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Posted: 5/9/2002 3:41:51 PM EDT
I'd planned on staying away from here for a while (fight internet addiction) but had to log in to see if anyone else heard this. did anyone happen to listen to the NPR show "marketplace" on the radio this evening? They were talking about stanly tools moving the hq to bermuda to avoid taxes. They quoted a congressman ( i wish I had caught the name) saying this: "If all corporations were to move off shore who would be the sucker left paying all the taxes?" ha ha. man was that funny. next they had a guy saying that abolishing income tax and instituting a sales tax would be unfair because "how would you feel if you had paid income tax you're whole life and right at retirement that tax was ended and replaced with a sales tax" boo friggen hoo. liberal radio, better than television for laughs.
Link Posted: 5/9/2002 4:20:45 PM EDT
I can barely even listen to Gloria Alred where I'm at without pulling my hair out...and that voice is like a shrill. Only reason I listen to that show is the guy thats on the "right" side is interesting to listen to, although he's sort of a wuss since it seems to me Gloria pretty much does all the talking...and this is only for a couple hours...how you can listen to it longer than that where there isn't even a balance is masochistic if you ask me. Then again, when does she ever stop? Their response to income tax is pretty sad...but its the same ole' thing. Raising taxes good. Getting rid of taxes bad. Its not about how the old man would feel its about getting rid of the tax to begin with...
Link Posted: 5/9/2002 4:30:55 PM EDT
Stanley did move. I like the tools, but might have a hard time buying them now. Still will over other Asian ones.
Link Posted: 5/9/2002 4:42:11 PM EDT
NO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! NPR IS THE DEVIL!!!!!!!!!! THEY ARE IN LEAGUE WITH HCI,THE MILLION MOM MARCH AND EVERY OTHER FUCKING LIBERAL CAUSE ON THE PLANET!!!! (on a lighter note, if you like mozart, BUY A CD!!!!) RANT OFF/ NO flame intended [:)]
Link Posted: 5/9/2002 5:02:19 PM EDT
Originally Posted By AlClenin: I'd planned on staying away from here for a while (fight internet addiction) ............
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I believe "internet addiction" can only be fought on the internet.
Link Posted: 5/9/2002 5:26:00 PM EDT
Link Posted: 5/9/2002 6:07:43 PM EDT
This is only the first page of the story. See link for the rest. PS - NY Times will require sign in, i.e. get a userid/password to acess any of their website. ========================================================== [url]http://www.nytimes.com/2002/05/09/business/09CND-STAN.html[/url] Shareholders in Toolmaker Approve an Offshore Tax Plan May 9, 2002 Shareholders in Toolmaker Approve an Offshore Tax Plan By DAVID CAY JOHNSTON NEW BRITAIN, Conn., May 9 — Executives at Stanley Works, a producer of tools and door products, said today that the company's proposal to relocate to Bermuda in address only, with its legal residence in Barbados, was narrowly passed by shareholders. John M. Trani, Stanley's chairman and chief executive, announced that 67.2 percent of the company's outstanding shares, slightly more than the minimum two-thirds majority needed, had approved the proposal and that Stanley would become a Bermuda company by the end of business on Friday. Mr. Trani said the measure was carried by about 425,000 shares. In an interview he said three million shares owned by employees in their 401(k) plans were not voted by the workers. Under the proportional voting system, the company used 2.5 million of these shares to vote in support of the Bermuda move, which is almost six times the company's margin of victory. The unvoted 401(k) shares represented the entire margin of victory. "Our shareholders have strongly affirmed the benefits of re-incorporation," Mr. Trani said in a statement, adding, "The global playing field has been leveled, and our company is now better able to compete." But Stanley union members and retirees said they would be in court today to block the move. They said the proposal to incorporate in Bermuda was approved only because the company voted shares owned by employees in the 401(k) plan who did not cast proxies. The company had originally sent a letter to employees saying that unvoted shares would count as no votes. But in the letters union members said they received on Saturday, the company said any unvoted shares would be voted by the trustee of the 401(k) retirement plan. There are 13 million shares in the 401(k) plan, and Donald D'Amato, president of the machinists union local, and others estimated that only half of the union members voted their shares. According to the company, 57.3 million shares were voted in favor of re-incorporation. Some 14.9 million shares voted against the measure, 1 million shares abstained and 12 million shares were not voted, the company said. The result of the vote was announced at an annual shareholders meeting held at the company's headquarters today. In the one-hour meeting Mr. Trani cut off questions after 20 minutes and told the booing crowd, "I run this meeting." His answers to shareholders' queries were short, and in response to a question he told the booing audience that a one-hour annual meeting gave shareholders all the time they needed to question the management. Mr. Trani then used more than half of the meeting to speak on topics that included the lengthy recitation of the company's accomplishments. He also gave a detailed power point presentation. Outside the meeting, Denise L. Nappier, Connecticut's state treasurer, said she was appalled at what she called Mr. Trani's arrogance. "It was quite rude," Ms. Nappier said. "I don't think that's the way to talk to the owners of the company."
Link Posted: 5/9/2002 7:03:36 PM EDT
Originally Posted By Striker: One of the richest men in Canada moved to Bermuda to avoid paying personal income tax. When he died his family brought him back here to plant him.
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That seems about right.
Link Posted: 5/9/2002 7:04:47 PM EDT
Originally Posted By AlClenin: They quoted a congressman ( i wish I had caught the name) saying this: "If all corporations were to move off shore who would be the sucker left paying all the taxes.
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Very interesting point.
Link Posted: 5/9/2002 7:16:17 PM EDT
Stanley has a large plant in Shelbyville Tennessee, about 25 miles from me. They are alive and well cranking out tools fit only for the weekend warrior. Real craftsmen use Starret or Mitotoyo. Heres some news for you. Most major corporations already have offshore accounts. Look at your banks letter head and see if it has some initials after the name. Mine does. Bank One N.A.,. Netherlands Antilles. I do believe that WalMart, Exxon, KMart,and most of the Dow Jones index companies do too unless they have changed in the last ten years. There are even a few "offshore banks" on indian reservations. They haven't caught on yet though.
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