Through Friday, January 27, 2012, there have been 52 US Big Corps with Pretax Income of just short of $1 bil or above in any of the quarters of 2011 or 2010, which have released their December 2011 quarterly earnings.
Here is the Total Pretax Earnings Growth for these 52 US Big Corps for each of the four quarters of 2011 over 2010:
1Q 2011 over 1Q 2010.....21%
2Q 2011 over 2Q 2010.....21%
3Q 2011 over 3Q 2010.....19%
4Q 2011 over 4Q 2010.....14%
And when you back away Apple, whose $17.5 bil of Pretax Earnings in its December 2011 quarter was a just massive 119% earnings growth over its December 2010 quarter, the remaining 51 US Big Corps had their Total Pretax Earnings Growth drop dramatically from 17% in the 3Q 2011 to only 6% in the 4Q 2011.
This is great for China's economy, where the overwhelming majority of Apple employees are located.
And this is great for Apple's stockholders and executives, and their employees receiving stock options.
Of Apple's $34 bil worldwide pretax earnings in its fiscal year ended September 2011, $24 bil, or 70%, was earned overseas, where it's not just lower labor and lower employee benefit costs, but also just as importantly, substantially lower income tax rates. In fact, its 2011 foreign income tax expense of $602 mil is only a 2.5% effective income tax rate on its $24 bil of foreign pretax income. But at least that is double the 1.2% foreign income tax rate on its foreign pretax income earned in 2010.
Because of these massive amounts of earnings generated predominantly overseas, Apple has accumulated $97.6 bil of Cash and Marketable Securities at the end of December 2011. And Apple has zero of interest-bearing debt.
And at its September 2011 fiscal year end, $54.3 bil, or 67%, of Apple's $81.6 bil of Cash and Marketable Securities were held by its low income taxed foreign subsidiaries.
But there's more to the Apple story.
At the end of December 2011, $20 bil of its Marketable Securities are Investments in US Government Agencies, which I assume is Fannie Mae and Freddie Mac, and $14.7 bil are Investments in US Treasury Securities.
The only reason someone would invest in clearly bankrupt Fannie Mae and Freddie Mac, rather than US Treasury Securities, is because the interest rate earned is much higher.
But bankrupt Fannie Mae and Freddie Mac are in essence US taxpayers. Thus what is in essence happening is that Apple, through its Investments in Fannie Mae and Freddie Mac, is receiving tax benefits from the higher interest yield it is receiving from US taxpayers, who are bankrolling Fannie and Freddie's massive losses.
So, I suggest that when normal US citizens think Apple is doing wonders for the US economy and US job creation, they are flat out wrong. Apple's elevation of the US economy and US job creation has been substantially over exaggerated.
But it's not just Apple. So many US Big Corps have reaped enormous US taxpayer subsidies from their Investments In, and/or Guarantees by, bankrupt Fannie Mae and Freddie Mac over the years.
Big US Financial Corps are really heavy debt instrument investors in bankrupt Fannie and Freddie.
Based on reviewing its 10K footnote disclosures, at December 31, 2010, JPMorgan Chase had Investments in Mortgage-backed US Government Agencies classified as Trading Assets of $48 bil and those classified as Available For Sale Assets of another $120 bil, for a total of $168 bil. I can only assume these are Investments in Fannie and Freddie and/or guaranteed by them. And a lot of these Investments in Fannie and Freddie are financed by the US Government at close to a zero percent interest rate to JP Morgan.
Since Fannie and Freddie are both bankrupt and thus in essence bankrolled by US taxpayers, then effectively US taxpayers are granting substantial annual tax subsidies to JPMorgan Chase for the interest it earns on these massive amount of Investments in Fannie and Freddie.
And to show their incredible greed and selfishness, after getting all of this largesse from US taxpayers, JPMorgan Chase refuses to either reduce the principal balance of underwater home mortgages, or even letting underwater homeowners refinance at the current very low market interest rates!
And at December 31, 2010, Bank of America had Investments in Mortgage-backed US Government Agencies classified as Trading Assets of $30 bil and those classified as Available For Sale Assets of another $191 bil, for a total of $221 bil.
And at December 31, 2010, Citigroup had Investments in Mortgage-backed Debt Securities, which were US Government-sponsored Agency Guaranteed, classified as Trading Assets of $27.1 bil and classified as Available For Sale of another $23.6 bil. In addition, Citigroup had Investments in US Government Agency Debt Securities classified as Trading Assets of $3.4 bil and classified as Available For Sale of another $43.6 bil. Thus the total of all four of these Investments in Debt Securities either of, or guaranteed by, US Government Agencies (logically Fannie and Freddie) was $97.7 bil.
And at December 31, 2010, Wells Fargo had Investments in Mortgage-backed US Government Agencies classified as Available For Sale Assets of $82 bil.
When I get some time, I'll see if I can get a better handle on the aggregate amounts of these tax subsidies given by the US taxpayer to US Big Corps, due to their massive investments in Fannie and Freddie. My hunch is that the cumulative amount is hundreds of billions of dollars.
And these same US Big Corps now want their US Corporate Federal Income Tax Rate reduced? What thoroughly disgusting greed.
And these US Big Corps don't understand why the Occupy Movement is targeting them, especially the Big Banks? The US Congressional Republicans are protecting and covering up the wrongdoings of the Big Banks, while the Occupy Movement courageously and patriotically exposes these wrongdoings. Clearly for the common good, exposure here trumps protection and coverup.
And when you think about it, why shouldn't US Big Corps, who went for, and continue to go for, the higher sticker interest rate earned greed by investing in Fannie Mae and Freddie Mac, be now subject to the same downside risk from these unwise Investments in now bankrupt Fannie Mae and Freddie Mac? Isn't this free enterprise?
What kind of unfair deal is this.....US Big Corps benefit monstrously from their risk-free Investments in Fannie Mae and Freddie Mac, which are in essence tax subsidized by US taxpayers bankrolling bankrupt Fannie and Freddie. But yet bankrupt Fannie and Freddie refuse to either write down the underwater mortgages of these same US taxpayers, or even let them refinance their mortgage loans at the current very low market interest rates.
Anyway, back to the big picture, the overall US economy was clearly under downward real growth assault in the 4Q 2011, especially US small businesses, modestly paid US full-time workers, the rapidly-growing, huge struggling US jobette community, and the so many desperate want-to-be workers.
And this substantial earnings growth deceleration in the 4Q 2011 occurred despite the huge profit boost from 100% first-year tax expensing, due to the substantial pulling forward of future equipment purchases from 2012 to the 4Q 2011, mostly to the month of December 2011. This fine-tuning, financial engineering happened on a whole-scale basis in the 4Q 2011 because the 100% first-year tax expensing drops in half in 2012.
Here are these 52 US Big Corps and their 4Q 2011 Pretax Income as compared to that of the 4Q 2010:
..........................................4Q............4Q..........Increase
........................................2011.........2010......(Decrease)
.........................................PTI.........PTI(L).....Amount......%
........................................(in millions of dollars)......
Apple............................17,477......7,963........9,514......119%
Chevron..........................9,965......8,766........1,199.......14%
Microsoft........................8,239......8,497.........(258)......-3%
IBM................................7,274......6,956..........318........5%
Wells Fargo.....................6,057......5,165..........892.......17%
ConocoPhillips................5,833......4,292........1,541.......36%
JP Morgan Chase.............4,747......7,012......(2,265).....-32%
Intel................................4,587......4,163..........424.......10%
GE...................................4,476......3,540..........936.......26%
Procter&Gamble(1).........4,075......4,090..........(15).......0%
Verizon(2)......................3,823......3,970.........(147)......-4%
AT&T(3)..........................3,681......4,068.........(387).....-10%
JNJ(4)............................3,663......3,451...........212........6%
Google............................3,489......3,142...........347.......11%
Bank of America(5).........3,013.....(1,595).......4,608......289%
Occidental Petroleum.....2,590......1,810...........780.......43%
Abbott Labs(6)...............2,354......2,006...........348.......17%
McDonalds.....................1,984......1,734............250.......14%
Caterpillar......................1,978......1,232............746.......61%
UnitedHealth..................1,935......1,684............251.......15%
Schlumberger.................1,886......1,335............551.......41%
US Bancorp.....................1,855......1,271............584.......46%
United Technologies.......1,832......1,686............146........9%
American Express..........1,748......1,477............271.......18%
Bristol Myers Squibb......1,594......1,413.............181.......13%
Union Pacific..................1,530......1,180............350.......30%
Boeing............................1,444......1,003............441.......44%
Citigroup........................1,364......1,060............304.......29%
Halliburton.....................1,354........910............444.......49%
3M..................................1,329......1,262.............67........5%
Morgan Stanley(7)..........1,285......1,191.............94........8%
Freeport McMoran(8).....1,253......2,986......(1,733).....-58%
Goldman Sachs...............1,247......3,474......(2,227).....-64%
Altria Group...................1,183......1,407.........(224).....-16%
Honeywell(9)..................1,145........930...........215.......23%
Ford(10).........................1,052......1,173.........(121).....-10%
Amgen(11)......................1,051......1,117..........(66)......-6%
EMC................................1,048........909...........139.......15%
General Dynamics(12).....1,022......1,043..........(21)......-2%
Lockheed Martin................966......1,056..........(90)......-9%
Bank of NY Mellon..............945........834...........111.......13%
Colgate Palmolive...............908........889............19........2%
PNC Financial(13)...............838........961.........(123)......-13%
BlackRock...........................815........958.........(143)......-15%
Baker Hughes(14)...............784........520...........264........51%
Travelers...........................778......1,197.........(419)......-35%
Corning(15)........................682........804.........(122)......-15%
Capital One Financial..........571......1,032.........(461)......-45%
WellPoint...........................478........752.........(274)......-36%
DuPont(16)........................422........405.............17.........4%
Texas Instruments.............349......1,104.........(755)......-68%
Hess...................................327........357..........(30).......-8%
Total all 52..................136,325...119,642......16,683.......14%
Total 51 without Apple.118,848..111,679........7,169.........6%
(1) Procter & Gamble 2011 PTI excludes Intangible Asset Impairment Charge and Gain on Sale of Business.
