latimes.com:
Yo-ho-ho and a bottle of rum.
With little fanfare, a deal is moving forward to direct billions in U.S. tax dollars to an unlikely beneficiary -- the giant British liquor producer that makes Captain Morgan rum.
Diageo rejects 'unworkable' plan to save Johnnie Walker whisky jobs - Telegraph
BBC NEWS | UK | Scotland | Glasgow, Lanarkshire and West | Talks to avert job cu...
New Diageo whiskies: The Manager’s Choice » What Does John Know?
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With the U.S. economy struggling, we need policies that will spark immediate business investment and encourage capital investment. We must continue to create overseas opportunities for American companies and chip away at the deficit by taking steps to control wasteful governmental spending. Read and learn about policies that need attention at http://www.friendsoftheuschamber.com/issues/index.cfm?ID=104 .
I am buying stock in this company. With the taxpayers behind it , how can I lose?
Hilarious
"tax credits and other benefits"
So what's so new about this. Take a look at what kind of sweetheart deals your local municipality or state is giving companies to build or put their business in the city/state. It's one of the tools that government has to attract business. The downside is that these business end up not supporting any of the government provided services (except indirectly by providing jobs) and should these businesses decide to pull out of an area after 3~4 years they pay no penalty. They just leave a big "White Elephant" building setting empty that still requires some level of police attention to prevent vandalism. To top it off, if it's one of the big box retailers it's likely that over the 3 or 4 years they have also driven all the smaller merchants out of business which forces you to drive 25 or 30 miles to one of their other stores in a nearby city.
Captain Morgan is lousy rum let it fail there a mnay other smaller rum makers to take its place.
Buy DEO hand over fist. And Altria.
Tobacco and Cigs are great sectors for wealth building over time.steady stream of dividends. Dont listen to Wall street and invest in "high flying" fads like solar stocks and alternative energy blah blah. they are good for cocktail party discussions, but not for your personal portfolio.
Cigarette and Alcohol companies are tremendous cash cows. Not all companies of course, but you have to do research well.
DEO is the best run liquor company in the world. BAR NONE !! and Morningstar recommends it too.
Good thing we don't have a socialist health care system. It might deplete funds for corporate socialist programs like this.
Ahh the core values of Obamanomics! (Or is it Rahmanomics?) More for those who have and less for those who haven't and some day, some way, it will all work out for the best. Obama is just giving us trickle down without the BS. Hey Obama, how about spending some tax money on the people who pay the taxes! And let Gigantocorp pay its own bills for once!
You!! leave Obama alone, he has barely started his first term...Do you expect him to fix everything so fast??? He was left with a big mess on his plate and it will take very long to fix it......just think of it like this, he's just getting warmed up! ...haha
This is nobody but the Obama administration at work. Where is the change? I am wondering why I voted for him. Loosing faith fast.
How about we sell them the virgin islands.
Where would all the virgins go?
yar-har! it is so terrific living in a country where our priorities are so screwy. i give up understanding any of this.
This is such an old story. Slow news day?
Read the entire story (click on the link); it is much more than $165Million. Subsidies of over $2Billion AND tax reductions.
Do some math; $165Million divided by 55 employees (story says 40 - 70, so let's say 55) over 10 years; that's a staggering $300,000 per employee per year subsidy. This number DOES NOT INCLUDE the tax reductions and the $2Billion advertising subsidy.
Puerto Rico uses 90% of the tax dollars generated by the Rum Tax for public welfare costs; the deal with the U.S. Virgin Islands will provide v i r t u a l l y NO spendable income.
I compare this to sports stadiums that are paid for by taxes, but benefit the owners' much more than the local economy. The Dallas Cowboys stadium costs were in the billions, once infrastructure is included, and Eminent Domain laws were used to secure some of the property; i.e. private property was taken to, ultimately, benefit an individual. The entire thing is being paid for by taxes on local food, liquor, hotels, etc...in other words, taxpayers are paying for the stadium. The result is that the value of the Cowboys almost doubled and, if sold, the taxpayers receive nothing from the proceeds.
The point of the comparison is that subsidies and free-of-tax laws rarely benefit the people the politicians and companies tout as the beneficiaries of such largesse.
Sooo. Do we all get a case of Captain Morgan for free now, since we're giving our money to them?
That is something I could get behind, but then we need to bail out coke because I will need a case of that also.
And straws and ice . . .
We're a thoroughly ridiculous nation.
Thank you corrupt capitalism!
it''s called fascism!
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Posted: 09- 1-09 12:28 PM