00:55:08 EDT Fri 29 Mar 2024
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TransCanada Corp
Symbol TRP
Shares Issued 707,908,097
Close 2014-09-12 C$ 59.48
Market Cap C$ 42,106,373,610
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TransCanada foes just "arm" of billionaire U.S. backers

2014-09-16 13:38 ET - Street Wire

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by Stockwatch Business Reporter

The previous article in this two-part set, "TransCanada opponents not as poor as they pretend," introduced the U.S. Senate Committee on Environment and Public Works' (EPW) July 30 report on the "Billionaire's Club," a shadowy group of ultrawealthy Americans who shower money on environmental groups to promote supposedly grassroots causes, while enjoying generous tax breaks in the process. This second and final article discusses how the billionaires take advantage of loopholes in the U.S. tax code to turn their tax-advantaged donations into political outcomes. Figures are in U.S. dollars unless otherwise stated.

The billionaires send their funds through 501(c)(3) private foundations or 501(c)(3) public charities. (Section 501(c) of the U.S. Internal Revenue Code exempts some types of non-profits from some federal income taxes.) Public charities are generally the preferred vehicle because they provide greater tax benefits and are not required to disclose donors. Under U.S. law, public charities are not supposed to engage in political activities except for non-partisan voter education, and may not use more than 10 per cent of their resources for lobbying activities. Such rules are not a problem for the ultrarich. According the EPW report, the Billionaire's Club has found a sophisticated workaround.

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This has been known for years and years. Big green is "big green" as in dollars. people who work for the big environmental groups make as much as people that work in mining. they both go to work on machines that are 100% mined and they both cash their cheques at banks that invest in mines. One is a sanctimonious phony and the other isn't.

The greenies would have you believe they ride around on bicycles made of cotton candy and sell wildflowers to one another for a living.

Posted by shoes at 2014-09-16 16:05

The smallest minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities.

When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed.

Did you really think we want those laws observed?" said Dr. Ferris. "We want them to be broken. You'd better get it straight that it's not a bunch of boy scouts you're up against... We're after power and we mean it... There's no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren't enough criminals one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. Who wants a nation of law-abiding citizens? What's there in that for anyone? But just pass the kind of laws that can neither be observed nor enforced or objectively interpreted – and you create a nation of law-breakers – and then you cash in on guilt. Now that's the system, Mr. Reardon, that's the game, and once you understand it, you'll be much easier to deal with.

Posted by Donnie Brasco at 2014-09-16 16:09

Come on Donnie. Stop pontificating. You sound like a politician spouting opinion (to the extreme ) rather than fact.

As regards the support given to Greenies lets not forget that it is a two way street with Republician billionaires doing exactly the same thing for the other side.Koch brothers anyone?

Posted by Jack at 2014-09-16 16:57

The Koch brothers? God Bless the Koch Brothers and anyone else fighting the one world order promulgated by David Suzuki and Al Gore.

Posted by Donnie Brasco at 2014-09-17 03:45

One world order? Nothing extreme right wing about you!

Posted by Jack at 2014-09-17 12:13


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