two-thirds of @Apple ’s $97.6 billion cash pile is offshore. That’s a lot of money for an American company to keep outside of America

It's been a banner week for Apple. With Apple's announcement of Q1 2012 results, the company is now apparently worth more than Greece.

In the same week, the President of the United States invoked the late Steve Jobs and Apple in his Congressionally-mandated State of the Union address.

Just a few hours later, in the GOP response to the President's speech, Governor Mitch Daniels also played the Steve Jobs card, saying "The late Steve Jobs — what a fitting name he had — created more of them than all those stimulus dollars the President borrowed and blew."

Partisanship aside, certainly Apple has created a lot of jobs over the years. But today, most of the jobs created by Apple are not American jobs, they're sweatshop-style jobs for miserable, overworked workers in China.

According to the New York Times, Apple employs 43,000 people in the United States. That's not an inconsiderable number of people. However, Apple no longer builds its own devices. There was a time when Apple computers were actually manufactured in the United States. Today, Apple products are built in China. Foxconn City has 230,000 people working to make iPhones and iPads — and Presidential candidate Rick Santorum claims more than 500,000 people build Apple products in China.

In other words, Apple provides jobs to more than 10 times more employees outside the United States than in the United States.

But Apple is a U.S. company. We know it is because both the President and the loyal opposition just pointed to it (or to the Dearly Departed, in any case) as a model for American business.

Let's look at that model, shall we? According to the Apple earnings call, the company had a whopping $97.6 billion (yes, billion) dollars in cash at the end of December. Unfortunately, about two-thirds of that money, "about $64 billion," was "offshore" at the end of December, according to Apple CFO Peter Oppenheimer.

That's a lot of money for an American company to keep outside of America.

In fact, MG Siegler of TechCrunch raises a rather disturbing allegation. He says, "$64 billion of that is offshore, Apple CFO Peter Oppenheimer stated during the call — meaning, it would cost money (taxes) to bring it back into the U.S."

Despite TechCrunch's reputation for inflammatory posts, Siegler's allegation is troubling. I'm not an international finance expert, but the idea — the mere idea — that a company like Apple would store its big wad of loot offshore to avoid paying its fair share to America makes me ill.

I floated this troubling thought to ZDNet's editors before running this story and to ask for some of their advice about how to approach telling you about it. Ed Bott reminded me that there was a great deal of discussion of the same issue when Microsoft was purchasing Skype. Microsoft has $42 billion overseas.

rest http://www.zdnet.com/blog/government/apple-made-in-china-untaxed-profits-kept-offshore/11126?tag=nl.e539

FIVE Most Shocking Things About Mitt Romney’s Tax Plan #p2 #tcot @gop

Problems viewing this email? View it in your web browser. The FIVE Most Shocking Things About Mitt Romney's Tax Plan Jan 12, 2012 | By ThinkProgress War Room Romney's Ready to Hand Out Billions More to the 1 Percent The Center for American Progress Action Fund's Michael Linden, director of tax and budget policy, and Seth Hanlon, director of fiscal reform, took a closer look at Romney's tax plan. Here's what they found in five quick charts. IN ONE SENTENCE: Millionaire Mitt Romney's economic agenda is of, by, and for the wealthiest 1 Percent of Americans — period. Evening Brief: Important Stories That You May Have Missed New Hampshire lawmakers are expected to vote on a bill as early as next week that would repeal the state's marriage equality law. The Palmetto State's reputation for conservatism shouldn't obscure the fact that establishment candidates like Mitt Romney can rely on it. Rick Santorum reiterated his opposition to the existence of Medicare during a town hall in South Carolina Thursday morning, saying, "we should not have a government-run health care system on Medicare or anything else." An Arizona school district suspended its Mexican-American history department because of the state's new law banning ethnic studies. Veterans flood an Iraqi restaurant in Massachusetts to show their support after a rock is thrown through its window. Ten years later, the No Child Left Behind policy ignores plenty. Why don't more women run for political office? Revolving door politics: a top Bush-era financial regulator is now a top financial industry lobbyist. The creator of 2 Broke Girls doesn't find any of his show's racial and ethnic stereotypes offensive. THINKPROGRESS | Center for American Progress Action Fund 1333 H Street NW, 10th Floor | Washington, DC 20005

Rep. Lamar Smith seeks mandate to store mass internet user data #p2 #tcot @gop

from  http://www.deathandtaxesmag.com/173604/under-the-radar-rep-lamar-smith-seeks-mandate-to-store-mass-internet-user-data/

Radical writer and free thinker Thomas Paine once wrote, "An avidity to punish is always dangerous to liberty. It leads men to stretch, to misinterpret, and to misapply even the best of laws. He that would make his own liberty secure must guard even his enemy from oppression; for if he violates this duty he establishes a precedent that will reach to himself." Paine crafted these words for the last paragraph of Dissertations on First Principles of Government in 1795.

How true these words have always been, and no more so than now, for the U.S. government is intent on embarking on one of the grossest violations of liberty in some time, though this is hard to believe in this Post-9/11 world which we inhabit.

