Joe Biden goes to Costco (read on for liberal hipocrisy)

[FaC]

So Joe goes to Costco and buys a bunch of stuff...


http://www.democraticunderground.com/10021902094

bamacrat (3,572 posts)
2. I love that he has that big ass Jack Daniel's box.

Can you imagine the explaining a repub would have to do it he were seen buying that. Joe's a cool guy. Hell the whole executive branch is badass.

Response to warrior1 (Original post)
Thu Nov 29, 2012, 03:09 PM
 CaliforniaPeggy (100,604 posts)
3. Oh, good for him! It has to be tough, living in a spotlight like that.

I sure wouldn't want any huge crowd following me around, taking my picture, watching what I buy!

He's doing it, and he's smiling!

Wow.

Please proceed (26 posts)
6. He's not even an executive member!

And I thought that costco guy retired. (This is the guy in the first picture with good ol' Joe)

Stewland (97 posts)
14. I love Costco

I am grateful that we are seeing more Costco stores here in the upper Midwest. It's so very welcome to have an employer who sees its workers as a blessing and an asset. Ido not do Walmart so I am very pleased to see more Costcos here.

More to follow...

[FaC]

Press release from Costco 11/19:

Craig Jelinek, President and CEO of Costco Wholesale Corporation, Issued the Following Statement Today:
Nov 19, 2012 (Marketwire via COMTEX) --Craig Jelinek, President and CEO of Costco Wholesale Corporation ("Costco" or the "Company") (NASDAQ: COST) issued the following statement today:

I received a phone call on Saturday from President Obama, as part of the Administration's outreach to the business community to discuss current economic conditions and fiscal policy issues. I expressed strong support for the President's efforts to reach a compromise with Congress before the end of the year that avoids any tax increase on middle class taxpayers. Costco employs over 115,000 workers in the U.S., most of whom are middle class family wage earners. Likewise, the small businesses that make up the bulk of our business members employ thousands of working people who have borne the brunt of the recession. Now, with signs pointing to a modest economic recovery, it would be a particular burden on those working families to face higher income taxes. I encouraged the President to continue working with Congressional leadership to find a balanced solution to the deficit that will avoid middle class tax increases. It is imperative that both sides of the "aisle" compromise... to eliminate uncertainty, and allow for continued economic recovery.

http://phx.corporate-ir.net/phoenix.zhtml?c=83830&p=irol-newsArticle&ID=1760479&highlight=

Press release from Costco 11/28:

Costco Wholesale Corporation Reports November Sales Results and Announces Plans for a Special Cash Dividend of $7.00 per Share

<snip>

The Company also announced today that its Board of Directors has declared a special cash dividend on Costco common stock of $7.00 per share, payable December 18, 2012, to shareholders of record as of the close of business on December 10, 2012. The aggregate amount of payment to be made in connection with this special dividend will be approximately $3.0 billion.

http://phx.corporate-ir.net/phoenix.zhtml?c=83830&p=irol-newsArticle&ID=1762306&highlight=

Note the date - do we remember what happens on the first of January????

[FaC]

Today's WSJ: http://online.wsj.com/article/SB10001424127887324705104578149012514177372.html?mod=WSJ_Opinion_LEADTop

When President Obama needed a business executive to come to his campaign defense, Jim Sinegal was there. The Costco co-founder, director and former CEO even made a prime-time speech at the Democratic Party convention in Charlotte. So what a surprise this week to see that Mr. Sinegal (remember the first pic with good ol' Joe?) and the rest of the Costco board voted to give themselves a special dividend to avoid Mr. Obama's looming tax increase. Is this what the President means by "tax fairness"?

One of the biggest dividend winners will be none other than Mr. Sinegal, who owns about two million shares, while his wife owns another 84,669. At $7 a share, the former CEO will take home roughly $14 million. At a 15% tax rate he'll get to keep nearly $12 million of that windfall, while at next year's rate of 43.4% he'd take home only about $8 million. That's a lot of extra cannoli.

This isn't exactly the tone of, er, shared sacrifice that Mr. Sinegal struck on stage in Charlotte. He described Mr. Obama as "a President making an economy built to last," adding that "for companies like Costco to invest, grow, hire and flourish, the conditions have to be right. That requires something from all of us." But apparently $4 million less from Mr. Sinegal.

To sum up: Here we have people at the very top of the top 1% who preach about tax fairness voting to write themselves a huge dividend check to avoid the Obama tax increase they claim it is a public service to impose on middle-class Americans who work for 30 years and finally make $250,000 for a brief window in time.

If they had any shame, they'd send their entire windfall to the Treasury.

Liberal - hipocrisy is thy name...

[USA4ME]

Not surprising at all.  In fact, typical.

Went to a Costco one time to see what it was like.  Didn't buy anything.  My impression was "meh."

.

[Karin]

Yes, it is typical, and that's quite a tidy windfall for Ol Jim and The Mrs. 
Glad we've at least documented it here.   They took a loan out to pay the dividend.  Am I being overly simplistic, or is that not exactly kosher?  I dunno, I don't do high high finance. 

[FaC]

I have no idea if good ol' Joe is a shareholder or not. My problem is that the previous Costco CEO (and founder) ran his mouth at the Dem convention, the current Costco CEO issues a press release supporting the administration mantra on the fiscal cliff and then the company issues a special dividend dated in December so that the stockholders, which includes all of the board members) do not have to pay the higher tax rates that are coming after the first of the year.

This is good for the stockholders but I think the board and the current and former CEO are talking out of both sides of their mouths.

You might recognize the names of a couple of other Costco board members (from the WSJ article):

By the way, the Costco board also includes at least two other prominent tub-thumpers for higher taxes— William Gates Sr. and Charles Munger. Mr. Gates, the father of Microsoft's Bill Gates, has campaigned against repealing the death tax and led the fight to impose an income tax via referendum in Washington state in 2010. It lost. Mr. Munger is Warren Buffett's longtime Sancho Panza at Berkshire Hathaway and has spoken approvingly of a value-added tax that would stick it to the middle class.

In short, do as I say, not as I do...

[JohnnyReb]

Joe had to show that he is no different than any other drunk.....a man of the people.