In 2009 Google announced a project in which it would pursue a so-far elusive goal – to produce “Renewable Energy Cheaper Than Coal” (“RE<C” was Google’s acronym). Why the Internet search giant thought it could succeed where other more experienced and knowledgeable companies (like electric utilities and alternative energy businesses) have failed for many decades shows the level of arrogance reached at the upper management levels. Either that or it illustrated how much Google’s leaders sought to ingratiate themselves with the Obama administration by following its “Green jobs” agenda.
But last week the company announced it will end RE<C, as part of an effort under CEO Larry Page to eliminate a number of non-core projects, which it called “spring cleaning, out of season.”
“We’re in the process of shutting a number of products which haven’t had the impact we’d hoped for,” wrote Urs Hölzle, Senior Vice President of …
According to Jesse Drucker of Bloomberg today:
Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.
Google’s income shifting — involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” — helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.
Of course, Google executives were among Barack Obama largest campaign contributors. CEO Eric Schmidt stumped for candidate Obama, and he and other senior executives contributed $150,000 to help pay for the inaugural celebration.
Obama rails against “loopholes” that allow corporations to escape taxes on foreign earnings. He demonizes bankers and he wants to raise taxes on “the rich.” In reality, Obama is the best friend the wealthy …