The U.S. House of Representatives and Senate are both considering bills that would create massive internet user databases to which the government would have access. This is, in technological corridors, known as "data retention policy" and it has become a cause célèbre from the WikiLeaks #NOLOGS campaign against Twitter data retention to the Electronic Frontier Foundation's (EFF) concerns about the same in AOL's instant messaging policy.

The offending pieces of legislation are disguised within the morally impregnable title "Protecting Children From Internet Pornographers Act of 2011″—H.R. 1981 in the House and S. 1308 in the Senate. To oppose such legislation, equipped as it is with such pathos, one is rather immediately on the defensive. However, as The Center for Democracy and Technology (CDT) reports in "Compliance with a Data Retention Mandate – Costs Will Skyrocket with Trends in Internet Addressing," the data retention policy contained in the bills is troubling.

The bill makes plain its pursuit of those engaged in the internet distribution of child pornography, and that user data would be gathered at the ISP level across America; but, its sponsors have not been forthright with the American people by willfully neglecting to state that the legislation, as it currently exists, would create a sweeping dragnet to which all would be subject.

As CDT writes, "The mandates would impact hundreds of millions of individuals who have no connection whatsoever to the sexual exploitation of children or any other criminal activity." This is the very essence of the matter. That there is no dialogue to this effect in the mainstream media, or via politicians to their constituents and the country at large, is vileness of the highest order.

It's also worth noting that imposing expansive data retention mandates on ISPs and mobile carriers is not cost-effective, which has been an obstacle to similar legislation in the past.

As CDT writes, "The high capital and operating costs associated with data retention mandates have long been identified as barriers to legislation. However, changes in technology in recent years will raise these costs to new highs."

It should come as no surprise as well that the bill's House sponsor is Rep. Lamar Smith (R-TX), who also happens to be the chief sponsor of the Stop Online Piracy Act (SOPA), which would also violate civil liberties in its misguided attempt to stop online piracy—a fool's errand if there ever was one. Smith, as it seems, is a one-man wrecking crew of internet totalitarianism.

As Paine's words make so abundantly clear, and as I have noted in several articles relating to Stop Online Piracy Act (SOPA), the original intent of a law can be wise but its application over time can be perverted (no pun intended).

douchebag: @CBOE Chairman "Embarrassed" To Live In Illinois After Receiving $6 Million Tax Break Package #p2 #tcot

from  http://chicagoist.com/2012/01/11/cboe_chairman_embarrassed_to_live_i.php 

We can't really argue with Civic Committee member and CBOE Holdings CEO Bill Brodsky that Illinois Is Broke but, like Capitol Fax's Rich Miller, we wonder exactly Brodsky believes made the state broke?

In reference to Illinois' recent bond rating downgrade by Moody's Investors Service, Brodsky told reporters at a luncheon that he was "embarrassed to live here."

Moody's lowered Illinois' bond rating to A2, the lowest for any state. Brodsky also said in response to the move, "We need people to come together and recognize the gravity of the situation and work together to a solution."

The statement comes on the heels of the Illinois legislature passing a bill which gives millions in tax credit to CBOE, as well as CME Group, Sears Holdings Corp. and other big businesses.

Later in the luncheon, Brodsky said the state needs to deal with pension reform, and trumpeted both Cook County's and Chicago's efforts to deal with financial problems, saying that the state has "yet to take serious steps" in dealing with its budget crisis.

Yes, Illinois needs to deal with its fiscal crisis, but we echo Miller's statement on Brodsky's words:

If he was so concerned about Illinois' budget problems, then perhaps he shouldn't have threatened to move his company out of state unless he received a big tax cut.

Springfield passed legislation that curbs the amount of trades taxed as Illinois sales because many trades occur over electronic systems by out-of-state parties. Brodsky wouldn't disclose the full amount of CBOE's tax breaks, but analysts estimate they would save the company $6 million annually.

good for him: Gay Soldier Booed By @GOP Gives A Level-Headed Response #p2 #tcot

here  http://front.moveon.org/gay-soldier-booed-by-gop-gives-a-level-headed-response/?rc=fb.fan

@gop insanity: Florida Republican Introduces Bill Criminalizing Abortion – Calling For Life In Prison #p2 #tcot

here  http://www.addictinginfo.org/2012/01/05/florida-republican-introduces-bill-criminalizing-abortion-calling-for-life-in-prison/

"Van Zant introduced a bill which would make providing abortions a felony, even in cases of rape and incest. The only exceptions would be when the woman's life is in danger. The Bill, called the Florida for Life Act, says (from Think Progress):

A termination of pregnancy may not be performed unless:

(a) Two physicians certify in writing to the fact that, to a reasonable degree of medical certainty, the termination of pregnancy is necessary to prevent the death of the patient;

(b) Two physicians certify in writing to the fact that, to a reasonable degree of medical certainty, the termination of pregnancy is necessary because to continue the pregnancy would unreasonably reduce the likelihood of successful treatment of a life-threatening disease of the patient; or

(c) A physician certifies in writing that a medical emergency existed and another physician was not available for consultation prior to the time necessary to perform the termination of pregnancy. The physician's written certification must clearly describe the medical emergency.

