Tuesday, August 01, 2006

Super Rich Avoid Taxes via Illegal Schemes, Bush Pioneer Helps

When I noted the news piece on multi-millionaires avoiding taxes totaling $40 to 70 billion dollars, my first impulse was to find the Bush connection. Which of his friends and major donors stood behind such nefarious practices? It did not take long for Sam and Charles Wyly to come to the forefront. Susan Lisovich from CNN mentioned their names as investment advisors refusing to testify before a Senate committee. In the same breath Susan said the brothers were the 9th largest campaign contributors to President Bush and Vice President Cheney.

The Wyly case history took up nearly three fourths of the 400 page report. Once again Bush insiders help the super wealthy to avoid paying taxes. Whether it be legal or illegal, the Bush cabal works hard to ensure Uncle Sam doesn’t get his due.

The Senate is considering a bill to permanently cut the Estate Tax for the same group the Wyly’s have been helping cheat the government, the super rich. Anytime anyone else wants to scream "enough is enough", chime in because I am yelling.

But, there is more. The Wyly’s are on the board of Michael’s Stores currently being investigated by the SEC for its granting of stock options. The company is also being evaluated for acquisition by none other than the Carlyle Group with its famous Bush insider connections. I bet they are still grateful for President Bush leaving out their then recently purchased LifeCare Hospitals from his Lessons Learned report on Hurricane Katrina. That 24 patients died in their facility shouldn’t matter to the White House.

Should the Carlyle syndicate lose, another investment house with a political connection could buy Michael’s Stores. The Apollo Group and Tom Daschle, a board member, could end up on top. Who says politics and business don’t mix!

P.S. The winning bidder for Michael’s Stores is a consortium comprised of Bain Capital and the Blackstone Group. That leaves Carlyle open for more of its desired health care acquisitions.

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