Ace of Spades HQ

January 24, 2010

Federal contractors owe over $5B in delinquent taxes
— Purple Avenger

...reports by the Government Accountability Office (GAO) state that Federal contracts are awarded to tens of thousands of companies with serious tax delinquencies. The total amount in unpaid taxes owed by these contracting companies is estimated to be more than $5 billion...
...I also direct the Director of the Office of Management and Budget, working with the Secretary of the Treasury and other agency heads, to evaluate practices of contracting officers and debarring officials in response to contractors' certifications of serious tax delinquencies and to provide me, within 90 days, recommendations on process improvements to ensure these contractors are not awarded new contracts, including a plan to make contractor certifications available in a Government-wide database, as is already being done with other information on contractors...

With the treasury being light $5B, I guess we know why congress wants to shake everyone else down.

If there were (taking a SWAG) 50,000 delinquent contractors owing $5B, that would come to $100,000 each on average. I'd guess most (again a SWAG) are probably smaller local contractors who wouldn't be able to come up with $100K if you put a gun to their heads. My prediction would be the public takes it in the shorts on at least (SWAG) 80% of that owed tax.

Posted by: Purple Avenger at 09:36 AM | Comments (120)
Post contains 228 words, total size 2 kb.

1 Didn't ACORN owe $2 or $3 million in taxes ?

Posted by: Neo at January 24, 2010 09:38 AM (tE8FB)

2 These same idiots are supposed to find us $500million in Medicare savings.

uh huh.

Oh look! A unicorn!

Posted by: sifty at January 24, 2010 09:39 AM (8cCho)

3
Yes, but I'm more worried about ACORN getting billions of federal taxpayer dollars. At least contractors produce something and add to the economy.

Posted by: This is lolboner at January 24, 2010 09:39 AM (z37MR)

4
Wait.

Doesn't this automatically qualify them to serve in the Obama admin?

Posted by: This is lolboner at January 24, 2010 09:40 AM (z37MR)

5 I'll make them pay!

Posted by: Tim Misny at January 24, 2010 09:42 AM (u61UO)

6 Didn't ACORN owe $2 or $3 million in taxes ?

In USA, ACORN doesn't pay taxes, taxes pay ACORN!

Posted by: Purple Avenger at January 24, 2010 09:42 AM (mMFH1)

7 I'll make sure none of them pay!

Posted by: Roni Deutch at January 24, 2010 09:42 AM (u61UO)

8 We'll both get paid!

Posted by: Roni Deutch and Tim Misny at January 24, 2010 09:44 AM (u61UO)

9 Vote for Obama!

Posted by: David Poof at January 24, 2010 09:44 AM (8cCho)

10 #2 sifty

That's 500 billion dollars in Medicare savings.

Posted by: Dr. Evil at January 24, 2010 09:45 AM (gaNus)

11 More lube please

Posted by: mbruce at January 24, 2010 09:45 AM (t/GDA)

12

In Soviet USA, ACORN doesn't pay taxes, taxes pay ACORN!

ftfy

Posted by: Dang Straights at January 24, 2010 09:46 AM (lhexs)

13 3 At least contractors produce something and add to the economy.

Everybody who get a federal contract is a contractor

Posted by: Neo at January 24, 2010 09:47 AM (tE8FB)

14 Taxes are for the weak.

Posted by: Wesley Snipes at January 24, 2010 09:48 AM (GfYt/)

15
Farm Aid! Grow your own!

Posted by: Willie Nelson at January 24, 2010 09:48 AM (lhexs)

16 When we start packaging and selling the Skittles that are flying out the ass of Obama's Unicorn, we'll make these margins up in no time.

Posted by: Rahmie Wonka! at January 24, 2010 09:49 AM (3R688)

17 I'm hoping my backyard garden does well this year. We'll need the food.

Posted by: sifty at January 24, 2010 09:50 AM (8cCho)

18
Only you peasants pay taxes.

Posted by: Timmah Geitner at January 24, 2010 09:51 AM (lhexs)

19 It's Halliburton!!!!!

And Blackwater!!!!

!!!11!!111!!!!

Posted by: typi8cal raving moonbat at January 24, 2010 09:51 AM (OKZrE)

20 So is Obama's ag team working on a new tater blight?

Posted by: Gelnn at January 24, 2010 09:52 AM (t/GDA)

21

Hey, at least their not Wall Street Bankers making obscene profits, right ?

