Cronyism Writ Large

A few days ago, this was published:

Will Google’s Eric Schmidt join the Obama administration? Cabinet shakeup watchers say yes

  • Google’s chairman and former CEO Schmidt, 57, is in line to become secretary of Treasury or Commerce, or fill a new ‘secretary of business’ slot, insiders say

  • Since Obama first ran for office five years ago, Google and Schmidt have stayed by his side with financial and political support

Today, Drudge highlights this:

Google Revenues Sheltered in No-Tax Bermuda Soar to $10 Billion

Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.

By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax profit in 2011.

Wait, I thought that Romney was the spawn of Satan for using tax shelters? I guess it is OK if you are a Democrat.

And this, too:

Sebelius funnels Obamacare money to a “friend”

The country is in the best of hands.

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