with.

Dirtt's picture

Consumption tax solves half of the problems. An ICBM launched into The Beltway solves the other half.

Iran? Putin? Taliban?  Mole hills.

Cpl Hicks's picture

The idea of turning waste to energy is a good thing. The good citizens of Harrisburg PA would probable have an opinion on that...'It sounded like a good thing but...'.

RE the Vomit list; I wonder why both Title VII and VIII read TRANSPARENCY REQUIREMENTS FOR FOREIGN-HELD DEBT ? The only wording difference is 2 words in a comparison of sections 706 and 806.

Careless Whisper's picture

I do have some history financing co-gen facilities in different places around the globe

Oh really


Bob Sacamano's picture

Eliminate corporate taxes (100% of which are eventually paid by individuals - customers or shareholders) and you will eliminate a large part of corporate lobbying efforts.

Bonus - individuals paying increased taxes more directly (vs indirectly via corporations) will hopefully grow increasingly in favor of cutting government spending. 

RiverRoad's picture

Fer sure.  How about that Christmas Tree tax scam floated yesterday that turned out to have been initiated by the National Christmas Tree Growers Assn.?  The money would have been used to PROMOTE the purchase of live trees since artificial have made huge inroads.  FACT IS:  Christmas tree farms are one of the best tax write off gigs around and a lot of those folks aren't laughing all the way to the bank anymore.  BTW, Obummer pulled the idea yesterday after ZHers here dumped all over it.

EvryInternational's picture

Better yet, eliminate taxes altogether. Government uses its monopoly on power to afford favors on preferred groups - it should not exist.

Barring that, eliminate any tax that isn't voluntary. That is, the only logical tax is a sales tax where the two parties are engaging in the transaction for perceived mutual benefit. Everything else is confiscation of labor - a tax on existence, in effect.

The majority of business corruption is enabled by strong government controls. After all, if you're GE, a high barrier to entry for smaller businesses by way of the cost of compliance with regulatory burdens actually strengthens your position as less well capitalized competitors are kept out.

People continue to refuse to acknowledge the real economic incentives created by most of our modern social structure and government. They're going to pay the price of ignorance very soon...

Uchtdorf's picture

I get the whole "render unto Caesar the things that are Caesar's" concept. However, you make a very good point about the involuntary nature of the current tax systems used around the world. It used to be a source of pride that the US supported itself largely on the duties of imported goods. If you wanted a foreign-made item, pay the customs tax included in the price tag. Otherwise, buy American. Those days are so ancient now that nobody could imagine living again under such a system.

hannah's picture

so we eliminate corp taxes and they cut the msrp of their goods by the same amount .?..LOL. the gov would just create a new tax for the same amount and the corp would keep the 'tax' they use to charge. we would then pay more for the same goods.....

hungrydweller's picture

Exactly.  How many times does it have to be said.  CORPORATIONS DO NOT PAY TAXES!  ONLY PEOPLE PAY TAXES.


Criminy - you think Bruce would get that.

hardcleareye's picture

US case law is VERY CLEAR on this point.... a corporation is a legal person with constitutional rights .

See Citizens United vs FEC, or Western and Southern Life Ins. Co. v. State Bd. of Equalization of California and I could go on listing case law establishing this point. 

Freddie's picture

More Democrat sh*tter corruption and the Dem media is silent.  Bush sucked but he was light years better than the muslim.

Moe Howard's picture

Every one of these burn waste projects is a huge money loser and never pays back the promised monies.

Fort Knox has had one for years, total failure.

cymro33's picture

- GE was ruined by Welch. He turned the company into a leveraged financial quagmire.

- Immelt does not know his ass from his head.

- Pathetic to see Welch spew rubbish on CNBC. He should be keeping company with Madoff.


DogSlime's picture

edited - forget it.  not worth me ranting about it.

Rainman's picture

Those fancy Italian gas furnaces will work good when it comes time to incinerate Euros. Back to the lira...bitchez.  

Confuchius's picture


The gas furnaces are for:

Brussels buro-krats and banksters.

Cpl Hicks's picture

Good one!

But seriously, they would make dandy souvenirs of your trip to Olde Europe. I'm thinking of places like the flea market in the Monastiraki district of Athens. Imagine, in a year or two you could get a handful of those multicolored bills for what, a dollar? ten Turkish lira?

the grateful unemployed's picture

the solution is to create a competing North American currency (and back it with gold, and believe me if you issue a new gold backed currency the old dollars won't be worth anything by the time they are converted) if you really want to destroy the dollar, and bring living standards down to the baseline in America this is the way to do it. it also takes the heat off the Euro. Hell you could even bring a few of the PIIGS into the fold, just like NATO membership is offered to some Asian countries. then of course Bernanke could inflate the currency of an entire continent, which would give him lots of room to work. and what country wouldn't want to join the NA currency group, with ZIRP as far as the eye can see.

