Putting Profits Over Patriotism some American corporations are helping to fight the war on terrorism by storming the beaches — of bermuda
Nabors Industries Ltd Company News complete financial news for Nabors
Press Release Pension Funds Blast Offshore Reincorporations; Nabors Is a Focus of Efforts Against Reincorporations
Press Release Nabors Industries Comments on Pension Fund Statements
Press Release
Nabors Stockholders Overwhelmingly Approve
Reorganization in Bermuda
Press Release Nabors shareholders vote in favor of Bermuda move
Press Release Nabors Industries Completes Reincorporation as a Bermuda Company
Headline News Nabors Industries, Inc. (NBR), today announced that the Company's reincorporation in Bermuda has been completed and trading of the new Bermuda company,
Houston firms riding tax-free wave Tourists aren’t the only ones longing for the tropical shores of Bermuda and the Cayman Islands. Seeing an opportunity to slash the taxes they pay on foreign-earned revenue, global Houston companies including Nabors Industries Inc. are seeking to reincorporate from a U.S. legal home to a foreign one.
Houston Business Journal A class-action lawsuit has been filed against Nabors Industries Inc. to block the Houston-based company's proposed change of incorporation from Delaware to Bermuda.
Houston Business Journal A coalition of labor unions and institutional investors is actively opposing the management of Nabors Industries Inc. on the company's plan to reincorporate in Bermuda. And these investors are raising new issues about the growing trend of U.S. companies moving their legal addresses offshore
httpOfficers
May Gain More Than Investor The parade of companies that in recent
months have proposed incorporating in Bermuda to reduce their American
taxes usually provide the same rationale. They are doing it, they say,
to increase their profits and, in turn, to
benefit their shareholders. But left unsaid is another fact: the biggest
beneficiaries could actually be the chief executives of these companies.
At a minimum, these executives could pocket millions in additional pay.
In some cases, they could well take home extra pay equal to half the company's
tax savings or more. In effect, the government's loss in taxes is the chief
executives' gain, in the form of higher pay, bonuses and profits on the
sale of stock options.
AFL-CIO A reincorporation to Bermuda can be accomplished by a paper transaction involving little more than setting up a mail drop there and paying nominal fees. Some companies don't bother to even open an office in their 'new' home.
CNET News A coalition of institutional investors announced today that they plan to examine closely and, if necessary, vote against, the proposal by Nabors Industries (Amex: NBR) to reincorporate from Delaware to Bermuda. Nabors is the largest land-drilling contractor in the world, with approximately 17,980 employees.
HAMPTON ROADS - Opinion In a nutshell, it's this: A number of canny American corporations -- some of them among the most solid, best-known names in American business -- are changing their office addresses to Bermuda and Barbados. They are doing this to dramatically limit the taxes they pay on earnings posted both in the United States and abroad.
Eugene M. Isenberg, CEO of Nabors Industries, the world's largest operator of land-based oil rigs. Isenberg's pay package will increase by tens of millions of dollars a year if he can convince shareholders next month to approve the Bermuda Boogaloo, Johnston reported.
This is important to Mr. Isenberg, one must assume, because he earned a paltry $126 million over the past two years as Nabors' CEO, through direct compensation and profits from the sale of stock options.
Alexander's Gas & Oil Connections New offshore manoeuvre sidesteps US corporate tax
CNET
News Some U.S. lawmakers have argued that U.S. companies are putting
profits before patriotism when they use
offshore tax havens to reduce their taxes and they have introduced
legislation intended to discourage the practice.
"We follow the law all the time. If they want to change the law, God bless them," Isenberg said of such initiatives.
Putting
profits over patriotism.. Robert S. McIntyre. The Taxonomist: Putting
profits over patriotism.
In a recent article in The New York Times, David Cay Johnston
details how some sleazy American companies are reincorporating in Bermuda
and other countries in order to avoid taxes. Insurance companies
led the way a few years ago; and when Congress failed to take action, other
patriotically challenged corporations followed suit.
The ploy entails little more than some creative paperwork. These freshly minted offshore companies don't do anything at all in their new "home" countries. Why would setting up a mail drop on a sunny island allow an American company to avoid taxes?
Tax revenues
vanish as firms move from US to Bermuda
Mr. Grassley and Senate Finance Committee chairman Max Baucus (D) of
Montana have introduced two bills aimed at cracking down on such tax shelters:
one on the expatriation issue, the other on disclosure rules. Similar House
legislation has been introduced by Richard Neal (D) of Massachusetts.
Washington Post. Legislation intended to curb tax shelters, halt corporate relocations to tax havens like Bermuda and fix a tax dispute with the European Union was unveiled Thursday by the c hairman of the House tax committee.
Employee Benefits and Managed Health Care News
MSNBC News
Why CEOs love company tax dodges
Editorial:
Fleeing taxation This loophole in U.S. tax law costs the government
tens of billions of dollars per year, according to IRS Commissioner Charles
Rossotti, who backs a bill before Congress to end the practice. That legislation
is overdue, and because the corporate race to leave the good old U.S.A.
behind is heating up, passage cannot come too soon.
Some insurance companies are making so much money disappear into the
Bermuda triangle of tax havens that their U.S. operations are reporting
losses and collecting tax refunds.Yesterday, New York Times reporter David
Cay Johnston pointed out that top corporate executives stand to benefit
the most when companies incorporate abroad.
One, Eugene Isenberg, head of Texas-based Nabors Industries, could get
a raise of tens of millions per year if company shareholders approve a
planned move offshore. That increase will add to the $126 million the CEO
made over the past two years.
Corporate chiefs see big pay boost from offshore moves
Tax Treaties With Small Nations Turn Into a New Shield
for Profits Some large companies, encouraged by top law and
accounting firms, are adopting a new strategy to cut taxes legally on profits
they make in this country.