FOX News Host Says "CEO of Walgreens Destroyed Capitalism

capathy21

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http://www.occupydemocrats.com/occupy-democrats-reports-foxnews-host-says-the-ceo-of-walgreens-destroyed-capitalism-by-staying-in-america/

Is this guy serious?


Once again displaying their true colors, FOXNews actually found a way to harshly criticize Walgreens’ recent decision to not ship their headquarters to Switzerland in order to lower their corporate tax rate, an unpatriotic process known as corporate inversion.

Incredibly, Fox Business host Charles Payne described Walgreens’ decision to remain an American company as “shameful.”

Payne said Pres. Obama “scored a huge victory today 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 added. “He not only blinked, he gave the president so much ammunition.”

Payne concluded: “It was one of the most shameful moves I’ve seen a CEO do in a long time.”

While the Republican party has always pretended that it supports American jobs, this video shows that the corporate shills at FOXNews have pledged their allegiance to corporate profits — not the American people.
 

G51989

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capathy21

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There was massive Public outrage at the proposed move.

WalGreens got scared of losing customers and business and having a bad image. And a bad company image has taken down companies bigger than Walgreens.

Sounds like Capitalism is working just fine in this case.
Only on FOX News would this be viewed as a bad thing. I guess they really are rooting for America to fail.
 

steve knight

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Jan 28, 2009
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it is only a bad thing because oboma wanted it. that's the sad part hurt Americans and taxes because of spite.
 

MrWillie

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Only on FOX News would this be viewed as a bad thing. I guess they really are rooting for America to fail.

It's not Fox News, it's Fox Business, but it's not really even Fox Business, it's an analyst on a show. Not necessarily to be taken literally. However, if someone had just invested in Walgreens, they took a loss.


I trust TMZ more than FOX. And that's not sarcasm.
I believe you, and that's not a good thing. :rolleyes:
 

roadbloc

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I'm having hard time thinking how this is a bad thing. Or a good thing. Or even a thing.
 
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Southern Dad

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I'm having hard time how this is a bad thing. Or a good thing. Or even a thing.
It's only a bad thing if you are a stockholder of the company and wanted the company to save on taxes. Truthfully, very few people know what companies are now US companies or headquartered overseas. Think about it. How many owners of Dodge trucks know that Fiat owns Chrysler?
 

VulchR

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Jun 8, 2009
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Well, I personally think that there are some aspects of capitalism that should be destroyed. In any case, if the shareholders in Walgren's don't like this, then they can vote in new leadership for Walgren's. Besides, why should Fox express an opinion, unless perhaps a certain cranky old ******* who owns Fox also owns shares in Walgren's?
 

rdowns

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Jul 11, 2003
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It's not Fox News, it's Fox Business, but it's not really even Fox Business, it's an analyst on a show. Not necessarily to be taken literally. However, if someone had just invested in Walgreens, they took a loss.

Oh please. They are basically one and the same. The overlap on their on-air talent makes me laugh. THey spin anti-Obama **** all day long. And Charles Payne is a host on Fox Business and guest hosts on FOX a lot.
 

Technarchy

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May 21, 2012
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Destroyed capitalism?

Not hardly. Certainly working within the framework of capitalism to make a business decision.

Was shareholder value maximized? No, but that's not always a bad thing, as this myopic thinking has undone companies and certainly hurt the American economy as companies make bad ethical choices to chase the myth of year over year infinite growth, or the illusion of growth through outsourcing.
 

G51989

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It's only a bad thing if you are a stockholder of the company and wanted the company to save on taxes.
The amount of money on they save on taxes is pretty small compared to what they would have lost if they started losing lots of business and profits.

Truthfully, very few people know what companies are now US companies or headquartered overseas.
This is very true, however this is not the case, everyone knew about WalGreens in this case, and it pissed off a lot of people. On the right and the left, in the stereotypical suburban shopping mall where WalGreens does most of its business, theres lots of competional from big box stores like Kmarts, WalMarts, Sears, Supermarket chains, other drug store chains, local quick marks and drug stores. So it would be VERY easy for the average non informed consumer, who watches a little bit of the news to say " **** you WalGreens, Im going to the guys next store "

That is what WalGreens is afraid of happening. Really bad public images have buried large companies before.

hink about it. How many owners of Dodge trucks know that Fiat owns Chrysler?
Most people actually know that, it was pretty well covered in the press during the bailouts.

I am in full support of it, because it means I can go buy an 4C next year.
 

Southern Dad

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The amount of money on they save on taxes is pretty small compared to what they would have lost if they started losing lots of business and profits.

This is very true, however this is not the case, everyone knew about WalGreens in this case, and it pissed off a lot of people. On the right and the left, in the stereotypical suburban shopping mall where WalGreens does most of its business, theres lots of competional from big box stores like Kmarts, WalMarts, Sears, Supermarket chains, other drug store chains, local quick marks and drug stores. So it would be VERY easy for the average non informed consumer, who watches a little bit of the news to say " **** you WalGreens, Im going to the guys next store "

That is what WalGreens is afraid of happening. Really bad public images have buried large companies before.

Most people actually know that, it was pretty well covered in the press during the bailouts.