Amirite ?

Posted by: Blazer at January 24, 2010 09:52 AM (t72+4)

22 Put them into the Social Security lock box with the rest of the IOUs.

Posted by: bergerbilder at January 24, 2010 09:52 AM (u61UO)

23 Have any of you ever done business with the government? They probably haven't gotten paid by the federal government for their services/products, yet. Wouldn't it be just like the government to ask for the taxes prior to paying on the contract.

Posted by: peoples front of judea at January 24, 2010 09:52 AM (iV4X6)

24
Wouldn't it be just like the government to ask for the taxes prior to paying on the contract.

Shaddup, you.

Posted by: The State of California at January 24, 2010 09:54 AM (lhexs)

25
Have any of you ever done business with the government? They probably haven't gotten paid by the federal government for their services/products, yet. Wouldn't it be just like the government to ask for the taxes prior to paying on the contract.

Posted by: peoples front of judea at January 24, 2010 01:52 PM (iV4X6)

Now where have I heard that one from. Oh yea, California tried to do that just last year.

Posted by: Blazer at January 24, 2010 09:54 AM (t72+4)

26 Taxes are for the Little People.

Posted by: Zombie Leona Helmsley at January 24, 2010 09:54 AM (QECjC)

27 C'mon, how hard is this to fix? You start dinging every payment 10%, 15%, 20% and send it to the IRS until their back taxes are paid off. Then they go back to full payments. Duh!

Posted by: Peaches at January 24, 2010 09:55 AM (9Wv2j)

28 Just remember that this is a government estimate. The IRS is very very optimistic about how much money other people earn and even more generous what their share should be of that fanciful amount of money. Little people don't cha'know, the Rangle & Genther rules do not apply to them.

Posted by: Ron at January 24, 2010 09:55 AM (pz+gB)

29 We've sent billions to the auto companies, are we still doing business with them? Are they paying taxes? I suggest these delinquent contractors start drinking and donating heavily to President Retard.

Posted by: Dr. Spank at January 24, 2010 09:56 AM (muUqs)

30 how hard is this to fix?

This administration isn't about fixing. Its about destroying.

Posted by: Purple Avenger at January 24, 2010 09:56 AM (mMFH1)

31 Are they paying taxes?

When you're losing money measured in 30 yard dumpster loads per hour, there isn't much in the way of profits to pay any tax on.

Posted by: Purple Avenger at January 24, 2010 09:59 AM (mMFH1)

32 Most of them have probably already paid their estimated tax, but can't file a return because they haven't been paid for their services yet, so they don't get any credit for paying anything.

Posted by: bergerbilder at January 24, 2010 09:59 AM (u61UO)

33

Dont forget, people like Scott Brown who drive pick-up trucks are evil and stupid. Pick-up trucks are stupid period. I say this as a man who totally doesnt own a major auto company who's profit margin depends a great deal on the sale of pick-up trucks.

That is all.

Posted by: Barack Obama at January 24, 2010 09:59 AM (t72+4)

34
Clearly, Democrat lobbyists and special interests need another son-of-stimulus.
Another round of tax-payer funded corruption --- just put it on the American people's tab.

Posted by: Pre Paid Sex Monster at January 24, 2010 10:00 AM (0fzsA)

35 Did business as a contractor for the Gov'ment for years. Even Wal-Mart pays faster than the Gov'ment.

Posted by: sifty at January 24, 2010 10:01 AM (8cCho)

36 OT - Ace gets a mention.

http://tiny.cc/FNpZG

Posted by: Guy Fawkes at January 24, 2010 10:02 AM (DIYmd)

37 33 Well, there's that and it's probably at least part of the problem. But most large companies are on an accrual basis, which means they book the income when it's billed, not when it's received. So, regardless of the status of their receivables, they still owe taxes on it, unless they use cash basis accounting.

Posted by: Peaches at January 24, 2010 10:02 AM (9Wv2j)

38 >>This administration isn't about fixing. Its about destroying.

This administration believes you have to destroy parts of the economy in order to fix it. Or at least disfigure it until it conforms with their anti-competitive view of how an economy should work. Democrats hate competition and capitalism because the result is that there are winners and losers. And the losers are generally democrats

Posted by: Dr. Spank at January 24, 2010 10:03 AM (muUqs)

39 Results of this sooooper jeanus plan:

$6 billion spent on the reforms.
15,000 new union government employees.
$2 billion collected.
30,000 contractors out of business.

