Posted inMoney and Politics

Silicon Valley firms shelter assets overseas, avoid billions in U.S. taxes

 Creative Commons/Richie Fingers The largest tech companies in the Bay Area have avoided paying federal taxes on more than $225 billion they have accumulated through foreign subsidiaries, documents filed with the Securities and Exchange Commission show. By sheltering their assets overseas, Silicon Valley companies such as Apple, Google, eBay and Hewlett-Packard are able to reduce […]

Posted inMoney and Politics

Report highlights questionable purchases made in the name of national security

Derek Purdy/Flickr An armored personnel carrier bought by a sheriff’s office in Washington state with anti-terrorism dollars was used to pull over a suspected drunk driver. A $21 fish tank, a hog catcher and a $24,000 “latrine on wheels” were purchased with homeland security funds in Texas. A counter-terrorism summit was held on an island […]

Posted inMoney and Politics

Investment managers top list of super PAC donors

selensergen/Shutterstock.com Despite his vast wealth, Sheldon Adelson was not exactly a household name when the Republican presidential primary campaign got under way. But the casino magnate’s multimillion-dollar contributions to a pro-Newt Gingrich super PAC ended that. Adelson’s support was linked to a shared stance with Gingrich as staunch supporters of Israel. Not quite so well […]

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Where do big political donors give? Everywhere

Brooks Elliott/Flickr The focus on billionaires’ and corporations’ contributions to super PACs this year has highlighted the impact of the rich and powerful on the presidential campaigns. But an analysis by the Investigative News Network of contributions by wealthy individuals in seven states shows that their giving is greater than any one cause or race reveals – […]

Posted inMoney and Politics

Bain, Romney’s old firm, gives millions to Democrats

Republican presidential candidate Mitt RomneyJim Young/Reuters Bain Capital, the private equity firm co-founded by Republican presidential nominee Mitt Romney – and portrayed by President Barack Obama’s supporters as a gang of corporate raiders – has pumped nearly $4.5 million into Democratic campaigns and causes, public records show. A Center for Investigative Reporting analysis of campaign […]