(2) Verizon Communications both 2011 and 2010 PTI exclude Severance, Pension and Benefit Special Charges.
(3) AT&T both 2011 and 2010 PTI exclude Actuarial Losses related to Benefit Plan. Its 2011 PTI also excludes Termination of T-Mobile Acquisition Charge and Directory Asset Impairment Charge.
(4) Johnson & Johnson both 2011 and 2010 PTI exclude Net Litigation Settlement Charges, Special Product Liability Charges, and DePuy Hip Recall Program Charges. Its 2011 PTI also excludes Currency Option Adjustment on Planned Acquisition Charge.
(5) Bank of America both 2011 and 2010 PTI exclude Goodwill Impairment Charges.
(6) Abbott Labs both 2011 and 2010 PTI exclude In Process Research & Development Charges.
(7) Morgan Stanley 2011 PTI excludes Loss Related to MBIA Settlement.
(8) Freeport McMoran 2011 PTI includes Indonesian Operations Labor and Pipeline Disruption Expenses.
(9) Honeywell both 2011 and 2010 PTI exclude Mark-to-Market Pension Expense Charges.
(10) Ford 2011 PTI excludes FordSollers Gain. Its 2010 PTI excludes Debt Reduction Action Charges.
(11) Amgen 2010 PTI excludes Asset Impairment Charge on BI Transaction.
(12) General Dynamics 2011 PTI excludes Intangible Asset Impairment Charge.
(13) PNC Financial 2011 PTI excludes Charges for Redemption of Trust Preferred Securities. Its 2010 PTI excludes Gain on Sale of BlackRock Shares.
(14) Baker Hughes 2011 PTI excludes Trade Names Impairment Charges.
(15) Corning 2011 PTI excludes Asset Impairment Charges. Its 2010 PTI excludes Insurance Settlement Gain and Special Korean Tax Credit.
(16) DuPont 2010 PTI excludes Loss on Debt Extinguishment.
And this massive earnings growth deceleration isn't just related to the above US Big Corps with December 2011 quarter ends.
There were 19 additional US Big Corps with Pretax Income of just short of $1 bil or above in any of the quarters of 2011 or 2010, which have either October or November 2011 quarter ends.
Here is the Total Pretax Earnings Growth for these 19 US Big Corps for each of the four quarters of 2011 over 2010:
1Q 2011 over 1Q 2010.....19%
2Q 2011 over 2Q 2010.....14%
3Q 2011 over 3Q 2010......9%
4Q 2011 over 4Q 2010......1%
Whoa, now that is what I call earnings growth going off the cliff!
Here are these 19 US Big Corps, with either October or November 2011 quarter ends, and their 4Q 2011 Pretax Income or Loss as compared to that of the 4Q 2010:
..........................................4Q............4Q..........Increase
........................................2011.........2010......(Decrease)
.......................................PTI(L).......PTI(L).....Amount......%
........................................(in millions of dollars)......
Walmart...........................5,343.......5,095..........248........5%
Oracle..............................2,960.......2,646..........314.......12%
Hewlett Packard(1)..........2,310.......3,214.........(904).....-28%
Cisco Systems..................2,245.......2,425.........(180)......-7%
Home Depot.....................1,457.......1,306..........151.......12%
Dell..................................1,072.......1,076...........(4).......0%
Deere...............................1,057..........750.........307.......41%
Medtronic(2)...................1,053........1,031...........22........2%
Accenture..........................993...........845..........148.......18%
Walgreens..........................883...........921..........(38)......-4%
Target................................857..........773...........84.......11%
Discover Fincl Svcs............818...........585..........233.......40%
Lowes(3)...........................352...........651.........(299).....-46%
Carnival............................209...........255..........(46).....-18%
Best Buy............................204...........373.........(169).....-45%
Monsanto..........................204.............24..........180......750%
Macys...............................183..............52..........131......252%
Intuit................................(98)...........(111)..........13.......12%
H&R Block.......................(204)..........(184).........(20).....-11%
Total all 19...................21,898.......21,727..........171........1%
(1) Hewlett Packard 2011 PTI excludes asset impairment charge, winding down Web OS device business charge, and acquisition foreign currency exchange risk charge.
(2) Medtronic 2010 PTI excludes special litigation charge.
(3) Lowes 2011 PTI includes large store closing charges.
This huge earnings growth deterioration in the last half of 2011 of US Big Corps with October, November and December 2011 quarter ends is predominantly due to US Congressional Republican action and inaction in purposefully putting the breaks on the US economy and on US job creation, in an attempt to get President Obama voted out of office in November 2012. It's all about protecting the "dollars over decency" philosophy of the 1%.
These US Congressional Republicans have flat out wreaked havoc on the US economy in the last half of 2011, due to their irresponsible actions in both the Grand Bargain Talks Collapse with the Obama Administration and, in the horrific Debt Ceiling Negotiations, which even resulted in the highly embarrassing US Debt Downgrade by Standard and Poors.
And then these US Congressional Republicans piled on by recalcitrantly rejecting on arrival the American Jobs Act, which had some awfully powerful US job creation initiatives, particularly the substantial US infrastructure investments.
When one party purposely acts in such a destructive manner to the US economy and to the 99%, the proper thing that should happen is that every US Republican Congressmen acting in such an unpatriotic manner should immediately resign from Congress, due to their massive harm to the country.
Unfortunately, this isn't going to happen. Thus, there is nothing that the 99% can do now, until they vote in November 2012, except to take to the Streets and protest against these economic injustices.
And it is only logical that key targets of these peaceful protests should include wisely selected US Big Corp executive offices all over the country, and specifically focusing on US Big Corps, which have generated substantial profit increases in the past couple of years, but yet very minor increases in their US full-time payroll counts, and in many cases, even reductions in their US full-time payroll counts, over those same couple of years.
And the 2012 Annual Stockholders' Meeting, usually held in the Spring, when the weather will be much better, would also be a very effective venue for these protests against US Big Corp "Dollars over Decency".
I think a Very Simple Sign something like this one would be most effective.
Front Side in Huge Bold Letters:
.....US Big Corp Name
.....Profit Increase 2009 to 2011
Back Side also in Huge Bold Letters:
.....US Big Corp Name
.....# of US Full-Time Employees Change 2009 to 2011
...........or to simplify....."US Full-Time Jobs Added or Slashed"
In addition, key targets should also include the many far right-wing US Republican Congressmen, K Street and other lobbyists for the 1%, far right-wing State Governors, the many far-right wing State Congressmen, and even the extreme right-wing majority of the US Supreme Court.
Sunday, January 29, 2012
Thursday, January 26, 2012
Big US National/Regional Banks 4Q 2011 Earnings: Down 7% and Low Quality
In my most recent post, I reported that the Largest Big Nine US Financial Corps, with Pretax Income of more than $1 bil in either the 4Q 2011 or the 4Q 2010, registered a solid 4Q 2011 Total Pretax Earnings increase of 15%, but with very low quality earnings, due mainly to the substantial reduction in Provision for Credit Losses recorded in the 4Q 2011 as compared with the prior year's quarter. These Big Nine are:
Bank of America
Wells Fargo
JPMorgan Chase
Citigroup
Morgan Stanley
Goldman Sachs
GE Capital Services
US Bancorp
American Express
In this post, I am focusing on the large US National and Regional Banks that are a bit smaller than the above nine mega US banks.
I found 19 of these banks, with Pretax Earnings or Losses of at least $100 mil each in either the 4Q 2011 or in the 4Q 2010, which have already reported their 4Q 2011 earnings. There were two other ones, California HQed UnionBanCal and Oklahoma HQed BOK Financial, which probably would have made this earnings threshold, but they haven't reported their 4Q 2011 earnings yet, and thus weren't included below. Instead, they were included later at the very bottom of this post.
How did they do? Well, not so hot. These 19 Banks had a Total Pretax Earnings Decrease of 7% in the 4Q 2011. Here they are, along with their 4Q 2011 Pretax Earnings (PTI):
.............................................4Q............4Q..........Increase
...........................................2011.........2010......(Decrease)
............................................PTI.........PTI(L)....Amount......%
...........................................(in millions of dollars)......
PNC Financial(1).........PA....838...........961.........(123).....-13%
Bank NY Mellon..........NY...689...........970.........(281).....-29%
Capital One Financial..VA....571........1,032.........(461).....-45%
State Street Corp........MA....532...........252..........280......111%
BB&T..........................NC....484...........232..........252......109%
Fifth Third Bancorp....OH....418...........417..............1........0%
Key Corp....................OH....276...........508.........(232).....-46%
M&T Bank...................NY...203...........307.........(104).....-34%
Regions Financial(2)...AL....190...........111............79.......71%
NY Community Banc..NY....181...........231..........(50).....-22%
Northern Trust............IL....171...........214..........(43).....-20%
Huntington Banc.........OH....169...........158............11........7%
SunTrust Banks...........GA....143...........238..........(95).....-40%
First Republic Bank.....CA....141...........127............14.......11%
Zions Bancorp............UT....137...........(96).........233......243%
Comerica....................TX....129...........126..............3........2%
East West Bancorp......CA....103............86............17.......20%
Hudson City Banc(3)...NJ.....93...........200.........(107).....-54%
Synovus Financial......GA.....27..........(160).........187......117%
Total all 19......................5,495.........5,914.........(419)......-7%
(1) PNC Financial 2011 PTI excludes Charge from Redemption of Trust Preferred Securities. Its 2010 PTI excludes Gain on Sale of BlackRock Shares.
(2) Regions Financial 2011 PTI excludes Goodwill Impairment Charge.
(3) Hudson City Bancorp 2011 PTI excludes Loss on Debt Extinguishment.
Well it's bad enough that the Total Pretax Earnings of these 19 US Big National/Regional Banks decreased by 7%, or by $419 mil, in the most recent quarter over the prior year's quarter. But it gets much worse.
Of these 19 Banks, 13 of them had very puzzling Reduction in Loan Loss Provision Charges in the 4Q 2011 as compared to that recorded in the 4Q 2010, and some of these reductions are just huge.
These 13 Banks had a Total Reduction in Loan Loss Provision Charges to Earnings of a massive $1,825 mil in the 4Q 2011 as compared to 4Q 2010, and even with the huge resultant $1,825 mil increase in Pretax Income from this accounting action, all 19 combined had their Total Pretax Income drop by $419 mil in the 4Q 2011 vs. the 4Q 2010.
