GE’s Fake Plan To Pay Taxes Causes Massive Stock Price Drop

General ElectricOur friends the Yes Men are once again deftly mocking the shady practices of ethically-challenged business executives. Why large corporations and the mainstream media that cover them (sorry USA Today) keep falling for their ruses, I don’t know, but you gotta love it. Morgan Clendaniel reports on the activists’ latest shenanigans for Fast Company:

Today, GE appeared to put out a press release noting that it had decided to do the right thing and pay the $6.3 billion taxes that it owed for 2010. And all the thanks it got was a quick drop in its stock price. If GE’s paying the government, that’s less money for shareholders. We can’t have that.

Remember the story that GE paid no taxes last year–and in fact, got money back from the government–despite making $11 billion in revenues (though, as with all tax law, the story was maybe a little more complicated than that). Pick your jaw up off the floor, though–GE would never do the right thing. It was all a big hoax, even though you might have read about it in USA Today.

It was just another jab at corporate America from those culture-jamming rascals The Yes Men, who’ve made a career of afflicting the comfortable. They did it in partnership with US Uncut, who want the government to ban circumcision and/or to not cut the budget while corporations don’t pay the taxes they should owe (see, for instance, Google’s 2.4% corporate tax rate…

[continues in Fast Company]

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  • iceOlate

    You do realize that GE is one of the largest funding corporations for these mainstream media outlets, do you not?

  • iceOlate

    You do realize that GE is one of the largest funding corporations for these mainstream media outlets, do you not?

    • Anon

      so they shouldn’t have to pay taxes?

      you do realize that its not just that they don’t pay taxes, its that they use offshore tax havens to manipulate where their profits come from. the actual fake release said $3.2 billion, which was the amount they got as a tax RETURN.

      no big deal right? hey we’ll just cut federal programs that so many people rely on to make up for it!

      actual fake press release – http://www.genewscenters.com/Press-Releases/GE-Responds-to-Public-Outcry.html

  • Anon

    so they shouldn’t have to pay taxes?

    you do realize that its not just that they don’t pay taxes, its that they use offshore tax havens to manipulate where their profits come from. the actual fake release said $3.2 billion, which was the amount they got as a tax RETURN.

    no big deal right? hey we’ll just cut federal programs that so many people rely on to make up for it!

    actual fake press release – http://www.genewscenters.com/Press-Releases/GE-Responds-to-Public-Outcry.html

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