I am in full support of it, because it means I can go buy an 4C next year.
Let's be honest, how much business would they have lost and for how long? Chrysler is owned by Fiat. Anyone refusing to buy a Chrysler because of it?
 

colourfastt

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Apr 7, 2009
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The amount of money on they save on taxes is pretty small compared to what they would have lost if they started losing lots of business and profits.



This is very true, however this is not the case, everyone knew about WalGreens in this case, and it pissed off a lot of people. On the right and the left, in the stereotypical suburban shopping mall where WalGreens does most of its business, theres lots of competional from big box stores like Kmarts, WalMarts, Sears, Supermarket chains, other drug store chains, local quick marks and drug stores. So it would be VERY easy for the average non informed consumer, who watches a little bit of the news to say " **** you WalGreens, Im going to the guys next store "

That is what WalGreens is afraid of happening. Really bad public images have buried large companies before.



Most people actually know that, it was pretty well covered in the press during the bailouts.

I am in full support of it, because it means I can go buy an 4C next year.
The 4C is an Alfa-Romeo.
 

JoeG4

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Let's be honest, how much business would they have lost and for how long? Chrysler is owned by Fiat. Anyone refusing to buy a Chrysler because of it?
I doubt it. When Chrysler and Mercedes had their "merger of equals" that was probably enough to scare off the silly people. So far Fiat has actually cared about the health of the company, and the cars have been a lot nicer in quality since.
 

Southern Dad

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According to this Autoweek article, even though its a wholly owned subsidiary of Fiat Chrysler Automobiles (FCA), Chrysler Group LLC is a Delaware LLC with its operations located in Michigan.
Honda Accords are built in Ohio and have domestic serial numbers. The company is actually American Honda Motor Company headquartered in California. Does anyone you know not think of Honda as a foreign car company?
 

vrDrew

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So essentially, the CEO of Walgreens destroyed capitalism, shareholder rights,” Payne added. “He not only blinked, he gave the president so much ammunition.”
I think this sentence deserves some sort of medal.

Because its hard for me to think of a better example of the sort of ridiculous, over-the-top exaggeration - coupled with a deep ignorance of the facts - that characterizes not just Fox News; but indeed much mass-market journalism these days. Fox being merely the leader of the pack of rabid dogs when it comes to yellow journalism.

The purpose of journalism, and especially business or economics journalism, should be to relate not just the facts of a story, but to also put them in perspective, and explain what the ramifications will be to other parts of the economy.

Fox Business' Charles Payne fails, utterly, on all counts. He cannot even get the basic facts straight: starting with the fact that it was Wal-Greens board of directors that made the decision. And it was a corporate decision based upon a very wide variety of facts - including the fact that WalGreens gets a large share of its US pharmacy business from US Government purchases.

For Payne to suggest that this decision "destroyed capitalism" is so absurd as to beggar belief. If capitalism could survive two World Wars, a Great Depression, the Cold War, and the Great Recession - I think it'll survive WalGreens keeping its corporate home in suburban Chicago. What surprises me is that Fox News has so little respect, not only for the fundamental tenets of responsible journalism, but the basic intelligence of its audience.

Fire Charles Payne today. It will be a good start.
 

G51989

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Let's be honest, how much business would they have lost and for how long?
The purchases made by the US goverment, which has been stated by VDrew and in the artical, a pretty large share of their profits.

For how long: Forever

The board of directors made this call.

Anyone refusing to buy a Chrysler because of it?
Nope, maybe people are rushing to buy Chrysler products, who have seen their sales jump because Fiat did something that lots of car companies have been doing, they kicked the bean counters off the designing of cars and put engineers in charge. Honda has been doing it forever. Plus FIAT is a fairly well known and very innovative car company.

There is a difference between " Handing over a car company to another car company that knows what its doing " and " A chain of drugstores going overseas to have all the benefits of doing business in America without contributing a dime.

When you let bean counters control how a car is made, you end up with a GM situation.

Bean Counter: This ignition switch is great! Its almost a whole dollar cheaper per car!

Engineer: Yeah but we found a serious flaw in it that can cause steering wheels to lock and have a total loss of engine and breaking power

Bean Counter: Almost a dollar!

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Honda Accords are built in Ohio and have domestic serial numbers. The company is actually American Honda Motor Company headquartered in California. Does anyone you know not think of Honda as a foreign car company?
They are a foreign car company with a branch of themselves based in the USA, however pretty much everyone knows they are built in America. Tho they aren't designed in America, and a decent amount of parts do come from Japan ( lots of engine internals and transmission parts, as well as the CV axles. )
 

Southern Dad

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They are a foreign car company with a branch of themselves based in the USA, however pretty much everyone knows they are built in America. Tho they aren't designed in America, and a decent amount of parts do come from Japan ( lots of engine internals and transmission parts, as well as the CV axles. )
Great post except you didn't have a clue what you were talking about. Do a little research and you will find out that the Honda Accord is one of the most American vehicle built here in the USA. All Accords have a 1, 4 or 5 as the first digit of the VIN, indicating they are domestic.

Made in America: Most and Least American Cars - ABC News

How Patriotic is Your Car - U.S. News Best Cars