Here are the 13 Big US National/Regional Banks with Reductions in their Provision for Credit Losses in the 4Q 2011 vs. 4Q 2010:
..................................Provision for Credit Losses
................................4Q 2011...4Q 2010...Decrease
....................................(millions of dollars)
Regions Financial........295..........682.........(387)
BB&T...........................272..........643.........(371)
PNC Financial..............190..........442.........(252)
Synovus Financial.........55..........252.........(197)
SunTrust Banks...........327..........512.........(185)
Zions Bancorp...............(1).........173.........(174)
Fifth Third Bancorp.......55..........166.........(111)
Huntington Banc...........45............87..........(42)
Comerica......................19............57..........(38)
Northern Trust.............13............40..........(27)
Hudson City Banc.........25............45..........(20)
M&T Bank.....................74............85..........(11)
East West Bancorp........20............30..........(10)
Total all 13...............1,389.......3,214.......(1,825)
So the 99%ers, including US small businesses, who these 13 Big US Banks are making much of their profits from, have their financial status mostly deteriorate substantially in the past year, and these 13 Big Banks react to this by making just the opposite assessment, by reducing their Total Loan Loss Charges on their books by $1.8 bil. I call that pouring salt on the open wounds of the 99% bank customers. And then they pour additional salt on the wounds of the 99% by "dollars over decency" adamantly refusing to reduce the principal balance of underwater homeowner mortgages.
Something just doesn't seem right here. The Occupy Movement all throughout the country, and all of their 99% supporters, including many small businesses, are spot on. The deck is stacked against them, the Big Corps are continually dealing from the bottom of the deck, and the US Government, specifically the US Congressional Republicans, the "dollars over decency" advocates, facilitate this patently unfair process, which is destroying the fabric of the US Democracy.
=======================================
Late Additions Feb 1, 2012
.............................................4Q............4Q..........Increase
...........................................2011.........2010......(Decrease)
............................................PTI.........PTI(L)....Amount......%
...........................................(in millions of dollars)......
UnionBanCal..............CA....165...........221..........(56).....-25%
BOK Financial............OK....105............90............15.......17%
Bank of America
Wells Fargo
JPMorgan Chase
Citigroup
Morgan Stanley
Goldman Sachs
GE Capital Services
US Bancorp
American Express
In this post, I am focusing on the large US National and Regional Banks that are a bit smaller than the above nine mega US banks.
I found 19 of these banks, with Pretax Earnings or Losses of at least $100 mil each in either the 4Q 2011 or in the 4Q 2010, which have already reported their 4Q 2011 earnings. There were two other ones, California HQed UnionBanCal and Oklahoma HQed BOK Financial, which probably would have made this earnings threshold, but they haven't reported their 4Q 2011 earnings yet, and thus weren't included below. Instead, they were included later at the very bottom of this post.
How did they do? Well, not so hot. These 19 Banks had a Total Pretax Earnings Decrease of 7% in the 4Q 2011. Here they are, along with their 4Q 2011 Pretax Earnings (PTI):
.............................................4Q............4Q..........Increase
...........................................2011.........2010......(Decrease)
............................................PTI.........PTI(L)....Amount......%
...........................................(in millions of dollars)......
PNC Financial(1).........PA....838...........961.........(123).....-13%
Bank NY Mellon..........NY...689...........970.........(281).....-29%
Capital One Financial..VA....571........1,032.........(461).....-45%
State Street Corp........MA....532...........252..........280......111%
BB&T..........................NC....484...........232..........252......109%
Fifth Third Bancorp....OH....418...........417..............1........0%
Key Corp....................OH....276...........508.........(232).....-46%
M&T Bank...................NY...203...........307.........(104).....-34%
Regions Financial(2)...AL....190...........111............79.......71%
NY Community Banc..NY....181...........231..........(50).....-22%
Northern Trust............IL....171...........214..........(43).....-20%
Huntington Banc.........OH....169...........158............11........7%
SunTrust Banks...........GA....143...........238..........(95).....-40%
First Republic Bank.....CA....141...........127............14.......11%
Zions Bancorp............UT....137...........(96).........233......243%
Comerica....................TX....129...........126..............3........2%
East West Bancorp......CA....103............86............17.......20%
Hudson City Banc(3)...NJ.....93...........200.........(107).....-54%
Synovus Financial......GA.....27..........(160).........187......117%
Total all 19......................5,495.........5,914.........(419)......-7%
(1) PNC Financial 2011 PTI excludes Charge from Redemption of Trust Preferred Securities. Its 2010 PTI excludes Gain on Sale of BlackRock Shares.
(2) Regions Financial 2011 PTI excludes Goodwill Impairment Charge.
(3) Hudson City Bancorp 2011 PTI excludes Loss on Debt Extinguishment.
Well it's bad enough that the Total Pretax Earnings of these 19 US Big National/Regional Banks decreased by 7%, or by $419 mil, in the most recent quarter over the prior year's quarter. But it gets much worse.
Of these 19 Banks, 13 of them had very puzzling Reduction in Loan Loss Provision Charges in the 4Q 2011 as compared to that recorded in the 4Q 2010, and some of these reductions are just huge.
These 13 Banks had a Total Reduction in Loan Loss Provision Charges to Earnings of a massive $1,825 mil in the 4Q 2011 as compared to 4Q 2010, and even with the huge resultant $1,825 mil increase in Pretax Income from this accounting action, all 19 combined had their Total Pretax Income drop by $419 mil in the 4Q 2011 vs. the 4Q 2010.
Here are the 13 Big US National/Regional Banks with Reductions in their Provision for Credit Losses in the 4Q 2011 vs. 4Q 2010:
..................................Provision for Credit Losses
................................4Q 2011...4Q 2010...Decrease
....................................(millions of dollars)
Regions Financial........295..........682.........(387)
BB&T...........................272..........643.........(371)
PNC Financial..............190..........442.........(252)
Synovus Financial.........55..........252.........(197)
SunTrust Banks...........327..........512.........(185)
Zions Bancorp...............(1).........173.........(174)
Fifth Third Bancorp.......55..........166.........(111)
Huntington Banc...........45............87..........(42)
Comerica......................19............57..........(38)
Northern Trust.............13............40..........(27)
Hudson City Banc.........25............45..........(20)
M&T Bank.....................74............85..........(11)
East West Bancorp........20............30..........(10)
Total all 13...............1,389.......3,214.......(1,825)
So the 99%ers, including US small businesses, who these 13 Big US Banks are making much of their profits from, have their financial status mostly deteriorate substantially in the past year, and these 13 Big Banks react to this by making just the opposite assessment, by reducing their Total Loan Loss Charges on their books by $1.8 bil. I call that pouring salt on the open wounds of the 99% bank customers. And then they pour additional salt on the wounds of the 99% by "dollars over decency" adamantly refusing to reduce the principal balance of underwater homeowner mortgages.
Something just doesn't seem right here. The Occupy Movement all throughout the country, and all of their 99% supporters, including many small businesses, are spot on. The deck is stacked against them, the Big Corps are continually dealing from the bottom of the deck, and the US Government, specifically the US Congressional Republicans, the "dollars over decency" advocates, facilitate this patently unfair process, which is destroying the fabric of the US Democracy.
=======================================
Late Additions Feb 1, 2012
.............................................4Q............4Q..........Increase
...........................................2011.........2010......(Decrease)
............................................PTI.........PTI(L)....Amount......%
...........................................(in millions of dollars)......
UnionBanCal..............CA....165...........221..........(56).....-25%
BOK Financial............OK....105............90............15.......17%
Tuesday, January 24, 2012
Big Eleven US High Tech Corps: 4Q 2011 Earnings Up 21%, but it's all Apple (Part One)
There are eleven US Big Technology Corps which have Pretax Income above $1 bil in either the 4Q 2011 or the 4Q 2010.
Of these eleven, seven had December 2011 quarter ends, and four of them had either October or November 2011 quarter ends.
Qualcomm would also be included, since its Pretax Income in the December 2010 quarter exceeded $1.3 bil, but it will not be releasing its December 2011 quarterly earnings until February 1, 2012. Thus, it is not included with the below 11.
The Total Pretax Income growth for these 11 Big US Technology Corps increased by a very robust 21% in the 4Q 2011. However, excluding Apple's blowout earnings growth, the remaining 10 had their 4Q 2011 Total Pretax Income drop by 2%.
I think you'll see this 4Q 2011 21% earnings growth drop markedly in the 1Q 2012, mainly due to 100% first-year tax expensing of US equipment purchases dropping in half in 2012.
It's pretty clear that the US economy critically needs major US Government incentives, including wisely designed US federal income tax ones, to entice Apple to insource to the US a good chunk of its overseas manufacturing. And the same can be said of all of US Big Tech, and also all of Big US Broad-Based Manufacturing Corps.
I don't buy US Big Multinational Manufacturing Corps whining about their not hiring US workers because they aren't skilled. That's inaccurate, very selfish, "dollars over decency", and frankly unpatriotic, in these just horrible US job depression times, where so many are unemployed, where those having full-time jobs are not paid fairly, and where the best job growth is for jobettes, where the pay is extremely low, and the employee benefits even lower.
And so what are all Republican Presidential Candidates proposing to deal with this horrible US job depression? A National Right to Work for Less Program, mirrored after the State of Indiana's present initiative orchestrated by its far right-wing legislature and its Governor, which has thrown the entire State of Indiana into absolutely bitter, dysfunctional chaos.
I think these US Multinational Corps are substantially understating the present skill set of US workers, and also substantially understating how quickly these workers will be able to step up their skill set to be able to add substantial value to the products manufactured.
Also, when you look at it historically, in the heyday of US Manufacturing, US Manufacturers trained their US workers. They didn't expect the US Government to pay for this training. These Corps took the lead here, hired workers, and trained them.
Further, from much research I performed on the unremitted foreign earnings of US Big Multinational Corps, in the Clinton Presidential years and before, the extent of US Big Corps shipping jobs overseas was a drop in the bucket as compared to what has happened in the 2000 decade.
