Joe Biden’s state of Delaware is our little Panama

Discussion in 'Politics, Religion, Social Issues' started by aaronvan, Apr 7, 2016.

  1. aaronvan, Apr 7, 2016
    Last edited: Apr 7, 2016

    aaronvan Suspended

    aaronvan

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    #1
    Forget old Panama; Delaware is the world’s foremost tax-shelter for obscene oligarchs, corrupt corporatists, insidious industrialists, and tax cheats and dodgers of every stripe.

    There is a vast, deeply rooted, and global infrastructure for hiding money and Delaware is it's Mordor.

    Watch this video of an investigative reporter establishing an untraceable shell company for her cat. The evil Delaware financiers don't even bat an eye. It's all in a day's work.

    It’s a sad day when the vile stench of international financial corruption is most pungent and acrid in Delaware, Joe Biden’s home state, whose Senator he was for 34 years. Biden must be neck-deep in the corruption, which is probably why he didn’t run for President.

    If Elizabeth Warren is a true Progressive, she will convene a bi-partisan Select Senate Committee to investigate this spider's web of transnational corruption, shadow owners, shell companies, and opaque tax avoidance schemes of which Delaware is she global epicenter.
     
  2. DaveTheRave macrumors 6502a

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    #2
    I'm originally from Delaware. I'll admit it's not the most exciting place to be, but it was a nice place to grow up. Back off.

    Also home of tax free shopping and a nationally recognized chancery court. Companies like having their business cases heard there because the judges specialize in business law. They can do in 3 weeks what another state's judge would drag out over 3 months.
     
  3. juanm, Apr 7, 2016
    Last edited: Apr 7, 2016

    juanm macrumors 65816

    juanm

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    #3
    I agree with most of what you said, but that's so not an undercover video.
     
  4. aaronvan, Apr 7, 2016
    Last edited: Apr 7, 2016

    aaronvan thread starter Suspended

    aaronvan

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    #4
    Good point. Fixed.

    Cool your rave, Dave. Nobody's disparaging the fine residents of your beloved (albeit puny and inconsequential) state. However, you must admit it's ironic that your overwhelmingly Democratic state hosts more tax-avoiding transnational shell companies than it has people.

    This Panama thing is just beginning, and people will start giving Delaware's banking practices a close look.
     
  5. Robisan macrumors 6502

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    #5
    Delaware has always had very industry friendly banking regulations, which is why many banks domicile there. If we allow insurance to be sold across state lines without local state regulation you can be sure some state will offer very industry friendly lax regulation to attract insurance companies, which will be bad for insurance consumers everywhere.
     
  6. juanm macrumors 65816

    juanm

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    #6
    That's a euphemism that could perfectly be the motto of the Cayman Islands.
     
  7. Robisan macrumors 6502

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    #7
    Yes, and the Cayman Islands has better beaches and is not next to New Jersey, so win!
     
  8. thekev macrumors 604

    thekev

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    #8
    This shouldn't surprise you. Look at how many corporations choose to incorporate in Delaware.
     
  9. LizKat macrumors 68040

    LizKat

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    #9
    There's a Treasury rule pending that will force banks to further "know their customer" by doing better due diligence on who is the beneficial owner of shell corporations opening an account. The question then becomes whether the banks can be punished if they settle for knowing the "manager" of the LLC as opposed to "beneficial owner".
     
  10. DaveTheRave macrumors 6502a

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    #10
    Well apparently not inconsequential based on your premiss that the second smallest state in the nation is the epicenter of financial evil, worse than what goes on in a Wall Street boardroom with the investment bankers. And the influence of the business courts is no laughing matter either.

    And your anti-Democratic slant is a head-scratcher. The state has been a solid red state and over the years (when DuPont was governor) and yes, more recently is blue. I'm a more conservative guy, much more likely to vote R than D. Members of both parties have worked to make Delaware a competitive place to set up a business. You're out of your mind if you think there would be big changes there if the state went red.
    --- Post Merged, Apr 8, 2016 ---
    LMFAO...nice try. The woman writes her own name, not her cats name. And the financiers you mention look like a mom and pop operation who file LLCs. Hardly financiers (go to Manhattan for real power players).
     
