Sunday, March 27, 2011

"60 Minutes" on March 27, 2011

"Parking profits overseas" was an issue addressed by Lesley Stahl on March 27, 2011. In 1980s and 1990s, Bermuda and the Caymans were destinations. Lesley talked about Zug, Switzerland. Taxes are 15-16% in Zug. The population of Zug is 26,000. Transocean moved to Zug two years ago. They have 12-13 employees in Zug. Weatherford is also located in Zug. After the threat of law change, executives of Transocean and Weatherford are located in Geneva. John Chambers, head of Cisco, was interviewed by Stahl. Economist Martin Sullivan was interviewed, who noted moves of companies to Switzerland and Ireland. 600 American companies have a presence in Ireland. There is a trend to shift patents to affiliates in foreign countries. Pfizer's tax rate was lowered to 17% and GE's tax rate lowered even further. The tax law forces companies to keep the profits outside the US. Thus, money earned outside the US stays outside the US. Cisco has $40 billion overseas. All companies 1.2 trillion. Chambers placed the issue as "give us a level playing field."

"One Child at a Time" was a story about a woman (Elissa Montanti ) helping children with medical needs. The "60 Minutes" story featured Wa'ad. The Global Medical Relief Fund is the name of Elisa's entity.

"The Sage of St. Anthony" was about Bob Hurley, the basketball coach. Hurley has been at the job for 39 years. Valuable lesson learned here.

Andy Rooney: life can be dangerous to your health. 30 years ago, coffee caused cancer. Now, 3 cups of coffee is good for you. Drink up, because they might say tomorrow it's bad. Andy is waiting for a study that ice cream lowers your cholesterol.


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