Higher unemployment, higher taxes, and bigger government.

Posted by: jukin at January 24, 2010 10:08 AM (vkkNZ)

40 Totally OT and belated, but -

I was thinking about the Brown victory and also about the SCOTUS decision this week. One of the reasons (other than the obvious) the Left is so upset about those two events is that now the American People have woken up and realized we has power. Moreover, we are clearly not afraid of exercising that power. A terrifying prospect for the Left.

Just wanted to get that out there.

Posted by: Macaroon at January 24, 2010 10:09 AM (F6+/O)

41 now the American People have woken up and realized we has power. Moreover, we are clearly not afraid of exercising that power. A terrifying prospect for the Left.

And the go-along-to-get-along GOP establishment.

Posted by: Methos at January 24, 2010 10:11 AM (Xsi7M)

I see I've already been on this thread, but let me remind you s!%&bags, I know where the f#(@ing bodies are buried.

Just as I am uniquely qualified to run the IRS, these scr*(&s are uniquely qualified to dig my ditches, or whateverthef234 they do for me. Just have them put their tab, on my tab. Now, I've got some banks to bust out and turn into Obama's personal f*^%ing slush funds.

Posted by: Tim F@#&ing Geithner at January 24, 2010 10:11 AM (FjC5u)

43 PERHAPS OBAMA WILL NOW START SHAKING DOWN FEDERAL EMPLOYEES ..... THEY OWE APPROXIMATELY $4.2 BILLION IN BACK TAXES.

CHARITY STARTS AT HOME, BARRY!

Posted by: GarandFan at January 24, 2010 10:15 AM (ZQBnQ)

44 I like taking it in the shorts. Much better than taking it in the mouth. Just sayin'.

Posted by: momma at January 24, 2010 10:16 AM (penCf)

45 You know... I haven't won a thread in six months. What's worse is, this bothers me more than the fact that I haven't had marital relations in over 15 months.

Posted by: Truman North at January 24, 2010 10:16 AM (FjC5u)

46 Yes, well, it's totally unrelated, but y'all'll vote for me, right? Please? With sugar sprinkles on top?

Posted by: Ben Bernacke at January 24, 2010 10:20 AM (Xsi7M)

47 What's worse is, this bothers me more than the fact that I haven't had marital relations in over 15 months.

Don't worry, Truman. Barack Obama will make sex to you!

Posted by: Hsu Jintao's translator from SNL at January 24, 2010 10:22 AM (Xsi7M)

48 Obama thinks he will do sex to us on April 15. He may get stood up for that date.

Posted by: sifty at January 24, 2010 10:23 AM (8cCho)

49
I haven't had marital relations in over 15 months.

THREAD LOOSER!!!

Posted by: Dang Straights at January 24, 2010 10:24 AM (lhexs)

50 The Democrat way: Tax and bend (over) Tax and bend

Posted by: bergerbilder at January 24, 2010 10:25 AM (u61UO)

51 >>...I haven't had marital relations in over 15 months.<<

Hmm...., and no sex either?

Posted by: Dr. Phil at January 24, 2010 10:28 AM (W+E+o)

52
We really need to get Truman to Vegas so he can hit a chicken ranch.

Posted by: Dang Straights at January 24, 2010 10:30 AM (lhexs)

Let's see...$50 Billion... that's 7 - carry the one...

ahhh... yes -

12 more jobs created or saved.

Well hear about the greatness of the one for weeks now.

Posted by: Hussein the Plumber at January 24, 2010 10:31 AM (r1h5M)

54 'Show me' what you got, Hairy Truman!

Posted by: Andi Sullivan at January 24, 2010 10:32 AM (4Kl5M)

55 Let's see, shall we cut them off and write off the delinquent taxes, or shall we let them bid, and deduct 10% of their payments until the taxes are paid?

Posted by: Vashta.Nerada at January 24, 2010 10:32 AM (NYsdu)

56 He must be short cabinet members. Did he throw someone under the bus we have'nt heard of? Or is he going to appoint somemore czars?

Posted by: Hussein the Plumber at January 24, 2010 10:35 AM (r1h5M)

57 "Let's see, shall we cut them off and write off the delinquent taxes..." Any taxes written off will be considered taxable income.

