#USpolitics #ChipsAct #StockBuyBack
Big changes cost big money, and when big money is in play people [CEO's especially] people get greedy for personal gain.
The 'Chips Act' being political had to pass Congress where proposed safeguards were barred.
Tax-payers money meant to create high value jobs and to create ICT independancy disappears into the pockets of the already very rich, who by the way don't have to pay taxes on that gains, or at all.
For more information on stock buyback corruption:
-> Stock Buybacks, Explained | Robert Reich - YouTube <-
"Chip Firms Poised to Rake In Taxpayer Subsidies Spend Big on Stock Buybacks"
by Jake Johnson for Common Dreams
https://www.commondreams.org/news/chips-act-subsidies
Quotes:
"Companies in line to receive CHIPS Act subsidies spent a combined $41 billion on share repurchases between 2019 and 2023, a new report shows."
"The new report
[-> ips-dc.org/wp-content/uploads/2024/07/ips_report_chips_and_buybacks.pdf <-]
released by the Institute for Policy Studies (IPS) shows that between 2019 and 2023, the first 11 corporations to reach preliminary CHIPS and Science Act agreements with the U.S. Department of Commerce collectively poured more than $41 billion into stock buybacks—a sum that would have been enough to finance a $27,541 raise for 300,000 employees annually for five years."
"Critics of stock buybacks and sky-high executive compensation warned prior to the CHIPS Act's passage that the measure would amount to large-scale corporate welfare unless lawmakers placed serious constraints on how companies could spend the money."
"Sen. Bernie Sanders (I-Vt.) tried unsuccessfully to attach an amendment to the measure that would have barred subsidy recipients from buying back their own stock, outsourcing jobs, or attempting to sabotage unionization efforts."
""Congress passed the CHIPS and Science Act and President Biden signed it into law to bolster semiconductor manufacturing in the U.S.—not to waste public dollars on stock buybacks that make rich executives richer and exacerbate economic and racial inequality," said Renta, senior policy counsel for corporate governance and power at the Americans for Financial Reform Education Fund."
#VoteBlue #UpAndDownTheBallot