In a mind numbing show of hyperbole, Fox Business analyst Charles Payne attacked the Walgreens decision not to cheat on its taxes as 'destroying capitalism'. Payne also stated that it's- " Shameful for Walgreens to Stay in U.S. "
Fox News Says Walgreens CEO ‘Destroyed Capitalism’ By Listening To Customers (VIDEO)
August 7, 2014
Walgreens decision not to engage in the controversial, and potentially illegal tax avoidance scheme of corporate inversion was met with much praise by consumer watchdog groups across this country. This, of course, brought out the unpatriotic crowd who sees tax schemes as some form of sacred duty instead of a way to cheat the system.
To demonstrate how out of touch Fox Business analyst Charles Payne is, he went on the air earlier this week with a simple message – that paying your taxes is anti-capitalist. His apparent belief that tax cheating is something to be proud of is something highly disturbing for any high-profile business analyst. That he would proclaim that the CEO of Walgreens had ‘destroyed Capitalism’ instead of responded to consumer pressure (as a good Capitalist should do) shows us Mr. Payne’s priorities is not for having a good business, or thriving economy, but just plain old fashioned greed.
Hear Mr. Payne for yourself here: http://youtu.be/lCELRzGs3Mg
Now, the treasury department is evaluating rule changes designed to make inversions less appealing to corporations seeking to cheat their way out of taxes. This is not some grand attack on capitalism, and is in fact one of the ways to preserve it. By failing to support the system which enables a company to profit, that company is actually destroying capitalism. Capitalism requires rules to operate, and safeguards in place to prevent it from destroying itself. That is the cornerstone of American style capitalism.
Fox Business, by failing to correct Charles Payne, presents itself as not some ‘bastion of capitalism’ but instead as some greedy corporatist shill. The only thing that matters is a short-term stock gain, not the long-term viability of the company. Walgreens, had it engaged in the inversion scheme, would have lost billions in revenue from people no longer shopping at their stores. This was not in the best interest of the shareholders. That the stock price dropped should be a sign to a real investor that the value had been pumped in anticipation of a dump once the inversion was completed.
Walgreens did what was best for the company for long-term growth, refusing to engage in a practice which is frowned upon by its customers and is likely to be rendered a tax liability in the near future. If Mr. Payne is unable to understand that, he should not be called a business analyst. Instead, it is more likely that he let his personal politics creep in, not his business acumen. His attack on the president clearly indicate that his concern had nothing to do with the shareholders, and only to do with his hyperbolic criticism of tax policy.