Posted by: bergerbilder at January 24, 2010 10:38 AM (u61UO)

58 Ball-dipping goodness for your Sunday afternoon pleasure.

Leftwing Professor Writes Hilarious Essay About 'Conan Obama' via P.J. Gladnick at Newsbusters

"Barack Obama has now, in just a year's time, become the single most inept president perhaps in all of American history, and certainly in my lifetime."

Via Instapundit.

http://newsbusters.org/blogs/p-j-gladnick/ 2010/01/23/ leftwing-professor-writes-hilarious-essay-about-conan-obama

Posted by: Looking Glass at January 24, 2010 10:38 AM (pS1b2)

59 ...I also direct the Director of the Office of Management and Budget, working with the Secretary of the Treasury and other agency heads, to evaluate practices of contracting officers and debarring officials in response to contractors' certifications of serious tax delinquencies

It takes a tax cheat to catch a tax cheat you know....

Posted by: Turbo Tax Tim at January 24, 2010 10:44 AM (sYxEE)

60 If the government were serious about stimulus, they'd forgive a great part of that debt. That would be a wide ranging industry bailout done on the cheap. After enduring over a year of this depressed economy, a lot of those contractors will undoubtedly not be able to pay. Without further contracts to keep their people working, they will go out of business. A lot of companies have been robbing Peter to pay Paul, hoping things will turn around, for months and months now.

It's no wild notion that their long term value to the American economy is a lot greater than their owed taxes, or their value at firesale auctions.

But this is about 'justice,' not jobs, so what the Hell do I know.

Posted by: lauraw at January 24, 2010 10:46 AM (DbybK)

61 56 He must be short cabinet members. Did he throw someone under the bus we have'nt heard of? Or is he going to appoint somemore czars?

That was my first thought. He needs to dole out some more patronage positions to unqualified losers.

Posted by: Peaches at January 24, 2010 10:48 AM (9Wv2j)

58 Ball-dipping goodness for your Sunday afternoon pleasure.

Wow! That's amazing. And to think that my anger at the president might actually be a little irrational.

Evidently I've got a long way to go yet. But somehow, I'm not relieved.

Posted by: Hussein the Plumber at January 24, 2010 10:50 AM (r1h5M)

63 39 Results of this sooooper jeanus plan:

$6 billion spent on the reforms.
15,000 new union government employees.
$2 billion collected.
30,000 contractors out of business.

Higher unemployment, higher taxes, and bigger government.

Posted by: jukin at January 24, 2010 02:08 PM (vkkNZ)

...and BINGO was his name-o

Posted by: lauraw at January 24, 2010 10:50 AM (DbybK)

64 O/T but Politico is reporting that Beau Biden might be out of the DE Senate race.

Posted by: AmishDude at January 24, 2010 10:51 AM (Vo2Ef)

65 If the government were serious about stimulus, they'd forgive a great part of that debt. That would be a wide ranging industry bailout done on the cheap. After enduring over a year of this depressed economy, a lot of those contractors will undoubtedly not be able to pay.

I couldn't disagree more. Aren't these the same people who gave us the $1200 toilet seats and the $900 screwdrivers? Why reward people who have screwed up (see GM, Chrysler, credit swaps, etc.)? If there's going to be some ObamaBucks doled out, I think it should go to companies who have Done the Right Thing, not to the cheaters and scammers.

Posted by: Peaches at January 24, 2010 10:52 AM (9Wv2j)

66 my step father who disolved his small buisness three yrs ago died last july...the irs is still hounding my mother for a lousy 1700.00 for now defunked buisness that she had nothing to do with. Its easier to go after the little people as they tend to get intimidated. My mom is a different story she is simply stringing them along with error filled documents etc. eventually they'll write it off, her attitude is FUCK Em!!

Posted by: dananjcon at January 24, 2010 10:57 AM (mQFwK)

67 @65 Exactly. There are other companies bidding.

Posted by: Guy Fawkes at January 24, 2010 10:58 AM (DIYmd)

68 And the reasons for scrapping the income tax altogether keep piling up. I'm sure the gov't already got a few pounds of flesh from the employees of the contractors through the withholding tax.

Posted by: bergerbilder at January 24, 2010 11:00 AM (u61UO)

69 Any taxes written off will be considered taxable income.

Posted by: bergerbilder at January 24, 2010 02:38 PM (u61UO)

They've already got taxable income they apparently can't pay taxes on, so it goes into an endless loop.