Below here are the 4Q 2011 Pretax Earnings of these 11 US Big Technology Corps, along with that earned in the prior year's 4Q.
..........................................4Q............4Q..........Increase
........................................2011.........2010......(Decrease)
.......................................PTI(L)......PTI(L).....Amount......%
........................................(in millions of dollars)......
Big Eleven US Tech
Ones With Dec 11 Quarters
Apple............................17,477.......7,963......9,514....119%
Microsoft........................8,239.......8,497........(258)....-3%
IBM................................7,274.......6,956..........318......5%
Intel...............................4,587.......4,163..........424.....10%
Google............................3,489.......3,142..........347.....11%
EMC................................1,048.........909..........139.....15%
Texas Instruments(1)........349.......1,104........(755)...-68%
Total all 7.....................42,463.....32,734......9,729.....30%
Ones With Oct & Nov 11 Quarters
Oracle............................2,960.......2,646.........314.....12%
Hewlett Packard(2).........2,310.......3,214.......(904)...-28%
Cisco Systems.................2,245.......2,425.......(180)....-7%
Dell................................1,072.......1,076...........(4).....0%
Total all 4.......................8,587.......9,361.......(774)....-8%
Grand Total all 11.........51,050.....42,095......8,955.....21%
(1) Texas Instruments 2010 PTI excludes gains on asset sales.
(2) Hewlett Packard 2011 PTI excludes asset impairment charge, winding down Web OS device business charge, and acquisition foreign currency exchange risk charge.
================================
Late Addition February 2012
..........................................4Q............4Q..........Increase
........................................2011.........2010......(Decrease)
.......................................PTI(L)......PTI(L).....Amount......%
........................................(in millions of dollars)......
Qualcomm......................1,721.......1,470..........251.....17%
Cisco Systems(A)...........2,749.......1,730........1,019.....59%
(A) Cisco Systems released these Quarter Ended Jan 28, 2012 very robust earnings numbers on February 8, 2012.
Of these eleven, seven had December 2011 quarter ends, and four of them had either October or November 2011 quarter ends.
Qualcomm would also be included, since its Pretax Income in the December 2010 quarter exceeded $1.3 bil, but it will not be releasing its December 2011 quarterly earnings until February 1, 2012. Thus, it is not included with the below 11.
The Total Pretax Income growth for these 11 Big US Technology Corps increased by a very robust 21% in the 4Q 2011. However, excluding Apple's blowout earnings growth, the remaining 10 had their 4Q 2011 Total Pretax Income drop by 2%.
I think you'll see this 4Q 2011 21% earnings growth drop markedly in the 1Q 2012, mainly due to 100% first-year tax expensing of US equipment purchases dropping in half in 2012.
It's pretty clear that the US economy critically needs major US Government incentives, including wisely designed US federal income tax ones, to entice Apple to insource to the US a good chunk of its overseas manufacturing. And the same can be said of all of US Big Tech, and also all of Big US Broad-Based Manufacturing Corps.
I don't buy US Big Multinational Manufacturing Corps whining about their not hiring US workers because they aren't skilled. That's inaccurate, very selfish, "dollars over decency", and frankly unpatriotic, in these just horrible US job depression times, where so many are unemployed, where those having full-time jobs are not paid fairly, and where the best job growth is for jobettes, where the pay is extremely low, and the employee benefits even lower.
And so what are all Republican Presidential Candidates proposing to deal with this horrible US job depression? A National Right to Work for Less Program, mirrored after the State of Indiana's present initiative orchestrated by its far right-wing legislature and its Governor, which has thrown the entire State of Indiana into absolutely bitter, dysfunctional chaos.
I think these US Multinational Corps are substantially understating the present skill set of US workers, and also substantially understating how quickly these workers will be able to step up their skill set to be able to add substantial value to the products manufactured.
Also, when you look at it historically, in the heyday of US Manufacturing, US Manufacturers trained their US workers. They didn't expect the US Government to pay for this training. These Corps took the lead here, hired workers, and trained them.
Further, from much research I performed on the unremitted foreign earnings of US Big Multinational Corps, in the Clinton Presidential years and before, the extent of US Big Corps shipping jobs overseas was a drop in the bucket as compared to what has happened in the 2000 decade.
Below here are the 4Q 2011 Pretax Earnings of these 11 US Big Technology Corps, along with that earned in the prior year's 4Q.
..........................................4Q............4Q..........Increase
........................................2011.........2010......(Decrease)
.......................................PTI(L)......PTI(L).....Amount......%
........................................(in millions of dollars)......
Big Eleven US Tech
Ones With Dec 11 Quarters
Apple............................17,477.......7,963......9,514....119%
Microsoft........................8,239.......8,497........(258)....-3%
IBM................................7,274.......6,956..........318......5%
Intel...............................4,587.......4,163..........424.....10%
Google............................3,489.......3,142..........347.....11%
EMC................................1,048.........909..........139.....15%
Texas Instruments(1)........349.......1,104........(755)...-68%
Total all 7.....................42,463.....32,734......9,729.....30%
Ones With Oct & Nov 11 Quarters
Oracle............................2,960.......2,646.........314.....12%
Hewlett Packard(2).........2,310.......3,214.......(904)...-28%
Cisco Systems.................2,245.......2,425.......(180)....-7%
Dell................................1,072.......1,076...........(4).....0%
Total all 4.......................8,587.......9,361.......(774)....-8%
Grand Total all 11.........51,050.....42,095......8,955.....21%
(1) Texas Instruments 2010 PTI excludes gains on asset sales.
(2) Hewlett Packard 2011 PTI excludes asset impairment charge, winding down Web OS device business charge, and acquisition foreign currency exchange risk charge.
================================
Late Addition February 2012
..........................................4Q............4Q..........Increase
........................................2011.........2010......(Decrease)
.......................................PTI(L)......PTI(L).....Amount......%
........................................(in millions of dollars)......
Qualcomm......................1,721.......1,470..........251.....17%
Cisco Systems(A)...........2,749.......1,730........1,019.....59%
(A) Cisco Systems released these Quarter Ended Jan 28, 2012 very robust earnings numbers on February 8, 2012.
Friday, January 20, 2012
Big Nine US Financial Corps: 4Q 2011 Earnings Up 15%, but Low Quality
There are 9 US Big Financial Corps with December year ends and with annual pretax earnings north of $5 bil in either 2011 or 2010. Visa, which earned $5.7 bil in its most recent year, wasn't included below because it has a September fiscal year end. Also, Visa won't be releasing its December 2011 earnings until early February 2012.
For the 4Q 2011, the Total Pretax Income of these 9 US Big Financial Corps was up 15%, a deceleration from the earnings growth of every quarter of the last several years.
Below here is the Pretax Income (PTI) or Pretax Loss (PTL) of each of these 9 US Big Financial Corps for the 4Q 2011, and as compared with the 4Q 2010.
..........................................4Q............4Q..........Increase
........................................2011.........2010......(Decrease)
.......................................PTI(L)......PTI(L).....Amount......%
........................................(in millions of dollars)......
Wells Fargo....................6,057........5,165.........892......17%
JP Morgan Chase............4,747........7,012....(2,265)....-32%
Bank of America(1).........3,013.......(1,595)....4,608.....289%
US Bancorp.....................1,855........1,271.........584......46%
American Express..........1,748........1,477.........271......18%
GE Capital Services.........1,720..........896..........824......92%
Citigroup........................1,364........1,060.........304......29%
Morgan Stanley(2)..........1,285........1,191...........94........8%
Goldman Sachs...............1,247.......3,474.....(2,227)....-64%
Total all 9.....................23,036......19,951......3,085.......15%
(1) Bank of America 2011 and 2010 PTI(L) both exclude Goodwill Impairment Charges.
(2) Morgan Stanley 2011 PTI excludes Loss related to MBIA Settlement.
Frankly, I think this 15% 4Q 2011 total earnings growth of these Big 9 Financial Corps is remarkable, given not just the European financial crisis, but just as important, given how the US Congressional Republicans have flat out wreaked havoc on the US economy in the last half of 2011, due to their irresponsible actions in both the Grand Bargain Talks Collapse with the Obama Administration and, in the horrific Debt Ceiling Negotiations, which even resulted in the highly embarrassing US Debt Downgrade by Standard and Poors. And then these US Congressional Republicans piled on by recalcitrantly rejecting on arrival the American Jobs Act, which had some awfully powerful US job creation initiatives, particularly the substantial US infrastructure investments.
But you have to just shake your head at the quality of this 15% total earnings growth for two main reasons.
First, included in Bank of America's 4Q 2011 earnings was a $2.9 bil gain on sale of China Construction Bank shares and a $1.2 bil gain on exchange of trust preferred securities.
And second, and much more substantively, of these 9 Financial Corps, 6 had huge reductions in their Provision for Credit Losses, which totaled $6.6 bil, more than double the total increase in the total Pretax Earnings of $3.1 bil of all of the Big 9 Financial Corps.
Here are these reduced Provision for Credit Losses:
...............................4Q 2011...4Q 2010.....Decrease
..................................(millions of daollars)
Bank of America.......2,934........5,129......(2,195)
Citigroup..................2,874.......4,840......(1,966)
Wells Fargo..............2,040........2,989........(949)
JP Morgan Chase......2,184........3,043........(859)
US Bancorp.................497...........912........(415)
GE Capital Services..1,095.........1,352........(257)
Total all 6...............11,624.......18,265......(6,641)
The Occupy Movement has to be incensed at this assessment by these 6 Big Financial Corps that the credit status of their customers has substantially advanced like this in the past year. The 99% isn't feeling this same increased financial status at all.
This just shows that it is not just Mitt Romney, but also the 1% Big Financial Corps, that are completely out-of-touch with the financial status of the 99%, who are their customers.
And the Occupy Movement has to also be incensed that these greedy Big Financial Corps continue to refuse to write down the principal balance of underwater mortgages, even though they played a major role is causing this massive underwater mortgage situation, which is wreaking havoc on the US economy and US job creation. And the US Government bailed them out after they totally wrecked the US economy.