TheMerryPrankster's picture

Fiscal suicide is against the rules when you are playing last man standing. The whole idea is to be the last and only nation with a viable currency. Winner takes all, quite literally.

Gold and precious metals are kryptonite to a superfiat currency.

Mercury's picture

Just think of all the capital and labor expended on hustling and maintaining every one of these tax breaks.

If all this crap were eliminated corporate tax rates could probably still be lowered below their effective rates today and end up producing more tax revenue overall for the government because the human and capital resources it would free up for more productive deployment would be enormous.


DCFusor's picture

Merc, in case you haven't noticed, there's no shortage of skilled people without work to do.  Makework projects like this are what keep some of them employed consumers.

Mercury's picture

Well a lot of those skilled people are idle in large part because so many of the barriers to entry between them and a viable business are artificial and originate from the kind of cronyism pictured above in media res

Big, existing companies have a huge natural advantage in this kind of environment.  They're the only ones who can afford to to hire the extra people to fill in all the stupid holes the government digs for them.

The last thing you want if you're a Fortune 100 company is for some guy in a garage to invent a widget that jeopardizes your business model.  So, the bigger and more complex (and tweakable only with expensive tools)  tax codes and regulations are the better. At some point all that make-work BS paradoxically creates a competitive advantage for mega-firms.

TheMerryPrankster's picture

The Rat Race is now being held on a treadmill made of tax breaks and loopholes.

Fred Hayek's picture

The caption to that picture should have read something like:

"Welfare queen, on left, and 'ex' crack smoker on right greet subservient press"

Crap like the list above only survives through opacity. The corrupt congress critters who will probably rubber stamp all that could not justify it all for 30 seconds in front of their constituents.

I recently saw figures to the effect that 45 years ago, corporate taxes were something like 25% of federal receipts whereas now they're something like 6% of federal receipts. Perusing that list, one is not surprised.

Darth Silver's picture

Holy, Fking shit batman. 

amazing journalism Bruce. 

the bond deals through the subsidiary sure seems like a loophole for bribes & kickbacks.  corruption at its finest.


NEOSERF's picture

Never fear Bruce, Italy can sell all they want because they now know that they have taken over the driver seat from Greece who no one cares about anymore...Italy can and will force the ECB to come out with the "UNLIMITED" purchasing to stabilize the markets statement because they have to...Only option left is to either kick out the PIIGS (all of them) or to create a United States of Europe complete with Fed and foolish multi-country Parliament which is probably not allowed by every constitution

juggalo1's picture

Why the hell do we have so many different corporate subsidies?  When these come up for sunset, why isn't there more debate before rubber-stamping an extension?  No one will publicly admit they want a more complex tax code with higher nominal rates, but that clearly is what "the man" desires.

NEOSERF's picture

Corporate subsidies are a backdoor quiet way to try to level the playing field...noisy nasty way is to throw tarriffs up everywhere but that would be contrary to our Open Markets public philosophy...

DCFusor's picture

You mean tilt the playing field, so the big guys can always stomp the small innovators - between that and our ridiculous IP laws, no small startup has a prayer of bringing anything innovative to market.  Look at the cross-suits in just mobile phones.  No matter *your* innovation, you can't sell it without running afoul of someone's riduclous patent, and can't be competitive anyway because only the bigs get those tax breaks.  And so we find ourselves last in manufacturing - ever wonder why?  The bigs got what they wished for, and it was bad for US.

Long-John-Silver's picture

You will need this information in the near future.

GMadScientist's picture

I would think that big projects like this would be like public transport elsewhere, surety bonded and based on lease-backs of equipment purchased and owned by the creditor (or a 3rd party).

Besides,'s one plant in podunk Italy.

gckings19's picture

GE is a joke.  They would be bankrupt if they had to compete honestly.  No more loopholes.  We need to pass a l=aw that the tax code applies to individualized tax would take a ton of power away from congress to reward their friends.


DCon's picture

Wil the mafia give their waste to GE for free?


El Yunque's picture

Your comment made me instantly think of dead bodies and Soylent Green.

Laughing at the absurdity of the world we live in - fueling furnaces with bodies and producing food in the same oven.

Has to be some profit in there some where, just like recyclers making a mint off my Dr. Pepper habbit.

Melin's picture

We did not sign up for a system where our government "manages" our economy.  Our government is corrupt because it "manages" our economy which spawns laws and lobbyists vying to seize unearned wealth from taxpayers. 

Separate the economy and state.


Tramp Stamper's picture

We were all born into serfdom either live with it or.......??

Divine Wind's picture

We were all born into serfdom either live with it or.......??


We were in fact all born into serfdom to one extent or another. Either live with it, get busy getting changing your situation, or die trying.