Corporate-friendly agreements like TTIP are nothing less than Robin Hood in reverse in which the wealth and power of the many is transferred to the elite few. (Image: flickr/cc/Lance Page/t r u t h o u t; Adapted: Steve Wampler, epicharmus)
By Nick Dearden | Common Dreams
Huge corporations and the seriously wealthy will be the big winners from the controversial US-EU trade deal known as TTIP. That’s the implication of a new study which shows that billions of pounds have been won by giant companies like Mobil, EDF, Enron, Suez and Cargill, which have sued governments under similar treaties for taking action they believe to be ‘unfair’.
Related Article: The TPP is the Most Brazen Corporate Power Grab in American History – Chris Hedges
The most controversial element of TTIP is the ‘corporate court’ system, formally called ISDS. This system allows multinational corporations and other foreign ‘investors’ to sue governments for enacting regulation which damage their profits. Proponents argue that this offers investors, like small business, protection against ‘arbitrary’ government action.
But such corporate courts already exist in numerous other agreements and have allowed corporations to take action against many developing countries for freezing water and electricity prices, raising the minimum wage, introducing a sugar tax and putting health warnings on cigarette packages.
Gus van Harten’s new report shows that the really big winners of these cases are, unsurprisingly, really big corporations (over $1 billion in annual revenue) and super rich individuals (over $100 million wealth). Almost 95% of all compensation awarded in the corporate court cases studied went to these groups.
The report also shows that the success rate of cases brought by such corporate giants is around 71% – far greater than the success rate of smaller companies and investors.
This means, as has often big argued, corporate courts act to redistribute income from the public purse to the richest people in the world. $6.7 billion has been won in 48 cases, with another $1 billion being won by super rich individuals. While smaller companies and investors do sometimes take action, the report suggests that any winnings on their part is normally wiped out by the legal costs.
Related Article: Full Text of TPP Released to Public… And It’s Horrible
In fact, the biggest sums have been won by well-known extractive and energy companies – with Occidental, Mobil, EDF, BG Group, Enron and Chevron winning cases, especially against countries like Ecuador, Venezuela and Argentina.
Interestingly the biggest such case in history – $50 billion awarded against Russia – has been dealt with separately because of its size. Van Harten suggests that this case was essentially won by Russian oligarchs using a series of European tax havens, including the Isle of Man.
Another big winner is what van Harten terms the ‘ISDS legal industry’ – including a selection of corporate law firms – which has made an incredible $1.7 billion in over 214 cases. Perhaps this shouldn’t be surprising, given a Friends of the Earth report from last year which showed that legal costs for such ISDS cases average over $8 million, exceeding $30 million in some cases, while 80% of the legal costs end up in the pockets of the parties’ lawyers. Elite law firms can charge $1,000 per hour, per lawyer.
The biggest losers of all, of course, is public. In the cases studies by van Harten, $10 billion has haemorrhaged from the pockets of developing world governments. But this will only be the tip of the iceberg if TTIP and its sister agreements like CETA (the EU-Canada agreement) are agreed. After all, most cases to date have been won outside Europe and the USA. TTIP and CETA will open up far most lucrative cases up to far more business.
Related Article: Project Censored #9: The Poor Get Less Media Coverage Than Billionaires Do
The idea that TTIP is about hard-done-by small business is clearly untrue. TTIP is a vehicle for channeling wealth from the public to the 1%.
Yes
It’s like when you see in movies arranged marriages to reinforce alliances and consolidate forces to further benefit the wealth and power of the involved parties. The greedy inbreds are making contracts with each other to try to expand their empires with less inbreeding. Filthy greedy cunts.
I think Obama should wipe his ass with it on live TV, then have the people who wrote it arrested…
Greed is a serious mental disease.
a dirty scam
What do you think about this 5 minute video on “American greed”:
“The Government vs. the American Character” ( 269,652 views)
https://m.youtube.com/watch?v=gWLCaeJkKFo
What do you think about this 5 minute video?
“Is Capitalism Moral?”
(106,707 views)
https://m.youtube.com/watch?v=fJr2RO7g7jI
This 5 minute video explains why Liberals don’t like America or capitalism and why they support Berie Sanders. This uses Isreal as an example.
What do you think of this 5 minute video?