  11. colourfastt macrumors 6502a

    colourfastt

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    #11
    I lived in "slower lower" back in the early 90s: it was a decent place to live; then DE went through some weird spatial warp and sh*t out Christine O'Donnell.
     
  12. Bug-Creator macrumors 6502

    Bug-Creator

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    #12
    @aaronvan

    Are you Awarness Del, making people aware of a place......
     
  13. DaveTheRave macrumors 6502a

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    #13
    I'd like to hear what the original poster thinks of Ireland, which "legally" allows Apple to only pay 2.5% tax on overseas revenue. Are they evil financiers, too? And what about the Apple executives who agreed to do this?

    And do you see a difference between Apple and the two people in the video who process LLC applications? Lots of genuine small businesses / individuals set up LLCs. I almost did it when I was out of work and was considering consulting on my own. You can set one up in any state for a small fee, which is why they're so popular.
    --- Post Merged, Apr 8, 2016 ---
    I moved out in the mid 90s for a job in another state. But yeah that was some crazy stuff. Can't believe she beat Castle.

    BTW, I think Biden's son didn't run for Senate that year thinking he'd lose to Castle. But odonnell won the primary and lost to Coons in the general. Blocking Biden's senate ambitions until he passed away last year.
     
  14. Renzatic Suspended

    Renzatic

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    #14
    We will kill them, and eat their hearts to gain their power.
     
  15. Eraserhead macrumors G4

    Eraserhead

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    #15
    You grew up in a tax haven. You shouldn't be surprised other people don't like it. If you're that bothered stop being one
     
  16. haxrnick macrumors 6502a

    haxrnick

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  17. vrDrew macrumors 65816

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    #17
    I'm trying, very hard, to see what the big deal here is.

    Corporations, whether domiciled in Delaware or anyplace else in the United States, still have to file returns and pay taxes on their income. If they pay salaries or dividends to owners, managers, officers, directors, or plain old employees still have to issue 1099 forms. Delaware has low state taxes on corporations, but then so do Nevada, Wyoming and a bunch of other states. Most large companies use Delaware because it has a highly efficient Chancery Court system. Something thats somewhat important if you are running a multi-billion dollar operation. But even so, Chancery Court proceedings in Delaware are open to the public like courts everywhere.

    Does anybody really not know what Dow Chemical or any of the large corporations registered in Delaware do? And conversely, does it really affect anyone if a wealthy or famous individual chooses to purchase and own their homes through a corporation? People, even the rich and celebrated, still have a right to basic privacy.
     
  18. chown33 macrumors 604

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    #18
    I like to make s'mores with meat instead of marshmallow.

    I also use unsweetened chocolate, as the Aztecs did.
     
  19. DaveTheRave macrumors 6502a

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    #19
    Fun fact: The first DuPont made his fortune making dynamite. (Hey Delawareans, ever drive down Powder Mill Road? Why do you think it's called that?:))

    Try taking away Delaware's tax laws and you'll get blown up!
     
  20. aaronvan thread starter Suspended

    aaronvan

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    #20
    Anythings that keeps Apple sending me those big fat dividend checks is fine with me.

    DuPont also produced much of the napalm and WP we dropped all over Vietnam.
     
  21. DaveTheRave macrumors 6502a

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    #21
    So tax havens are bad except when you directly benefit. Thanks for clearing that up for us.
     
  22. Renzatic Suspended

    Renzatic

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    #22
    I do appreciate the oldschool sensibilities.
     
  23. aaronvan thread starter Suspended

    aaronvan

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    #23
    Because Apple, Inc. is exactly the same as a shell company set up by a shadowy Russian arms dealer.
     
  24. MadeTheSwitch macrumors 6502a

    MadeTheSwitch

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    #24
    Of course there is the little stubborn fact that he has run before. Whoops. He didn't run because he just lost his son. Give the man a freaking break. If you don't write for a tabloid newspaper, you should. You are quite good at it.
     
  25. Eraserhead macrumors G4

    Eraserhead

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    #25
    It's also the world's most opaque duristiction - http://www.theguardian.com/business/2009/nov/01/delaware-leading-tax-haven
     

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