Thursday, June 14, 2018

Did Colin Powell Underpay Taxes In 2009?

Bloom Energy Bloomdoggle released their long awaited S1 for their IPO.

A crappy company that Schumer the Bloomer saved from death by retroactively extending the 30% Investment tax credit.  I won't dwell on their horrendous losses and high costs but will focus on the consulting contract between Colin Powell the disgraced former secretary of state and Bloomdoggle.

Powell was given a "retainer" of  $200,000 a year to grease the skids in US and International governments.

Powell was also given 100,000 shares in Bloomdoggle at a total cost of $10.  Yes one Hamilton got Crooked Colin 100,000 shares.  For tax purposes Bloom and Powell placed a market value of $175,000 on the shares.  This was a transaction in 2009 and hence was for the tax year 2009.

But hold on!  In 2009 one of the investors in Bloom (it could be Baby Fund My Fire Doerr) told Dan Primack at Fortune that Bloom would IPO in two years with a valuation of at least $20 billion.

Back in 2009 Bloom probably had 100 million shares outstanding.  This means the imputed market value according to what the investor told Primack was $200 a share.  But Colin told the IRS the shares were only worth $1.75 each.  Based on this Colin should have reported income of $20 million for the shares given to him for One Hamilton

The SEC has all this data and the SEC went after the minnows Badger and Daubenspeck at Advanced Equities for selling shares in Bloom circa 2009.  The SEC knows what price was paid for the shares.  The SEC should inform the IRS if Colin Powell underreported his income for 2009 by getting 100,000 shares in Bloomdoggle for only $10.

Bloom is the poster child of the Rigged System.  Colin Powell is the poster child of a Deep Stater.


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