Friday, June 22, 2012

On the Boston Globe Waterfront

I'll give you one gue$$ who is taking a bath in the harbor, taxpayers:

"State Street latest to win tax break on the waterfront" by Casey Ross  |  Globe Staff, June 11, 2012

Boston officials plan to give State Street Corp. $11.5 million in tax cuts to construct an office building on the South Boston Waterfront, the latest deal by the city to help transform the once-shabby industrial district....

Related: State Street Stealers

Why do they need more tax loot when they are making billions AND GETTING HUNDREDS of MILLIONS from the FEDERAL GOVERNMENT -- all the while being allowed to use built up losses(?) as a write-off for YEARS? 

Also see: Fed Funnels Made Millions Off Mutual Fund Bailout

State Street Stole From Ohio Pension Fund 

They even screwed nuns, readers.

State Street, one of the city’s largest financial services employers, has been negotiating the tax break for several months....

State Street is the latest of several large companies to win a tax break for new offices on the waterfront, where Boston officials are trying to create a so-called Innovation District with new businesses, retail stores, and residences.

Vertex Pharmaceuticals Inc. received more than $21.8 million in city and state tax incentives for a pair of large office buildings under construction at Fan Pier.

On top of the $12.4 million last year?

Related: No Veracity at Vertex 

Also see: Inverted Vertex

Vertex's Vortex 

I'm feeling caught up in it now.

In prior years, JP Morgan Chase & Co. and Manulife have also been given favorable tax treatment.

Related: Still Jerks at JPMorgan

Such deals are often controversial, because they are typically given to large, profitable companies.


State Street, for example, reported net income of $1.92 billion in 2011 and paid its chief executive, Joseph Hooley, total compensation of $16 million, according to documents filed with regulators.

Yeah, that is with a B, readers, and it is MORE than LAST YEAR! 


"Corporate profits have risen 58 percent since mid-2009" and "corporate profits set a post World War II record last year" while big banks are booming and oil companies are awash in profits.   

And now they are getting MORE TAXPAYER DOLLARS?

Moreover, State Street was not proposing to build elsewhere if Boston did not provide the tax break, according to city officials.  

Yeah, authorities JUST GAVE 'EM the MONEY because they DON'T KNOW WHAT ELSE TO DO WITH IT!

And development in the Innovation District appears to be moving forward in its own right....  

Got momentum! 

That is why I NEVER WANT the programs started in the first place. Once you open a trough of taxpayer loot the stream stays eternal.


I can't see the church from there. 

Oh, now I can. 

Also see: Massachusetts' Lost Decade of Jobs

Those Are the (Tax) Breaks in Massachusetts  

Are you REALLY getting your money's worth, Massachusetts taxpayers?  

You coulda been a contender -- instead of just an ATM for corporate concerns.