As long as their accounting is not fraudulent, these Big Financial Corps would not have much in the way of an earnings charge from going the patriotic route and responsibly writing down loan principal balances of the underwater mortgages they hold, because the related Credit Loss Provision should have already been recorded on their books, since US Generally Accepted Accounting Principles already require it, for a substantial portion of the total amounts of these underwater mortgage amounts.
And what is Republican Presidential Candidate Mitt Romney's solution to solving the horrible underwater mortgage mess? Let the underwater homeowner drown, he proclaims.
Also, these massive reductions in Provision for Credit Losses in the past several years reveal the extent of the massive pullback in loans, except to almost risk-free borrowers, by these incredibly greedy Big Financial Corps. Small businesses unable to obtain loans at a reasonable interest rate have to be incensed. This freezing up of the loans to small businesses by these Big Financial Corps have wreaked havoc on the US economy and on US job creation.
And these Big Financial Corps are not making these loans to small businesses even though the US Government has provided funding to them at incredibly low interest rates, very close to zero percent.
And the Occupy Movement has to be just incensed with the massive across-the-board profit increases subsequent to the financial meltdown of nearly all of the Big Financial Corps, driven in part by the sky-high interest rates and late fees charged on credit cards loans made to the 99%.
But something needs to be said about the extent of the common stock buybacks, and other financial engineering occurring here.
JP Morgan Chase had the following operating results for annual 2011 and 2010:
Pretax Income in annual 2011 of $26,749 mil, up 7.6%
Net Income in annual 2011 of $18,976 mil, up 9.2%
Earnings Per Share in annual 2011 of $4.48, up 13.1%
So what going on with the favorable spread between these growth rates?
Well, like just about every other US Big Corp, JP Morgan Chase is using tax strategy to continually reduce its effective income tax rate, thus its Net Income grows more quickly than its Pretax Income.
But look of the huge spread on the Net Income growth vs. the Earnings Per Share growth.
That's caused by common stock buybacks, which the US Government is financing by letting JP Morgan Chase borrow money from them at nearly zero percent.
These common stock buybacks reduce the number of common shares outstanding and thus increase EPS.
And EPS is what drives stock prices and the majority of the high level executive compensation.
How extensive were JP Morgan Chase stock buybacks?
Well, in 2010, they were $2.3 bil.
JP Morgan hasn't disclosed its cash flow statement for annual 2011, but for just the first 9 months of 2011, its common stock buybacks totaled $8.0 bil. I'm not kidding.
On March 18, 2011, JP Morgan Chase's Board of Directors approved a massive $15.0 bil of common stock buybacks, $8.95 bil of which could be made in 2011.
And it's not just JP Morgan Chase.
US Bancorp's Pretax Income for annual 2011 was $6,628 mil, an increase of a huge 58% over 2010. So they are getting this massive earnings increase from the 99% and from the US Government by near zero interest rate borrowing, but how have they shared this incredible financial largesse with the 99%? Well, they haven't. They still refuse to reduce the principal balances of their underwater mortgages.
Citigroup's Pretax Income for annual 2011 was $14,899, a 13% increase over 2010. So they are getting this very nice earnings increase from the 99%, including from unreasonably high interest rate and late charge fees on credit card loans, and from the US Government by near zero interest rate borrowing, but how have they shared this incredible financial largesse with the 99%? Well, they haven't. They still refuse to reduce the principal balances of their underwater mortgages or to lower their sky-high credit card interest rates and late fees.
GE Capital Services' Pretax Income for annual 2011 was $7,452 mil, up a massive 264% from the $2,048 mil earned in 2010. A substantial portion of this massive earnings increase was from the 99%, including small businesses. Also, the US Government has substantially helped GE Capital Services by providing an extremely low interest rate cost of funding. In return, what has GE done to help the 99% and the US Government? They haven't done anything. Not only have they shed thousands of US jobs, they also haven't paid any US federal income taxes in total for many years.
American Express' 2011 annual Pretax Income was $6,956 mil, a robust 17% increase over 2010, driven by very high credit card fees and interest rates charged, both on the 99%, including small businesses. Its 2011 annual Net Income was $4,899 mil, up an even more robust 21% over 2010. This higher after-tax Net Income percentage growth was caused by shrewd income tax engineering.
San Francisco-based Visa's year ended September 2011 Pretax Income was $5,656, up a very strong 22% over the prior year, driven by extremely high interest rates and late payment fees on their credit card loans, substantially with the 99%. Visa's Earnings Per Share growth was an even higher 29% in 2011, due to its substantial stock buyback program. In 2010, it paid $1.0 bil on stock buybacks. This was doubled in 2011 to $2.0 bil.
And lastly, San Francisco-based Wells Fargo's Pretax Income for annual 2011 was $23,656 mil, an increase of 24% over 2011. Its Net Income for annual 2011 was $15,869 mil, a much higher increase of 28%. Why the spread? It's all about shrewd, clever-by-half income tax engineering.
On March 18, 2011, Wells Fargo's Board of Directors authorized an additional 200 mil common shares to be repurchased, which at the current stock price of Wells Fargo, would amount to more than $6 bil of stock buybacks authorized.
And the 1% want to know why the Occupy Wall Street Movement has been so intense? And also why the volume of this protest has been raised up so much on the West Coast?
For the 4Q 2011, the Total Pretax Income of these 9 US Big Financial Corps was up 15%, a deceleration from the earnings growth of every quarter of the last several years.
Below here is the Pretax Income (PTI) or Pretax Loss (PTL) of each of these 9 US Big Financial Corps for the 4Q 2011, and as compared with the 4Q 2010.
..........................................4Q............4Q..........Increase
........................................2011.........2010......(Decrease)
.......................................PTI(L)......PTI(L).....Amount......%
........................................(in millions of dollars)......
Wells Fargo....................6,057........5,165.........892......17%
JP Morgan Chase............4,747........7,012....(2,265)....-32%
Bank of America(1).........3,013.......(1,595)....4,608.....289%
US Bancorp.....................1,855........1,271.........584......46%
American Express..........1,748........1,477.........271......18%
GE Capital Services.........1,720..........896..........824......92%
Citigroup........................1,364........1,060.........304......29%
Morgan Stanley(2)..........1,285........1,191...........94........8%
Goldman Sachs...............1,247.......3,474.....(2,227)....-64%
Total all 9.....................23,036......19,951......3,085.......15%
(1) Bank of America 2011 and 2010 PTI(L) both exclude Goodwill Impairment Charges.
(2) Morgan Stanley 2011 PTI excludes Loss related to MBIA Settlement.
Frankly, I think this 15% 4Q 2011 total earnings growth of these Big 9 Financial Corps is remarkable, given not just the European financial crisis, but just as important, given how the US Congressional Republicans have flat out wreaked havoc on the US economy in the last half of 2011, due to their irresponsible actions in both the Grand Bargain Talks Collapse with the Obama Administration and, in the horrific Debt Ceiling Negotiations, which even resulted in the highly embarrassing US Debt Downgrade by Standard and Poors. And then these US Congressional Republicans piled on by recalcitrantly rejecting on arrival the American Jobs Act, which had some awfully powerful US job creation initiatives, particularly the substantial US infrastructure investments.
But you have to just shake your head at the quality of this 15% total earnings growth for two main reasons.
First, included in Bank of America's 4Q 2011 earnings was a $2.9 bil gain on sale of China Construction Bank shares and a $1.2 bil gain on exchange of trust preferred securities.
And second, and much more substantively, of these 9 Financial Corps, 6 had huge reductions in their Provision for Credit Losses, which totaled $6.6 bil, more than double the total increase in the total Pretax Earnings of $3.1 bil of all of the Big 9 Financial Corps.
Here are these reduced Provision for Credit Losses:
...............................4Q 2011...4Q 2010.....Decrease
..................................(millions of daollars)
Bank of America.......2,934........5,129......(2,195)
Citigroup..................2,874.......4,840......(1,966)
Wells Fargo..............2,040........2,989........(949)
JP Morgan Chase......2,184........3,043........(859)
US Bancorp.................497...........912........(415)
GE Capital Services..1,095.........1,352........(257)
Total all 6...............11,624.......18,265......(6,641)
The Occupy Movement has to be incensed at this assessment by these 6 Big Financial Corps that the credit status of their customers has substantially advanced like this in the past year. The 99% isn't feeling this same increased financial status at all.
This just shows that it is not just Mitt Romney, but also the 1% Big Financial Corps, that are completely out-of-touch with the financial status of the 99%, who are their customers.
And the Occupy Movement has to also be incensed that these greedy Big Financial Corps continue to refuse to write down the principal balance of underwater mortgages, even though they played a major role is causing this massive underwater mortgage situation, which is wreaking havoc on the US economy and US job creation. And the US Government bailed them out after they totally wrecked the US economy.
As long as their accounting is not fraudulent, these Big Financial Corps would not have much in the way of an earnings charge from going the patriotic route and responsibly writing down loan principal balances of the underwater mortgages they hold, because the related Credit Loss Provision should have already been recorded on their books, since US Generally Accepted Accounting Principles already require it, for a substantial portion of the total amounts of these underwater mortgage amounts.
And what is Republican Presidential Candidate Mitt Romney's solution to solving the horrible underwater mortgage mess? Let the underwater homeowner drown, he proclaims.
Also, these massive reductions in Provision for Credit Losses in the past several years reveal the extent of the massive pullback in loans, except to almost risk-free borrowers, by these incredibly greedy Big Financial Corps. Small businesses unable to obtain loans at a reasonable interest rate have to be incensed. This freezing up of the loans to small businesses by these Big Financial Corps have wreaked havoc on the US economy and on US job creation.
And these Big Financial Corps are not making these loans to small businesses even though the US Government has provided funding to them at incredibly low interest rates, very close to zero percent.
And the Occupy Movement has to be just incensed with the massive across-the-board profit increases subsequent to the financial meltdown of nearly all of the Big Financial Corps, driven in part by the sky-high interest rates and late fees charged on credit cards loans made to the 99%.
But something needs to be said about the extent of the common stock buybacks, and other financial engineering occurring here.
JP Morgan Chase had the following operating results for annual 2011 and 2010:
Pretax Income in annual 2011 of $26,749 mil, up 7.6%
Net Income in annual 2011 of $18,976 mil, up 9.2%
Earnings Per Share in annual 2011 of $4.48, up 13.1%
So what going on with the favorable spread between these growth rates?
