August 8, 2014

Given his track record, no one should be surprised that Fox's so-called "business analyst" Charles Payne would say this about the news that Walgreens won't leave the U.S. to avoid paying their taxes: Fox Business Host: ‘Shameful’ for Walgreens to Stay in U.S.:

This week, the Walgreens corporation announced that it would not pursue the increasingly popular inversion maneuver to become a Swiss company after completing its takeover of the European brand Alliance Boots. The decision to remain a U.S.-based company, despite the massive tax bill it could have avoiding by inverting, was hailed as patriotic by those, including President Barack Obama, who have publicly assailed the practice. But according to Fox Business host Charles Payne, it was a “shameful” move. [...]

“I think he scored a huge victory today,” Payne said of Obama, “when the CEO of Walgreens — they made an acquisition of a company, they had an opportunity to do inversion. Instead they said no, we won’t.” He said that decision caused Walgreens stock to lose $10 billion in value and will lose billions more in profits that they would not have to pay have they inverted and left the U.S.

“So essentially, the CEO of Walgreens destroyed capitalism, shareholder rights,” Payne continued. “He not only blinked, he gave the president so much ammunition.” He added, “It was one of the most shameful moves I’ve seen a CEO do in a long time.”

“Sounds like the guy folded like a cheap suit,” Cavuto added.

Here's more from Addicting Info: Fox News Says Walgreens CEO ‘Destroyed Capitalism’ By Listening To Customers (VIDEO):

To demonstrate how out of touch Fox Business analyst Charles Payne is, he went on the air earlier this week with a simple message – that paying your taxes is anti-capitalist. His apparent belief that tax cheating is something to be proud of is something highly disturbing for any high-profile business analyst. That he would proclaim that the CEO of Walgreens had ‘destroyed Capitalism’ instead of responded to consumer pressure (as a good Capitalist should do) shows us Mr. Payne’s priorities is not for having a good business, or thriving economy, but just plain old fashioned greed. [...]

Noe, the treasury department is evaluating rule changes designed to make inversions less appealing to corporations seeking to cheat their way out of taxes. This is not some grand attack on capitalism, and is in fact one of the ways to preserve it. By failing to support the system which enables a company to profit, that company is actually destroying capitalism. Capitalism requires rules to operate, and safeguards in place to prevent it from destroying itself. That is the cornerstone of American style capitalism. Fox Business, by failing to correct Charles Payne, presents itself as not some ‘bastion of capitalism’ but instead as some greedy corporatist shill. The only thing that matters is a short-term stock gain, not the long-term viability of the company. Read on...


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