Posted by: Vashta.Nerada at January 24, 2010 11:02 AM (NYsdu)

70 Big haha from the lefty professor's essay Looking Glass linked above:

He has therefore let Congress Â‘lead' on nearly every issue, another surefire mistake. Instead of demanding that they pass real stimulus legislation - which would have really stimulated the economy, big-time, and right now - he let those dickheads on the Hill just load up a big pork party blivet of a bill with all the pet projects they could find, designed purely to benefit their personal standing with the voters at home, rather than to actually produce jobs for Americans.

Posted by: Peaches at January 24, 2010 11:09 AM (9Wv2j)

Mr. Butzi and I own a small business. We are required by the IRS to estimate and pay our taxes every 90 days. To expedite payments to the IRS the payment must be made electronically.

We do some govenment work but getting paid is like pulling teeth.

PS. We have managed not to lay off any employees but we haven't taken out a personal paycheck since early December. But those tax payments will be made on time!

Posted by: Butzi at January 24, 2010 11:10 AM (qLV03)

72 This from the government that sent billions of stimulus to zipcodes that don't exist...This is a bullshit number meant to show Obi-won is on the job...It's a press release, period...Most of this 5B are accounting errors and disputed actions that will have to go to court to get hashed out...Nothing to see here folks, just more spamming from friends of Ellie Light.

Posted by: Nozzle at January 24, 2010 11:17 AM (lxg2b)

73 Aren't these the same people who gave us the $1200 toilet seats and the $900 screwdrivers?

The $640 toilet seat happened in 1984.
You can't tar 'tens of thousands' of current contractors with that.

Posted by: lauraw at January 24, 2010 11:19 AM (DbybK)

74 I Sing of Toilet Seats - Journalism Explained, by Fred Reed.

"YouÂ’ve heard this? The Navy was supposed to have bought a toilet seat for $640 for one of its aircraft. Cartoons by editorial idiots showed the Secretary of Defense with a toilet seat hanging around his neck. You could get one at Home Depot for $9, was the implication, yet the Navy paid $640. Bad old Navy.

The airplane in question was a PC3 Orion, a Lockheed Electra modified for long flights over the ocean in search of submarines. Such a plane needs a toiler for the substantial crew operating the avionics. You donÂ’t put a heavy porcelain toilet in an airplane, perhaps in a wooden shack with a moon on the door. Do the toilets on airliners look like the ones in your home? The Â“toilet seatÂ” in question was a complex injection-molded device with the plumbing in it, constituting most of the toilet. It was not remotely what one thinks of as a toilet seat. Yet Turse, like almost all of the reporters at the time, wants you to think it was. It makes a better story."

http://www.fredoneverything.net/Turse.shtml

Posted by: Looking Glass at January 24, 2010 11:27 AM (pS1b2)

75 And that, is why journalists are the most hated profession.

Posted by: lauraw at January 24, 2010 11:28 AM (DbybK)

76 I like taking it in the shorts. Much better than taking it in the mouth. Just sayin'.

Posted by: momma at January 24, 2010 02:16 PM (penCf)

You disappointment me momma. Still, I'd need pics to evaluate your statement.

Posted by: Herr Morgenholz at January 24, 2010 11:28 AM (qWLc4)

77 Ball-dipping goodness for your Sunday afternoon pleasure.

I left a few comments on that piece over at Common Dreams. If I were the Sevret Service, I'd be watching that professor very closely. He seems to have some real anger management issues.

Posted by: Purple Avenger at January 24, 2010 11:30 AM (mMFH1)

78 If I'd been designing the toilets on the PC3's, they'd have gotten 6" diameter sheet metal piss/shit tubes that just exited the airframe. Simple, easy, cheap, no maintenance, hose it off cleanup after a flight.. The chances of dropping a runny brown one some poor fisherman or yachtsmen are pretty remote flying low level.

Posted by: Purple Avenger at January 24, 2010 11:35 AM (mMFH1)

79 $5 Billion?

Obama spends that in what, 5 minutes?

Posted by: nickless at January 24, 2010 11:42 AM (MMC8r)

4 Wait. Doesn't this automatically qualify them to serve in the Obama admin?

You bitter clingers are soooo stupid! 50,000 Cabinet positions? Even Sheriff Joe Biden couldn't watch over that many departments to prevent waste and fraud! What are you smoking?