Well, like just about every other US Big Corp, JP Morgan Chase is using tax strategy to continually reduce its effective income tax rate, thus its Net Income grows more quickly than its Pretax Income.
But look of the huge spread on the Net Income growth vs. the Earnings Per Share growth.
That's caused by common stock buybacks, which the US Government is financing by letting JP Morgan Chase borrow money from them at nearly zero percent.
These common stock buybacks reduce the number of common shares outstanding and thus increase EPS.
And EPS is what drives stock prices and the majority of the high level executive compensation.
How extensive were JP Morgan Chase stock buybacks?
Well, in 2010, they were $2.3 bil.
JP Morgan hasn't disclosed its cash flow statement for annual 2011, but for just the first 9 months of 2011, its common stock buybacks totaled $8.0 bil. I'm not kidding.
On March 18, 2011, JP Morgan Chase's Board of Directors approved a massive $15.0 bil of common stock buybacks, $8.95 bil of which could be made in 2011.
And it's not just JP Morgan Chase.
US Bancorp's Pretax Income for annual 2011 was $6,628 mil, an increase of a huge 58% over 2010. So they are getting this massive earnings increase from the 99% and from the US Government by near zero interest rate borrowing, but how have they shared this incredible financial largesse with the 99%? Well, they haven't. They still refuse to reduce the principal balances of their underwater mortgages.
Citigroup's Pretax Income for annual 2011 was $14,899, a 13% increase over 2010. So they are getting this very nice earnings increase from the 99%, including from unreasonably high interest rate and late charge fees on credit card loans, and from the US Government by near zero interest rate borrowing, but how have they shared this incredible financial largesse with the 99%? Well, they haven't. They still refuse to reduce the principal balances of their underwater mortgages or to lower their sky-high credit card interest rates and late fees.
GE Capital Services' Pretax Income for annual 2011 was $7,452 mil, up a massive 264% from the $2,048 mil earned in 2010. A substantial portion of this massive earnings increase was from the 99%, including small businesses. Also, the US Government has substantially helped GE Capital Services by providing an extremely low interest rate cost of funding. In return, what has GE done to help the 99% and the US Government? They haven't done anything. Not only have they shed thousands of US jobs, they also haven't paid any US federal income taxes in total for many years.
American Express' 2011 annual Pretax Income was $6,956 mil, a robust 17% increase over 2010, driven by very high credit card fees and interest rates charged, both on the 99%, including small businesses. Its 2011 annual Net Income was $4,899 mil, up an even more robust 21% over 2010. This higher after-tax Net Income percentage growth was caused by shrewd income tax engineering.
San Francisco-based Visa's year ended September 2011 Pretax Income was $5,656, up a very strong 22% over the prior year, driven by extremely high interest rates and late payment fees on their credit card loans, substantially with the 99%. Visa's Earnings Per Share growth was an even higher 29% in 2011, due to its substantial stock buyback program. In 2010, it paid $1.0 bil on stock buybacks. This was doubled in 2011 to $2.0 bil.
And lastly, San Francisco-based Wells Fargo's Pretax Income for annual 2011 was $23,656 mil, an increase of 24% over 2011. Its Net Income for annual 2011 was $15,869 mil, a much higher increase of 28%. Why the spread? It's all about shrewd, clever-by-half income tax engineering.
On March 18, 2011, Wells Fargo's Board of Directors authorized an additional 200 mil common shares to be repurchased, which at the current stock price of Wells Fargo, would amount to more than $6 bil of stock buybacks authorized.
And the 1% want to know why the Occupy Wall Street Movement has been so intense? And also why the volume of this protest has been raised up so much on the West Coast?
Wednesday, January 18, 2012
4Q 2011 Earnings: Very Early Insight…..Clear Earnings Growth Deceleration
There were 72 US Big Corps, with earnings or losses of at least $100 mil each in their October or November quarters of either 2011 or 2010, which have released their October or November 2011 quarterly earnings.
From a review of them, the clear conclusion is a significant earnings growth deceleration from the previous year’s quarter.
These 72 US Big Corps had their 4Q 2011 Total Pretax Earnings almost precisely equal to that of the prior year's quarter.
If this is what’s happening to the US largest corporations, which have been both dramatically and continually “propped up” by both US Government and Fed actions, I can just imagine how badly many of the neglected US small businesses have done on the earnings front in the most recent quarter.
The many very astute Occupying Protesters on Wall Street and around the globe know that this significant US earnings growth deceleration is mainly "on the Republicans" in both the US House and in the US Senate, for mainly two reasons.
First, the Republican Congress severely damaged the US economy due to their irresponsible actions in both the Grand Bargain Talks Collapse with the Obama Administration and, in the horrific Debt Ceiling Negotiations, which even resulted in the highly embarrassing US Debt Downgrade by Standard and Poors.
And second, and even more importantly, the Republican Congress wreaked havoc on both the US economy and US job creation by recalcitrantly and unpatriotically rejecting on arrival the American Jobs Act, which had some awfully powerful US job creation initiatives, particularly the substantial US infrastructure investments.
Below here are these 72 US Big Corps, as well as their Pretax Income (PTI) or Pretax Loss (PTL) for the 4Q 2011 and 4Q 2010 quarters, sorted by Pretax Earnings size.
.........................................4Q.........4Q....Increase (Decrease)
.......................................2011......2010......Amount.....%
........................................(millions of dollars)
Walmart.........................5,343.....5,095.........248.......5%
Oracle............................2,960.....2,646.........314......12%
Hewlett Packard(1).........2,310.....3,214.......(904)....-28%
Cisco Systems................2,245.....2,425........(180).....-7%
Home Depot...................1,457.....1,306.........151......12%
Dell................................1,072.....1,076..........(4).......0%
Deere.............................1,057........750........307......41%
Medtronic(2).................1,053......1,031..........22........2%
Accenture........................993.........845.........148......18%
Walgreens........................883.........921.........(38)......-4%
Target..............................857........773...........84......11%
Mosaic(3)........................855.........621..........234......38%
Discover Fincl Svcs..........818.........585..........233.....40%
FedEx..............................777........437..........340.....78%
TJX..................................664.........597...........67......11%
General Mills....................630.........741........(111)....-15%
Nike.................................618.........609.............9........1%
Costco..............................553........504...........49......10%
CHS..................................531.........231.........300....130%
Staples.............................490.........462...........28........6%
Campbell Soup.................388.........414..........(26)....-6%
Bed Bath & Beyond...........356.........307...........49......16%
Lowes(4)..........................352.........651........(299)....-46%
Applied Materials.............344.........703.......(359)....-51%
Kohls................................340.........277..........63......23%
GAP..................................325.........502.......(177)....-35%
Kroger..............................305.........304............1........0%
Autozone..........................302........269...........33......12%
Agilent Technologies........293.........243...........50......21%
HJ Heinz...........................293.........347.........(54)....-16%
Joy Global........................286.........222...........64......29%
Navistar...........................275...........56..........219....391%
Dollar General..................272.........199...........73......37%
Apollo Group...................263.........406........(143)....-35%
ConAgra Foods.................251.........298.........(47)....-16%
Brown Forman..................239.........229..........10........4%
Adobe Systems.................233.........286.........(53)....-19%
Analog Devices.................231.........288.........(57)....-20%
Ross Stores.......................221.........194...........27......14%
Paychex...........................219.........205...........14........7%
Nordstrom.......................209.........190...........19......10%
Carnival...........................209.........255.........(46).....-18%
Nvidia..............................205.........104..........101.....97%
Best Buy...........................204.........373........(169)...-45%
Monsanto.........................204...........24.........180....750%
Marvell Technology..........199.........257.........(58)....-23%
JM Smucker......................193.........222.........(29)....-13%
SAIC(5).............................186.........240.........(54)....-23%
NetApp.............................184.........202.........(18)......-9%
Macy's(6)..........................183...........52.........131.....252%
Hormel Foods...................180.........188...........(8)......-4%
Smithfield Foods...............174.........205.........(31)....-15%
Constellation Brands.........167.........192.........(25)....-13%
PVH..................................165.........137..........28......20%
Dollar Tree........................164.........145..........19.......13%
Jabil Circuit......................143.........135............8.........6%
Tiffany..............................136...........85...........51......60%
CarMax.............................133.........133............0........0%
Family Dollar Stores.........128.........118...........10........8%
Limited Brands.................122.........102...........20.....20%
Cintas...............................115...........91...........24......26%
Foot Locker......................105..........73...........32......44%
Urban Outfitters.................75.........106.........(31)....-29%
Darden Restaurants............73.........103.........(30)....-29%
Jefferies Group...................71.........124.........(53)....-43%
Intuit................................(98).......(111)..........13......12%
Hovnanian Enterpris(7)..(109).......(132)..........23......17%
Toys R Us........................(179).......(218)..........39......18%
Micron Technology(8).....(189)........131........(320)..-244%
H&R Block.......................(204).......(184)........(20)....-11%
JC Penney(9)...................(226)..........67........(293).-437%
Sears Holdings.................(523).......(362).......(161)...-44%
Total all 72...............34,353....34,316..........37.......0%
(1) Hewlett Packard 2011 PTI excludes asset impairment charge, winding down Web OS device business charge, and acquisition foreign currency exchange risk charge.
(2) Medtronic 2010 PTI excludes special litigation charge.
(3) Mosaic 2010 PTI excludes gain on sale of equity investment.
(4) Lowes 2011 PTI includes large store closing charges.
(5) SAIC 2011 PTI excludes City Time loss provision.
(6) Macy's 2010 PTI excludes loss on debt retirement.
(7) Hovnanian Enterprises 2011 PTI excludes gain on debt extinguishment.
(8) Micron Technology 2010 PTI excludes both Samsung patent cross-license agreement gain and loss on debt extinguishment.
(9) JC Penney 2011 PTI includes restructuring charges.
And to give a better understanding how major industries were impacted in the 4Q 2011 by the US Republican irresponsibly inappropriate actions on the US economy, which severely hurt US consumer confidence, caused a dramatic increase in business uncertainty, and put clear downward pressure on US job creation, below here are these 72 US Big Corps, as well as their Pretax Income (PTI) or Pretax Loss (PTL) for the 4Q 2011 and 4Q 2010 quarters, sorted by major sectors.
