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Bank Transfer Day

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Uploaded on Nov 5, 2011

Labor Unions, MoveOn.org and Occupy Colorado Springs put the tax dodgers and corporate welfare queens on notice on November 5, 2011 on "Bank Transfer Day" and the " Make Them Pay" event in front of several banks in Colorado Springs.

Wells Fargo made $8 billion, but its tax payments were reduced because of the antitrust crime of it's purchase of Wachovia. This is ILLEGAL, except that 3 days after the 2008 election of Barack Obama, the bush administration ordered the IRS to make a "rule" that creates a specific, temporary exemption from this law for banks buying other banks whose tax losses are attributable to bad loans. This has created the enormous antitrust consolidation of banks into fewer hands.

Wells Fargo netted a tax benefit of $4.1 billion in 2009. It got a benefit worth nearly $4 billion from the federal government, and another worth $334 million from state governments. Wells Fargo did record an overall income tax expense of $5.3 billion, but that was offset by the tax benefits of the Wachovia losses.

On April 16, 2011, a US appeals court ruled Wells Fargo will have to reimburse $115 million dollars in undeserved tax write-offs from 2002, after the court found the bank's leases with 26 separate groups were unsubstantiated. The deals were "sale-in, lease-out" transactions, or SILOs, involving the sale to banks of public assets such as tramways.

Some information about Wells Fargo:

Federal taxpayer bailout received: $36.9 billion
Profits for first half of 2009: $6.2 billion
Bank fees collected in first half of 2009: $2.8 Billion
Credit card income for first half of 2009: $2.8 billion
The average Wells Fargo teller makes $10.28 an hour or $21,392 a year.
CASH BONUSES FOR TOP 5 EXECUTIVES IN LAST 10 YEARS: $254.9 million.
Money to lobbyists in 9 months after bailout: $2.5 million
Campaign contributions for 2008 federal elections: $4.7 million

Maybe the reason Wells Fargo will not have to pay taxes is due to the fact that it (and Wachovia) made themselves beneficiaries on the $17.8 billion in life insurance policies for its employees and former employees. The bank gets annual tax free income from investments in insurance contracts, which helped offset the executive compensation expenses, and then gets another tax break when employees and former employees die.

Wells Fargo's 4 top executives got stock awards worth a combined $25 million.

CEO Stumpf received 379,600 shares of stock that was worth about $10 million at the time he received his bonus. CFO Howard Atkins, Dave Hoyt, the head of the wholesale banking division, and Mark Oman, the head of the consumer finance division each received 189,800 shares of stock, worth about $5 million.

General Electric with more than $14 billion in profits last year pays nothing in taxes. G.E. spends millions on lobbying to rig the tax system, and now the U.S. owes $3.2 billion in tax benefits to G.E. Consequently, every single taxpayer owes G.E. about $14. G.E.'s not alone—Bank of America, FedEx, BP, Google, Wells Fargo, and dozens of other major American corporations make billions of dollars in profits but pay less in taxes than you or I do.

http://www.moveon.org
http://CSaction.org
http://www.facebook.com/csaction
https://www.facebook.com/pages/Occupy...
http://www.ctj.org/pdf/irsruling20081...

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