Look, by the time Obama retires in 2013, he'll have created or saved no more than 2,000 Cabinet positions, max! Even if by some fluke he gets re-elected, we'll end up with no more than 5,000 Cabinet Secretaries, absolute tops!

Unless ObamaCare passes of course. Then all bets are off.

Posted by: sherlock at January 24, 2010 11:46 AM (ktKOD)

81 Do these contractors have other customers, or is the federal government their sole client?

If the federal government is the sole or primary customer for these firms, then withholding contracts over past taxes will not result in those taxes being paid, but in those companies folding and those jobs being lost.

This is pure insanity.

But leave it to leftists to obsess over money "owed" to the government at the expense of the economic activity that makes taxation possible in the first place.

Taxes, like government, are a necessary evil. The government doesn't need that money nearly as much as the employees of those firms do. Putting tax collection before job creation in a recession is the kind of thing that someone would do if they were trying to hurt the American people.

Posted by: Lee at January 24, 2010 12:11 PM (8cnnJ)

the kind of thing that someone would do if they were trying to hurt the American people.

ding ding ding, we have a winner!

Posted by: mrfixit at January 24, 2010 12:22 PM (Bsm1s)

O/T No one in blogosphere making jack; HuffPo biggest loser http://tinyurl.com/yhvry3h

Red meat for South Carolina! http://tinyurl.com/ykkoef3

Posted by: RushBabe at January 24, 2010 12:37 PM (LKkE8)

84 I did not read in that memorandum anything about trying to collect the money owed - just evaluating practices, "debarring" officails (don't you have to bar somebody before you debar them?) - and not giving them more business.

Posted by: lan sing at January 24, 2010 12:39 PM (cEOZd)

85 I know that the saying is, "Never attribute to malice that which can be adequately explained by stupidity," but that gets harder to do every week. If it's stupidity, who reminds these people to breathe?

Posted by: Scott Crawford at January 24, 2010 12:40 PM (Exrhr)

86
Obama = Conan O'Brien?

Does that mean we get George W Bush back in the White House?

Posted by: This is lolboner at January 24, 2010 12:45 PM (z37MR)

Wha...? Go under if they pay their taxes?

Then, clearly, The Unprecedent will have to confiscat save all those contractors--they're too big to fail.

I guess TNYT was right; capitalism just doesn't work...

Posted by: follower of IXTHYS at January 24, 2010 01:04 PM (Vz1WE)

88 Why so serious ?

Posted by: Evil Joker Obama at January 24, 2010 01:08 PM (Cxsey)

89 I worked for a small contractor when i started out. One day at a bar the President confided in me that they never pay their corporate taxes. He said that every year, after about nine months, the IRS comes after them and they settle for 30 to 50% of the actual amount due. He said it was a strategy to reduce the bill.

I confirmed this with the owners daughter. They were tickled thinking that all that extra cash could go toward raises for the executive staff I guess. I was depressed.

No lie, this was in the 90's btw.

Posted by: nine coconuts at January 24, 2010 01:10 PM (DHNp4)

90 Reverse Jesus. It's the banks, contractors, blackwater, fox news, other fat cats, racists, the boston police force, sarah palin, scot brown, partisans, the english, the olympic committee, and other bitter clingers causing all the harm. Damn tea baggers--I am clean I tell you! No sins have I

Posted by: dagny at January 24, 2010 01:18 PM (8PzSd)

91 yet they have started going after the "little people" demanding they pay their back taxes in full plus countless penalties and fines that the congress allowed them to charge.

Posted by: curious at January 24, 2010 01:19 PM (p302b)

92 More details, they were a very small company (about 50 employees) but obviously they were profitable since otherwise there would be no corporate tax. They ran the company like a giant cash machine with major personal expenses being charged to the company including trips, tvs, cars, house additions, etc. (this was for family and non-family executive staff) in order to avoid paying corporate or payroll tax. It was disgusting. They were a privately held firm so they could get away with it since there was no real disclosure and the IRS was clueless.

They were audited every year, and my gf at the time was an auditor for a big five firm. This is how i realized audits are BS and i was not surprised by Enron.

They did business for gov, but mostly non-gov high tech equipment. domestic and overseas (the foreign revenue was easier to hide.)