The maximum penalty for the doctor would be life in prison.

Let's just hope that pregnant women in Florida don't need medical care. Let's hope that fetuses don't need quality nutrition. Let's hope the babies don't need homes, medical care or food. Let's hope they don't grow up to need jobs. Because even before they exit the womb, Florida's attention has moved on to the next unborn fetus.

Mama, don't let your babies grow up to be doctors."

@RickSantorum you are a douchebag: Santorum Mocks Obama For Extending Health Care Coverage To ‘Everybody’

here  http://thinkprogress.org/health/2012/01/05/398330/santorum-mocks-obama-for-extending-health-care-coverage-to-everybody/

these are the douche's that want to run our country: Santorum Mocks Obama For Extending Health Care Coverage To ‘Everybody’ #p2 #tcot @gop

http://thinkprogress.org/health/2012/01/05/398330/santorum-mocks-obama-for-extending-health-care-coverage-to-everybody/

Rick Santorum touted his opposition to the Affordable Care Act early this morning during an event in Manchester, New Hampshire and drew a clear distinction between his long-standing opposition to universal health care and the past positions of Mitt Romney and Newt Gingrich. "I've never been for government-run health care, never. Unlike the other two folks who are running here, who have supported individual mandates, who have supported top-down government health care, I never have," he said.

The former Pennsylvania senator also implied that widespread access to health care is "what's destroying most countries in the world" and mocked President Obama for passing reform that offered insurance to "everybody":

SANTORUM: No, we have to have something for everybody! We can't have people having access to better health insurance than other people. No! It all has to be the same! Is that American? Equality of result? Is that what built the greatest country in the history of the world? No. That's what's destroying most of the countries in the world.

Watch it:

rest at http://thinkprogress.org/health/2012/01/05/398330/santorum-mocks-obama-for-extending-health-care-coverage-to-everybody/

“Job-Killing” EPA Regulations for Chesapeake Bay Will Create 35 Times as Many Jobs as Keystone XL Pipeline

here  http://thinkprogress.org/romm/2012/01/04/397397/job-killing-epa-regulations-chesapeake-bay-create-many-jobs-keystone-xl-pipeline/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+climateprogress%2FlCrX+%28Climate+Progress%29

President To Just Go Ahead And Appoint Cordray As Financial Protection Chief

http://consumerist.com/2012/01/president-to-just-go-ahead-and-appoint-cordray-as-financial-protection-chief.html

Santorum’s Tax Plan Would Likely Add Trillions Of Dollars To The Deficit

here  http://thinkprogress.org/economy/2012/01/04/397368/santorum-deficit-tax-plan/

Michele Bachmann to suspend presidential campaign

here  http://www.dailykos.com/story/2012/01/04/1051451/-Michele-Bachmann-to-suspend-presidential-campaign?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+dailykos%2Findex+%28Daily+Kos%29

Did Psychopaths Take Over Wall Street Asylum?: William D. Cohan

It took a relatively obscure former British academic to propagate a theory of the financial crisis that would confirm what many people suspected all along: The "corporate psychopaths" at the helm of our financial institutions are to blame.

Clive R. Boddy, most recently a professor at the Nottingham Business School at Nottingham Trent University, says psychopaths are the 1 percent of "people who, perhaps due to physical factors to do with abnormal brain connectivity and chemistry" lack a "conscience, have few emotions and display an inability to have any feelings, sympathy or empathy for other people."

As a result, Boddy argues in a recent issue of the Journal of Business Ethics, such people are "extraordinarily cold, much more calculating and ruthless towards others than most people are and therefore a menace to the companies they work for and to society."

How do people with such obvious personality flaws make it to the top of seemingly successful corporations? Boddy says psychopaths take advantage of the "relative chaotic nature of the modern corporation," including "rapid change, constant renewal" and high turnover of "key personnel." Such circumstances allow them to ascend through a combination of "charm" and "charisma," which makes "their behaviour invisible" and "makes them appear normal and even to be ideal leaders."

Stable Environment

Until the last third of the 20th century, he writes, companies were mostly stable and slow to change. Lifetime employment was a reasonable expectation and people rose through the ranks.

This stable environment meant corporate psychopaths "would be noticeable and identifiable as undesirable managers because of their selfish egotistical personalities and other ethical defects."

rest http://www.bloomberg.com/news/2012-01-03/did-psychopaths-take-over-wall-street-asylum-commentary-by-william-cohan.html

Psychopaths Caused the Financial Crisis … And They Will Do It Again and Again Unless They Are Removed From Power

here  http://www.ritholtz.com/blog/2012/01/psychopaths-caused-the-financial-crisis/

JPMorgan Chase Sued For $95 Million Over Allegedly Misrepresenting Mortgage Loans

here  http://www.huffingtonpost.com/2012/01/03/jpmorgan-lawsuit_n_1181211.html