.........................................4Q.........4Q....Increase (Decrease)
.......................................2011......2010......Amount.....%
........................................(millions of dollars)
Technology
Oracle............................2,960.....2,646.........314......12%
Hewlett Packard........2,310.....3,214.......(904)...-28%
Cisco Systems................2,245.....2,425........(180).....-7%
Dell................................1,072.....1,076..........(4).......0%
Accenture.........................993........845.........148......18%
Applied Materials.........344.......703.......(359)...-51%
Agilent Technologies........293........243...........50......21%
Adobe Systems.................233........286..........(53)....-19%
Analog Devices.................231........288..........(57)....-20%
Paychex...........................219........205............14........7%
Nvidia..............................205........104..........101......97%
Marvell Technology..........199........257..........(58)....-23%
SAIC.................................186........240..........(54)....-23%
NetApp.............................184........202..........(18).....-9%
Jabil Circuit......................143........135.............8........6%
Intuit................................(98)......(111)...........13......12%
Micron Technology...(189).......131.......(320)..-244%
Total Technology...11,530...12,889.....(1,359)...-11%
Retail
Walmart........................5,343.....5,095.........248........5%
Home Depot..................1,457.....1,306..........151......12%
Walgreens........................883........921..........(38).....-4%
Target..............................857........773...........84......11%
TJX..................................664........597...........67......11%
Costco..............................553........504...........49......10%
Staples.............................490........460...........28........6%
Bed Bath & Beyond...........356........307...........49......16%
Lowes.............................352.......651.......(299)....-46%
Kohls...............................340........277...........63......23%
GAP................................325.......502.......(177)....-35%
Kroger.............................305........304............1........0%
Autozone.........................302........269..........33.......12%
Dollar General..................272........199...........73......37%
Ross Stores.......................221........194...........27......14%
Nordstrom.......................209........190...........19......10%
Best Buy........................204.......373.......(169)....-45%
Macy's..............................183.........52..........131.....252%
Dollar Tree.......................164........145...........19......13%
Tiffany..............................136.........85...........51......60%
CarMax.............................133........133............0........0%
Family Dollar Stores.........128........118...........10........8%
Limited Brands.................122........102...........20......20%
Foot Locker......................105.........73...........32......44%
Urban Outfitters.................75........106..........(31)....-29%
Darden Restaurants............73........103..........(30)....-29%
Toys R Us........................(179)......(218)..........39......18%
JC Penney....................(226)........67.......(293)..-437%
Sears Holding..............(523).....(362)......(161)....-44%
Total Retail...............13,324...13,328..........(4)......0%
Manufacturing
Deere............................1,057......750........307.....41%
Mosaic............................855.......621........234.....38%
General Mills.....................630.......741........(111)....-15%
Campbell Soup..................388........414.........(26)......-6%
HJ Heinz...........................293........347.........(54)....-16%
Joy Global........................286........222..........64......29%
Navistar.........................275.........56.........219...391%
ConAgra Foods..................251.......298.........(47)....-16%
Brown Forman..................239........229..........10........4%
Monsanto......................204.........24........180...750%
JM Smucker......................193........222.........(29)....-13%
Hormel Foods...................180........188..........(8)......-4%
Smithfield Foods...............174........205.........(31)....-15%
Constellation Brands.........167........192.........(25)....-13%
Total Manufacturing..5,192...4,509.......683.....15%
Other Sectors
Medtronic......................1,053.....1,031..........22........2%
Discover Fincl Svcs......818.......585........233.....40%
FedEx.............................777.......437........340.....78%
Nike..................................618.......609............9........1%
CHS.................................531.......231........300....130%
Apollo Group....................263.......406.......(143)....-35%
Carnival............................209.......255.........(46)....-18%
PVH..................................165.......137..........28......20%
Cintas...............................115.........91...........24......26%
Jefferies Group...................71.......124.........(53)....-43%
Hovnanian Enterprises...(109).....(132)..........23......17%
H&R Block......................(204).....(184)........(20)....-11%
Total Other Sectors..4,307...3,590........717......20%
Total all 72.................34,353....34,316..........37.......0%
As you can see from the above, the US Congress needs to act to provide more incentives to the Technology sector in order to foster both economic growth and job creation there.
It amazes me how so many pundits have been so elated by the December 2011 US job data of the US Bureau of Labor. When you examine the detail of the 212,000 private sector US jobs added in the month of December 2011, more than half of them are "jobettes", driven by increases in courier and messenger service jobettes (up 42,000), retailing jobettes (up 28,000), leisure and hospitality jobettes (up 21,000), and numerous jobettes in many other sectors.
The US Government, as well as State and Local Governments, need to do a much better job of getting US Big Corps, and all US businesses, to move many of their jobettes to the full-time real job category. Many in the Occupy Movement have undesirable "jobettes" and this issue is particularly important to them.
Even though the earnings of these 72 US Big Corps, reporting on their October and November 2011 quarterly results, are flat, I think you'll see substantially better earnings results for the December 2011 reporting companies for several reasons.
First, Big Oil will again rock, and nearly every one of them have December 2011 quarters.
Second, most of Big Financial will also again rock, and nearly every one of them have December 2011 quarters.
And third, the 100% first-year tax expensing of equipment purchases ends on December 31, 2011, and thus there should be a huge pick up of equipment purchases in the month of December 2011. That should particularly benefit technology and manufacturing companies.
On the downside, I think you'll see GDP growth be much more modest in the 1Q 2012 than in the 4Q 2011 because the 100% first-year tax expensing drops in half in 2012.
I think the economists have it all wrong in their emphasis on the economically explosive nature of extending the payroll tax holiday. I think its impact on GDP growth is minor, and it does absolutely nothing for US job creation. Just throwing money into the US economy in an untargeted manner like this is just horrible economic policy. Both parties should be embarrassed by pushing this initiative, just for the sake of getting votes in the November 2012 election.
What drives US GDP growth and US Big Corp earnings is the 100% first-year tax expensing of equipment purchases. However, the major problem with it is that it also reduces US jobs significantly due to the technological advances resulting in people being replaced by machines. It clearly and substantially increases the wealth gap between the 1% and the 99%, and the Occupy Movement should focus like a laser on every person in the US Congress who supported its passage, and are now pushing for it again, reacting to pressure from US Big Corp lobbyists.
========================
Late Addition
.........................................4Q.........4Q....Increase (Decrease)
.......................................2011......2010......Amount.....%
........................................(millions of dollars)
McCormick.......................178.......174..............4........2%
From a review of them, the clear conclusion is a significant earnings growth deceleration from the previous year’s quarter.
These 72 US Big Corps had their 4Q 2011 Total Pretax Earnings almost precisely equal to that of the prior year's quarter.
If this is what’s happening to the US largest corporations, which have been both dramatically and continually “propped up” by both US Government and Fed actions, I can just imagine how badly many of the neglected US small businesses have done on the earnings front in the most recent quarter.
The many very astute Occupying Protesters on Wall Street and around the globe know that this significant US earnings growth deceleration is mainly "on the Republicans" in both the US House and in the US Senate, for mainly two reasons.
First, the Republican Congress severely damaged the US economy due to their irresponsible actions in both the Grand Bargain Talks Collapse with the Obama Administration and, in the horrific Debt Ceiling Negotiations, which even resulted in the highly embarrassing US Debt Downgrade by Standard and Poors.
And second, and even more importantly, the Republican Congress wreaked havoc on both the US economy and US job creation by recalcitrantly and unpatriotically rejecting on arrival the American Jobs Act, which had some awfully powerful US job creation initiatives, particularly the substantial US infrastructure investments.
Below here are these 72 US Big Corps, as well as their Pretax Income (PTI) or Pretax Loss (PTL) for the 4Q 2011 and 4Q 2010 quarters, sorted by Pretax Earnings size.
.........................................4Q.........4Q....Increase (Decrease)
.......................................2011......2010......Amount.....%
........................................(millions of dollars)
Walmart.........................5,343.....5,095.........248.......5%
Oracle............................2,960.....2,646.........314......12%
Hewlett Packard(1).........2,310.....3,214.......(904)....-28%
Cisco Systems................2,245.....2,425........(180).....-7%
Home Depot...................1,457.....1,306.........151......12%
Dell................................1,072.....1,076..........(4).......0%
Deere.............................1,057........750........307......41%
Medtronic(2).................1,053......1,031..........22........2%
Accenture........................993.........845.........148......18%
Walgreens........................883.........921.........(38)......-4%
Target..............................857........773...........84......11%
Mosaic(3)........................855.........621..........234......38%
Discover Fincl Svcs..........818.........585..........233.....40%
FedEx..............................777........437..........340.....78%
TJX..................................664.........597...........67......11%
General Mills....................630.........741........(111)....-15%
Nike.................................618.........609.............9........1%
Costco..............................553........504...........49......10%
CHS..................................531.........231.........300....130%
Staples.............................490.........462...........28........6%
Campbell Soup.................388.........414..........(26)....-6%
Bed Bath & Beyond...........356.........307...........49......16%
Lowes(4)..........................352.........651........(299)....-46%
Applied Materials.............344.........703.......(359)....-51%
Kohls................................340.........277..........63......23%
GAP..................................325.........502.......(177)....-35%
Kroger..............................305.........304............1........0%
Autozone..........................302........269...........33......12%
Agilent Technologies........293.........243...........50......21%
HJ Heinz...........................293.........347.........(54)....-16%
Joy Global........................286.........222...........64......29%
Navistar...........................275...........56..........219....391%
Dollar General..................272.........199...........73......37%
Apollo Group...................263.........406........(143)....-35%
ConAgra Foods.................251.........298.........(47)....-16%
Brown Forman..................239.........229..........10........4%
Adobe Systems.................233.........286.........(53)....-19%
Analog Devices.................231.........288.........(57)....-20%
Ross Stores.......................221.........194...........27......14%
Paychex...........................219.........205...........14........7%
Nordstrom.......................209.........190...........19......10%
Carnival...........................209.........255.........(46).....-18%
Nvidia..............................205.........104..........101.....97%
Best Buy...........................204.........373........(169)...-45%
Monsanto.........................204...........24.........180....750%
Marvell Technology..........199.........257.........(58)....-23%
JM Smucker......................193.........222.........(29)....-13%
SAIC(5).............................186.........240.........(54)....-23%
NetApp.............................184.........202.........(18)......-9%
Macy's(6)..........................183...........52.........131.....252%
Hormel Foods...................180.........188...........(8)......-4%
Smithfield Foods...............174.........205.........(31)....-15%
Constellation Brands.........167.........192.........(25)....-13%
PVH..................................165.........137..........28......20%
Dollar Tree........................164.........145..........19.......13%
Jabil Circuit......................143.........135............8.........6%
Tiffany..............................136...........85...........51......60%
CarMax.............................133.........133............0........0%
Family Dollar Stores.........128.........118...........10........8%
Limited Brands.................122.........102...........20.....20%
Cintas...............................115...........91...........24......26%
Foot Locker......................105..........73...........32......44%
Urban Outfitters.................75.........106.........(31)....-29%
Darden Restaurants............73.........103.........(30)....-29%
Jefferies Group...................71.........124.........(53)....-43%
Intuit................................(98).......(111)..........13......12%
Hovnanian Enterpris(7)..(109).......(132)..........23......17%
Toys R Us........................(179).......(218)..........39......18%
Micron Technology(8).....(189)........131........(320)..-244%
H&R Block.......................(204).......(184)........(20)....-11%
JC Penney(9)...................(226)..........67........(293).-437%
Sears Holdings.................(523).......(362).......(161)...-44%
Total all 72...............34,353....34,316..........37.......0%
(1) Hewlett Packard 2011 PTI excludes asset impairment charge, winding down Web OS device business charge, and acquisition foreign currency exchange risk charge.
