Tuesday, October 4, 2011

Stephen Colbert and his Shell Corporation

I have always held that the very concept of a financial and business bureaucracy called a "corporation" is evil to the core; and after the very first one was created, and second one was formed to remain "competitive". Now we might have millions of these monsters today.

They're evil in that the people who run these soul-less machines are exempt from wrong-doing or liability, and as a group of people on a board of directors, can claim all sorts of immunity for crimes perpetuated under these umbrella organizations and their complicated web of subsidiaries.

It's been common knowledge for a very long time how easy it is to establish a shell corporation to participate in all sorts of nefarious activities, including money laundering and tax evasion. But governments, here and around the world, have government leaders/rulers who are in bed with corporate money, and won't outlaw these mobsters.

And Stephen Colbert makes my point, albeit, using humor.

What do Republican senator John McCain and Comedy Central’s faux pundit Stephen Colbert have in common? Their lawyer, Trevor Potter.

Fans of The Colbert Report have seen Trevor Potter make four appearances on the show as he counseled Colbert on how to set up his super PAC, a type of political-fundraising apparatus that can raise and spend unlimited amounts of money. (See the Supreme Court decision Citizens United vs the Election Commission and read why I think the Supreme Court is corrupt).

Stephen Colbert's lawyer is the head of Caplin & Drysdale’s (a political-law practice) and he is a lawyer in its Washington office. Caplin & Drysdale’s also specializes in "white collar defense" for "white collar crimes". See the TV show American Greed.

From Caplin & Drysdale’s website...

"Minimizing our client's liabilities" while we, as individual private citizens, must take full responsibility for any and all of our actions. Why would "without compromising ethical principals" even have to be mentioned? Or "essential to the integrity of the legal system"? Would an innocent person that's accused of a white collar crime need be concerned?

On the episode on September 29, 2011 Colbert's lawyer, Trevor Potter, helps Stephen create his own shell corporation so that he can obtain secret donations for his Super PAC.

The corporation is registered in Delaware, which is well known as a corporate haven. Over 50% of U.S. publicly-traded corporations and 60% of the Fortune 500 companies are incorporated in that state. A lot of banks and credit card companies.

Trevor Potter makes Stephen Colbert the board of directors of his new shell corporation. Then Stephen elects himself president, secretary, and treasurer. Then Colbert signs a one-page document to create his Super PAC to collect money and keep his donors anonymous. That's it. It was that simple.

Although the legal work is played out before a TV audience, and in usual Colbert fashion, it is meant to highlight the absurdities of campaign-finance rules. It’s not just entertainment, Colbert is a real client.

In the video below Stephen Colbert asks his attorney about his newly formed super PAC, "What's the difference between this and money laundering?"

Trevor Potter answers, "Well, it's hard to say."

Stephen Colbert may poke fun, but this country, the global economy, and the protests and uprising all over the world are because of corporations, non-entities that lets thousands of crooks off the hook while they acquired such a vast disparity of wealth. And that's one reason why we have the Great Recession and Occupy Wall Street today.

Stephen Colbert - His Shell Corporation and Super PAC

Originally posted here at Colbert's website

1 comment:

  1. Congressman Paul Ryan, an avowed libertarian, describes Jeffrey Sachs book as anti-American. Ryan is wrong: his book describes how we can restore politics to the true mainstream of American values, rescuing democracy from the clutches of corporate power that Paul Ryan champions.