Posted on 03/12/2009 7:08:14 AM PDT by Former MSM Viewer
ZUG, Switzerland, March 12 (Reuters) - The tidy towns and mountain vistas of Switzerland are an unlikely setting for an oil boom. Yet a wave of energy companies has in the last few months announced plans to move to Switzerland -- mainly for its appeal as a low-tax corporate domicile that looks relatively likely to stay out of reach of Barack Obama's tax-seeking administration.
(Excerpt) Read more at reuters.com ...
Oh wait, dont leave...we need your money...wait..wait...
“...Over the past six months offshore drilling contractors Noble Corp and Transocean, energy-focused engineering group Foster Wheeler and oilfield services company Weatherfield International have all announced plans to shift domicile to Switzerland....”
Yeah, we dont like companies that make a profit...good riddance...oh wait...
No longer a Deleware Corporation?
The results of “trickle up poverty” obamanomics.
We continually ‘beat up’our successful companies, i.e.
A T & T in the 80’s
Microsoft in the 90’s
Exxon (and other energy co’s) in the 2000’s
tobacco, pharmaceuticals, the list continues...
It is politicians using class warfare, pure and simple to extract money from the producers in our society to give to non-producers...
Will the producers ever get fed up and when they do, what will happen?
Maybe move to Switzerland...
Yeah, now I know what “growing the economy from the bottom up” looks like!
I think it was Brach’s Candy that moved less than 100 miles-from the US to Canada...
That move saved them $80 million per year in reduced sugar costs since our sugar is twice what the world price is...
$80 million a year, every year...
The US govt chases good companies out of here...
One day, an iconic company, think Coca-Cola or Pepsi or one like that will relocate elsewhere.
Coke and Pepsi already gets the majority of their profits from overseas. Why should they stay here and pay the 2nd highest tax rate in the world. Additionally, they like all corps are subject to the insane labor laws, OSHA, lawsuits, etc...
Face it: we are not friendly to business in this country as a result of class warfare.
James Bovard, Civil Libertarian (1994)
I work in Houston, so I have known about the Noble and Transocean moves to Switz for some time. This is a great tragedy, in my mind. These two companies represent some of the best of what America has to offer. They are small energy companies, called “independents,” competing across the world against large companies, most of them foreign, and a much of their competition are companies that are at least partially or entirely supported by a foreign state.
It is well know in the industry that some of the sharpest and best qualified [in terms of intelligence and also the kind of instinct that comes from years of handling responsibility in a competitive, stressful environment] foremen and drillers come from the small American energy independents.
However, companies like Noble and Transocean are faced with little choice. Remember that although they are small and based here in the US, in recent decades most of their work has been overseas. They can’t face the prospect of competing for jobs when their costs, due to higher current US taxes and much higher forecasts for taxes in the near future, are higher than the competition.
The whole thing is a darn shame. Again, I feel horrible because I know we are losing companies that represent the best of American ingenuity and entrepreneurial spirit.
I just finished a book about Marc Rich called ‘Metal Men’. Zug is featured prominently in the story. It was/is his corporate bolt hole.
Good book.
I agree wholeheartedly with your sentiments about losing our talent...or rather, chasing our talent out of this country...
While not quite Atlas Shrugged, it is of the same flavor. Beat up the producers long enough and they leave...
When you kick a dog for doing good and reward him for doing bad, guess which behavior you get more of...
Thank you for this information. I don’t blame them, they look at the freaks we have running things.Then add in the hand of Soros involved too.Scary stuff for sure.
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