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Carly Fiorina’s $4 Billion Job Scam at Hewlett-Packard
As CEO, she lobbied for a tax holiday on corporate profits to create jobs. Instead, the money was used to buy back stock while HP fired 14,500 workers.
Had Donald Trump been talking about Carly Fiorina’s essence rather than her appearance, he might have had a point.
....
Take, for example, the cynically named Homeland Investment Act of 2004. The bill was passed as part of the equally cynically named American Jobs Creation Act of 2004 after intense lobbying with Hewlett-Packard in the forefront.
The purported aim of the legislation was to generate economic growth and therefore jobs at home by according corporations a one year “tax holiday” on billions in overseas profits they had stashed offshore.
The result was a $265 billion corporate giveaway.
The windfall was supposed to go toward research and development, and other job-creating endeavors.
Instead, almost all of it was put into stock buybacks as a way of funneling cash to stockholders, these prominently including CEOs.
....
Hewlett-Packard saved more than $4.3 billion and put more than $4 billion into stock buybacks. It laid off 14,500 workers.
To make it all even uglier, Hewlett-Packard lobbied for the Homeland Investment Act as a member of something called the Homeland Investment Coalition—this at a time when the “war on terror” was intensifying and the word “Homeland” made everyone think of national security.
....
Daily Beast
Had Donald Trump been talking about Carly Fiorina’s essence rather than her appearance, he might have had a point.
....
Take, for example, the cynically named Homeland Investment Act of 2004. The bill was passed as part of the equally cynically named American Jobs Creation Act of 2004 after intense lobbying with Hewlett-Packard in the forefront.
The purported aim of the legislation was to generate economic growth and therefore jobs at home by according corporations a one year “tax holiday” on billions in overseas profits they had stashed offshore.
The result was a $265 billion corporate giveaway.
The windfall was supposed to go toward research and development, and other job-creating endeavors.
Instead, almost all of it was put into stock buybacks as a way of funneling cash to stockholders, these prominently including CEOs.
....
Hewlett-Packard saved more than $4.3 billion and put more than $4 billion into stock buybacks. It laid off 14,500 workers.
To make it all even uglier, Hewlett-Packard lobbied for the Homeland Investment Act as a member of something called the Homeland Investment Coalition—this at a time when the “war on terror” was intensifying and the word “Homeland” made everyone think of national security.
....
Daily Beast
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