Posted by: nine coconuts at January 24, 2010 01:19 PM (DHNp4)

93 Just saw the drudge little line about europe "welcoming the bank plan" but passing. sure they are going to pass, if this goes through the "balls" will have been taken off American banks but not all banks worldwide. since WS guys routinely say this CDO stuff emanated in London, they aren't going to stop the party by doing this, they are just going to give a huge advantage to those with no rules.

Posted by: curious at January 24, 2010 01:21 PM (p302b)

94 "86
Obama = Conan O'Brien?

Does that mean we get George W Bush back in the White House?

Posted by: This is lolboner at January 24, 2010 04:45 PM (z37MR)"

This is definitely a winner of a post. Jay is like the new trophy wife. She should always watch out cause if he did it to his first wife, he will do it to her when she gets the tarnish off the trophy. Leno will be the next to go and just as quickly and with not as much money as Conan cause Conan was the first wife, she gets most of the money. By the time he's going for the third wife the well has run dry and he might have to rely on his personality and finding a wife number three wealthier than he. Wonder will will have the tonight show once Jay is gone, cause the audience is disgusted and craig fergueson is the only one everyone is watching.

Posted by: curious at January 24, 2010 01:26 PM (p302b)

95 Thanks for that S.C. link Rushbabe .

Posted by: awkward davies at January 24, 2010 01:28 PM (wb68R)

96 gosh, i could go on for hours (i wont). They would all pad their expense accounts like crazy. It was simple theft. On one trip I made with the owners nephew to Japan I was challenged on a $10.00 lunch where I lost the receipt. The accountant came to me with the reports, and I noticed the nephew was charging $1000 a week for taxis. The thing is, our customer paid most of the taxis (In japan this is standard) and when they didn't I did and put it on my account. So the guy was stealing (with the owners approval, so he was really just cheating the IRS) 4K in that one trip just on taxi padding. My guess is he stole 50K a year and the owner probably tripled that number.

Posted by: nine coconuts at January 24, 2010 01:28 PM (DHNp4)

Here is a pretty cool youtube video on obama the taxman!!!

http://tinyurl.com/yfdwbk2

Posted by: Tipsy McStagger, somewhere down in Texas at January 24, 2010 01:46 PM (vyFwl)

98 I don't know about taxes, but Obama is AWESOME!

Posted by: Ellie Light at January 24, 2010 01:46 PM (ej0Vm)

99 Anyone see this article. At first I thought "wow another woman that looks like a man". Then I thought "wow does she look familiar, wow she looks like BO, what BO would look like if he were a woman." then I thought "what if BO has a twin and just never mentioned it". Now will go and read the articles.

Posted by: curious at January 24, 2010 01:47 PM (p302b)

100

Yet most of these contractors win the contracts because some politician is pushing the winner. Then the contractor give the money back to the politician in campaign contributions. In effect, the tax payer pays the campaign contributions for people like Murtha and Moran because it's his money that paid the contractor in the first place. The contractor doesn't get in too much trouble because the politician will go to bat for them behind the scene.

At the same time a govt employee can't eat a single doughnut or ride in a car driven by a contractor for 100 yards.

It's all bullshit and corrupt fat cats like Murtha and Moran have it down to a science.

Posted by: dagny at January 24, 2010 01:50 PM (8PzSd)

101 The President needs to shake down every business and wealthy person (which of course, now includes anyone not on welfare) he can.

For one thing, he's getting the blame for fzcking up other countries' economies now. In one quick example in Australia, they notice "Obama pushes Aussie dollar lower."

Meanwhile, other countries are watching this disaster unfold quite closely. In Britain, the Telegraph says Banks reel from Barack Obama's '$30bn speech'

Nice. A $30B speech! I think the question of "when are people going to wake up?" is rapidly being replaced with "How will people survive this catastrophe?"

Posted by: K~Bob at January 24, 2010 01:52 PM (9b6FB)

102 Posted by: nine coconuts at January 24, 2010 05:28 PM (DHNp4)

Stuff like that always hurts the honest people. The IRS apparently didn't have the staff to pursue everything. But the SEC is the same, haven't enough staff to pursue everything. I think they go after the easiest and most obvious and the ones who can pay.

I noticed on one of the blogs I read how jaded people are. A guy totally misrepresents himself, is caught, turns himself in and gets a slap on the wrist. Meanwhile someone in his class with all A's didn't get a job.

