Can we give up the notion, finally, that corporations flush with profit will invest in America?

[jpgray]

Exhibit A: Exxon Mobil profits over time:

By JOHN PORRETTO
THE ASSOCIATED PRESS

(Original publication: April 27, 2007)

NEW YORK - Oil giant Exxon Mobil Corp. kicked off 2007 with a 10 percent rise in profits, its best-ever first quarter, as higher margins on refining and chemical operations offset lower prices for crude oil and natural gas.

Exxon Mobil, the world's largest publicly traded oil company, said yesterday that it earned $9.3 billion in the January-March period, beating Wall Street expectations, even as revenue slipped and fell well short of analysts' forecasts.

The Irving, Texas-based company was the third major oil company to report earnings in as many days. BP PLC, Europe's second-largest oil company, on Tuesday reported a 17 percent drop in first-quarter earnings on lower oil prices and declining production. On Wednesday, ConocoPhillips said its first-quarter profit rose 7.7 percent as a result of asset sales that offset lower year-over-year commodity prices.

Also yesterday, Valero Energy Corp., the nation's largest independent oil refiner, said its first-quarter profit jumped 35 percent on the back of stronger gasoline and distillate margins.

So all the flat tax theorists would argue, this wild increase in profits will give Exxon Mobil a chance to pay its workers more, to offer a cheaper product, etc. Does anyone expect that to happen? Here's the reality:

-In 2003, Exxon Mobil exec J. Bryan Williams http://www.usdoj.gov/usao/nys/pressreleases/September03/williamsjbryansentencingpr.pdf">evaded income taxes on around $7 million, some of which came from a $2 million kickback deal from Kazakhstan.

The film Syriana depicts the case of James Giffen of the Mercator Corporation, who was indicted on the charge of bribing Nursultan Nazarbayev of Kazakhstan with $78 million to help ExxonMobil win a 25 percent share of the Tengiz oilfield. I believe this is the largest case ever under the Foreign Corrupt Practices Act.

-Where else did Exxon Mobil invest for the future? Angola! Where they paid hundreds of millions in bribes to the corrupt regime of President José Eduardo dos Santos for 11 million acres of offshore drilling territory.

We have to stop pretending that corporations are led by wise, benevolent elves who are only waiting for a high enough profit margin to share all their wealth, invest in this country, and make life better for everyone. In reality a good corporation would care for nothing for these things. To succeed in an extremely competitive environment, any bit of charity or investment in this country that doesn't involve more profits must be discarded, or another company not so scrupulous will undercut the "good" corporation and muscle in on the market.

That's not wrong, it's just what a corporation is. But it would be wise for us to -recognize- this fact, and legislate based on the non-fairy tale reality of what corporations do. The flat tax, corporate welfare, attacks on labor rights like right-to-work, complaints about the cost of medical insurance, cuts in worker pay--none of these will remit the quest of corporations for profits. They will happily accept all these things and then still do nothing for you. And they shouldn't be expected to--the government is responsible for promoting your welfare, not Exxon Mobil.

[Greyhound]

1. For those who profess to believe such foolishness, they will never give up their

belief in the myth, and the rest of us have always known better.

This is why (and few want to hear this), until we remove private ownership from essential services and products, things will just keep getting worse, and it doesn't matter one bit which party is in power. The only difference is the Democrats commiserate better about how tragic it all is. As long as profit is possible from things people cannot live without, competition will be stifled and there will be voracious scumbags that will gouge the people.

But that is a form of socialism and therefore, evil.:eyes:

[luckyleftyme2]

2. RUN FOR COVER

YOU MADE THE HIT LIST!

[dave_p]

3. Go, corporations!

Corporations aren't American. They're not there to be nice to America. they're there to make money for their owners, whoever they may be. That's their function. And it's their proper function in an unregulated market economy. If society doesn't regulate them adequately, that's its problem, not theirs. They're doing their job - why isn't Government?

[debbierlus]

4. Never had it in the first place...