“Do You Pass the Israel Test?”
https://m.youtube.com/watch?v=yfN2IvnIA4M
The Myth of the Red State:
The argument is that the states that get more from the federal government than they pay in taxes tend to be red states, whereas the states that give more to the federal government than they pay in taxes tend to be blue states. This “red state welfare” hypothesis falls completely apart when we look at the data.
https://www.americanthinker.com/2013/09/the_myth_of_red_state_welfare.html#ixzz3x5x5hrew
Follow us: @AmericanThinker on Twitter | AmericanThinker on Facebook
WHat do you think about this 5 minute video about the American Robber Barron? (564,962 views)
“Rockefeller: The Richest American Who Ever Lived”
https://m.youtube.com/watch?v=PYqrFBm7qdA
What do you think about this 5 min. Video?
“Why Rent Control Hurts Renters”
(150,654 viewers)
https://m.youtube.com/watch?v=oJvTTGOHFkU
This 5 minute video explains why people vote Republican:
“What Makes America Different?”
(540,919 views)
https://m.youtube.com/watch?v=TiJIYdgkF9M
What do you think about this 5 min video about government regulations? ( 241,783 views)
“What Creates Wealth?”
https://m.youtube.com/watch?v=661TPEvCCTU
Teach a man to fish and he can feed his family for life!! Steal the fish from the fisherman and give it to another and he will vote Dem for life!!
With free money, why would anyone work in America?
https://www.youtube.com/watch?v=a780LGWG7to
What do you think about this 5 min video? “Why Capitalism Works”
(390,924 views)
https://m.youtube.com/watch?v=w6adVQrSUAc
If Obama and Reagan were to sit down and have a 5 minute conversation on Reagan vs. Obama economics, this is how it would look in this 5 minute animated video:
“Socialism Explained”
https://www.youtube.com/watch?v=sCg9E0Pxu80
(From WSJ.com)
“…it should be possible to revive a national consensus affirming that capitalism embraces the best and most essential things about American life; that freeing capitalism to do what it does best won’t just create national wealth and reduce poverty, but expand the ability of Americans to achieve earned success—to pursue happiness.”
Here’s a 5 minute video that illustrates what Trump wants to do to the US economy with his tax plan:
“How to Solve America’s Spending Problem” (241,889 views)
https://m.youtube.com/watch?v=8Ti8RQPh7IE
What do you think about this 5 min video? (562,892 views)MI
“America’s Debt Crisis Explained”
https://m.youtube.com/watch?v=2ziodZHZGpU
The US Government spends $87,000 per family per year to fight poverty. So, why is there poverty in the US?
What do you think about this 5 minute video?
“The Bigger the Government…”
(183,727 views)
https://m.youtube.com/watch?v=qr638pCfPxs
What do you think about this 5 min video? (444,962 views)
“What is Social Justice?”
https://m.youtube.com/watch?v=rtBvQj2k6xo
What do you think about this 5 minute video?:
“What Creates Wealth?”
PragerUniversity (318,938 views)
https://m.youtube.com/watch?v=661TPEvCCTU
What party do corporations own?
What do you think about this 5 min video? (241,889 views)
“Do Big Unions Buy Politicians?”
https://m.youtube.com/watch?v=IxeJvO5xcio
What do you think about this 5 min video?
“Teachers Unions vs. Students”
(248,764 views)
https://m.youtube.com/watch?v=mG8w9PcA-ig
Minimum wage is not to meant to be a living wage, but a starting point to (experience) a better job!!
Maybe you have not seen the new “automated McDonalds”, No counter people, you select from a posted menu, slide you CC and then they bring the food to you. Half the employees got a raise to $15.00 per hour the other half lost there jobs.
McDonald’s Automated touch-screen cashier in New York City
https://www.youtube.com/watch?v=aZqn2s9hzv0
From j sadowsky’s ‘The Blog That Isn’t’ – NEW RULE: For as long as Corporate Welfare Tax Loopholes Stand, There will be no Local, State or Federal Income Taxes on Individuals who’s Income is Less Than $ 70,000 a year! This is the Minimum Wage that enables a person to live moderately securely and to withstand ‘minor’ increases in Essential Costs of Food, Clothing, Household Items, Housing, Insurance, Medical, Transportation… without at least one of them being threatened! This will help the vast majority of Americans while quickly circulating more money into ‘our’ economy as opposed to Unpatriotic Corporate Monoliths pouring unseemly Profits and USA Money overseas to Avoid Their Fair Share!
The New York Times says the right minimum wage is $0/hr.
What do you think if this 5 minute video? (390,924 views)
“What’s the Right Minimum Wage?”
https://m.youtube.com/watch?v=4j01L69eXdI
What do you think about this 5 minute video?
“Money in Politics: What’s the Problem?”
https://m.youtube.com/watch?v=c5-4jW5dLSI
cool
Squash the tpp…