Submitted by Carl Gibson of US Uncut:
GE Returns Billions to Public… NOT
April 13, 2011
USA Today, AP fall for US Uncut ploy; GE stock loses billions
Washington, DC – US Uncut, a burgeoning grassroots movement pressuring corporate tax cheats to pay their fair share, posted today a fake GE press release announcing that they would return their illegitimate (but legal) $3.2 billion tax refund, and that they would lobby to close the sort of corporate tax loopholes that had allowed them to skip taxes in the first place. Several major media outlets, including USA Today, ran the story as true. (Here is a link to the original USA Today story; here is the first article debunking the release.)
US Uncut quickly reacted with another release pretending to praise GE for this entirely unpredictable, unlikely, and in fact impossible act.
“This action showed us how the world could work,” said US Uncut spokesperson Carl Gibson. “For a brief moment people believed that the biggest corporate tax dodger had a change of heart and actually did the right thing. But the only way anything like this is really going to happen is if we change the laws that allow corporate tax avoidance in the first place.”
In the period the hoax was believed, GE’s stock plunged by .6% (far more than the value of the supposed return), then quickly recovered as soon as it became apparent the press had been duped. “Obviously, GE can’t possibly be expected to do the right thing voluntarily; their stock would keep plunging,” noted Gibson. “That’s why we must change the law.” Continue reading “GE Returns Billions to Public… NOT”
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