Posted by: curious at January 24, 2010 01:52 PM (p302b)

103 I was audited last year for neglecting to account for a grave plot I own. Have faith in the diligence of the IRS.

Posted by: Agnostica at January 24, 2010 01:59 PM (gbCNS)

104 103 You forgot to buy a congressman or senator

Posted by: dagny at January 24, 2010 02:01 PM (8PzSd)

105 So, lemme see if I have this correct. Skippy wants to shake down the government contractors that didn't give back enough of the money the government gave them in the first place. Makes perfect sense to me. Then again, I got enough of a view of how some small defense contractors operate to realize how fat one can get suckling on the gub'mint teat. Well, at least enough to make me throw up in my mouth a bit each time I talked to the leech that was running the place, at any rate.

Posted by: Wind Rider at January 24, 2010 02:02 PM (fp2na)

106 Posted by: Agnostica at January 24, 2010 05:59 PM (gbCNS)

It's like anywhere else, you have some good honest deligent people who are fair and then you have "the others". If the agency starts having more of those "others" things change, you get the "oh he's/she's a friend of so and so so ignore that and do another" syndrome and the quiet honest people are afraid to speak out cause once they do, they become a pariah.

Posted by: curious at January 24, 2010 02:03 PM (p302b)

107 Remember too that the small contractors get perferential treatment and contract oppotunities if they are owned or part-owned by a minority or woman.

Posted by: dagny at January 24, 2010 02:04 PM (8PzSd)

108 "Oh everyone does it syndrome takes over". Problem is if Conan can make jokes about being fired and taking office supplies and writing expensive skits and everyone laughs instead of saying "gee that isn't right" then you know it is so widespread it is almost an epidemic.

Posted by: curious at January 24, 2010 02:05 PM (p302b)

109 I hope Brett Favre cleans Mannings' clock.

Posted by: curious at January 24, 2010 02:06 PM (p302b)

110 Curious,
I think this has always been widespread, and always will be. We are crooked timber.
As for the private stuff like Conan, that is between him and NBC, but the public stuff is much worse. The only solution is a small government.

No honest person who tries to make it in the real world (non gov job, not academia, ...) and sees what is going on would ever want high taxes.

Posted by: nine coconuts at January 24, 2010 02:12 PM (DHNp4)

111 O/T Over at Lucianne in must read, is a hit piece on der leader by Ray Kelly NYPD. Drops the anvil on Obama is the headline. Thinks trial of KSM in Manhattan stinks. Ray Kelly for President!

Posted by: NY Betsy Rose at January 24, 2010 02:22 PM (7ull1)

112 I hope Brett Favre cleans Mannings' clock.

I hope Favre has his legs broken.

Posted by: Deathknyte at January 24, 2010 02:47 PM (tGCj4)

113 Out here in Commiefornia they got the quarterly withholding going at 70% for the 1st 5 months. System is broken.

Posted by: torabora at January 24, 2010 02:53 PM (CH5ak)

114 The IRS was on my ass like lightning for trying to play them. If only I'd realized that a grave plot would add uber bucks to my net worth.

Posted by: Agnostica at January 24, 2010 02:58 PM (gbCNS)

115 I can't help thinking the real problem is having the Federal gubmint issuing so many contracts in the first place. Why does it seem no one actually wants smaller government when it gets down to brass tacks?

Posted by: paleRider at January 24, 2010 03:49 PM (bUWh3)

116

#107 dagny

Preferential treatment? We have to come in on time and on budget or lose 10% of any gov contract. We have gov guidelines and have to pay prevailing wage (dictated by said gov) which is higher then union wage. And the paperwork for each and every contract is 2" high, plus. Most of us would prefer never to deal with gov work. Most of the contractors in my area who owe back taxes are the mid to larger size co.

Posted by: elclynn at January 24, 2010 04:02 PM (2tBMA)

117 You forgot to buy a congressman or senator

Times have changed. They're no longer for sale. You can only rent them by the hour.

Posted by: Purple Avenger at January 24, 2010 04:18 PM (3gX2w)

118

PA, got a link you'll like. I'll repost it in the ONT later.

Has the Nobel Prize in Physics become a Joke?

Interesting read for science types.

Posted by: rdbrewer at January 24, 2010 05:18 PM (IgIHd)

119 Can I get away with that too?

Posted by: Apopka Florida real estate at January 26, 2010 09:48 AM (iLXkm)

120 yes,you are all right.
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