(2) Medtronic 2010 PTI excludes special litigation charge.
(3) Mosaic 2010 PTI excludes gain on sale of equity investment.
(4) Lowes 2011 PTI includes large store closing charges.
(5) SAIC 2011 PTI excludes City Time loss provision.
(6) Macy's 2010 PTI excludes loss on debt retirement.
(7) Hovnanian Enterprises 2011 PTI excludes gain on debt extinguishment.
(8) Micron Technology 2010 PTI excludes both Samsung patent cross-license agreement gain and loss on debt extinguishment.
(9) JC Penney 2011 PTI includes restructuring charges.
And to give a better understanding how major industries were impacted in the 4Q 2011 by the US Republican irresponsibly inappropriate actions on the US economy, which severely hurt US consumer confidence, caused a dramatic increase in business uncertainty, and put clear downward pressure on US job creation, below here are these 72 US Big Corps, as well as their Pretax Income (PTI) or Pretax Loss (PTL) for the 4Q 2011 and 4Q 2010 quarters, sorted by major sectors.
.........................................4Q.........4Q....Increase (Decrease)
.......................................2011......2010......Amount.....%
........................................(millions of dollars)
Technology
Oracle............................2,960.....2,646.........314......12%
Hewlett Packard........2,310.....3,214.......(904)...-28%
Cisco Systems................2,245.....2,425........(180).....-7%
Dell................................1,072.....1,076..........(4).......0%
Accenture.........................993........845.........148......18%
Applied Materials.........344.......703.......(359)...-51%
Agilent Technologies........293........243...........50......21%
Adobe Systems.................233........286..........(53)....-19%
Analog Devices.................231........288..........(57)....-20%
Paychex...........................219........205............14........7%
Nvidia..............................205........104..........101......97%
Marvell Technology..........199........257..........(58)....-23%
SAIC.................................186........240..........(54)....-23%
NetApp.............................184........202..........(18).....-9%
Jabil Circuit......................143........135.............8........6%
Intuit................................(98)......(111)...........13......12%
Micron Technology...(189).......131.......(320)..-244%
Total Technology...11,530...12,889.....(1,359)...-11%
Retail
Walmart........................5,343.....5,095.........248........5%
Home Depot..................1,457.....1,306..........151......12%
Walgreens........................883........921..........(38).....-4%
Target..............................857........773...........84......11%
TJX..................................664........597...........67......11%
Costco..............................553........504...........49......10%
Staples.............................490........460...........28........6%
Bed Bath & Beyond...........356........307...........49......16%
Lowes.............................352.......651.......(299)....-46%
Kohls...............................340........277...........63......23%
GAP................................325.......502.......(177)....-35%
Kroger.............................305........304............1........0%
Autozone.........................302........269..........33.......12%
Dollar General..................272........199...........73......37%
Ross Stores.......................221........194...........27......14%
Nordstrom.......................209........190...........19......10%
Best Buy........................204.......373.......(169)....-45%
Macy's..............................183.........52..........131.....252%
Dollar Tree.......................164........145...........19......13%
Tiffany..............................136.........85...........51......60%
CarMax.............................133........133............0........0%
Family Dollar Stores.........128........118...........10........8%
Limited Brands.................122........102...........20......20%
Foot Locker......................105.........73...........32......44%
Urban Outfitters.................75........106..........(31)....-29%
Darden Restaurants............73........103..........(30)....-29%
Toys R Us........................(179)......(218)..........39......18%
JC Penney....................(226)........67.......(293)..-437%
Sears Holding..............(523).....(362)......(161)....-44%
Total Retail...............13,324...13,328..........(4)......0%
Manufacturing
Deere............................1,057......750........307.....41%
Mosaic............................855.......621........234.....38%
General Mills.....................630.......741........(111)....-15%
Campbell Soup..................388........414.........(26)......-6%
HJ Heinz...........................293........347.........(54)....-16%
Joy Global........................286........222..........64......29%
Navistar.........................275.........56.........219...391%
ConAgra Foods..................251.......298.........(47)....-16%
Brown Forman..................239........229..........10........4%
Monsanto......................204.........24........180...750%
JM Smucker......................193........222.........(29)....-13%
Hormel Foods...................180........188..........(8)......-4%
Smithfield Foods...............174........205.........(31)....-15%
Constellation Brands.........167........192.........(25)....-13%
Total Manufacturing..5,192...4,509.......683.....15%
Other Sectors
Medtronic......................1,053.....1,031..........22........2%
Discover Fincl Svcs......818.......585........233.....40%
FedEx.............................777.......437........340.....78%
Nike..................................618.......609............9........1%
CHS.................................531.......231........300....130%
Apollo Group....................263.......406.......(143)....-35%
Carnival............................209.......255.........(46)....-18%
PVH..................................165.......137..........28......20%
Cintas...............................115.........91...........24......26%
Jefferies Group...................71.......124.........(53)....-43%
Hovnanian Enterprises...(109).....(132)..........23......17%
H&R Block......................(204).....(184)........(20)....-11%
Total Other Sectors..4,307...3,590........717......20%
Total all 72.................34,353....34,316..........37.......0%
As you can see from the above, the US Congress needs to act to provide more incentives to the Technology sector in order to foster both economic growth and job creation there.
It amazes me how so many pundits have been so elated by the December 2011 US job data of the US Bureau of Labor. When you examine the detail of the 212,000 private sector US jobs added in the month of December 2011, more than half of them are "jobettes", driven by increases in courier and messenger service jobettes (up 42,000), retailing jobettes (up 28,000), leisure and hospitality jobettes (up 21,000), and numerous jobettes in many other sectors.
The US Government, as well as State and Local Governments, need to do a much better job of getting US Big Corps, and all US businesses, to move many of their jobettes to the full-time real job category. Many in the Occupy Movement have undesirable "jobettes" and this issue is particularly important to them.
Even though the earnings of these 72 US Big Corps, reporting on their October and November 2011 quarterly results, are flat, I think you'll see substantially better earnings results for the December 2011 reporting companies for several reasons.
First, Big Oil will again rock, and nearly every one of them have December 2011 quarters.
Second, most of Big Financial will also again rock, and nearly every one of them have December 2011 quarters.
And third, the 100% first-year tax expensing of equipment purchases ends on December 31, 2011, and thus there should be a huge pick up of equipment purchases in the month of December 2011. That should particularly benefit technology and manufacturing companies.
On the downside, I think you'll see GDP growth be much more modest in the 1Q 2012 than in the 4Q 2011 because the 100% first-year tax expensing drops in half in 2012.
I think the economists have it all wrong in their emphasis on the economically explosive nature of extending the payroll tax holiday. I think its impact on GDP growth is minor, and it does absolutely nothing for US job creation. Just throwing money into the US economy in an untargeted manner like this is just horrible economic policy. Both parties should be embarrassed by pushing this initiative, just for the sake of getting votes in the November 2012 election.
What drives US GDP growth and US Big Corp earnings is the 100% first-year tax expensing of equipment purchases. However, the major problem with it is that it also reduces US jobs significantly due to the technological advances resulting in people being replaced by machines. It clearly and substantially increases the wealth gap between the 1% and the 99%, and the Occupy Movement should focus like a laser on every person in the US Congress who supported its passage, and are now pushing for it again, reacting to pressure from US Big Corp lobbyists.
========================
Late Addition
.........................................4Q.........4Q....Increase (Decrease)
.......................................2011......2010......Amount.....%
........................................(millions of dollars)
McCormick.......................178.......174..............4........2%
Friday, January 13, 2012
US Big Corps: Spectacular Earnings Growth But Lackluster Jobs Added (Part Two)
In a recent post, from a review of SEC filings, I found 102 US Big Corps, which have Pretax Income or Loss of more than $500 mil each in any of the most recent three years, which have fiscal year ends from February through November, and which have released their 2011 annual earnings.
My definition of Pretax Income used below excludes various large unusual items, including:
.....Asset Impairments, mainly related to Goodwill and other Intangible Assets
.....Loss and Gains of Early Extinguishment of Debt
.....Acquired In Process Research & Development Charges
.....Gains and Losses on Sales of Assets and Businesses
.....Special Huge Litigation Charges
These 102 US Big Corps had the following Total Pretax Income for the most recent three fiscal year ends (FYEs):
FYEs Feb 2011/Nov 2011..$256,081 mil (up 22% over FYE 2010)
FYEs Feb 2010/Nov 2010..$210,671 mil (up 35% over FYE 2009)
FYEs Feb 2009/Nov 2009..$155,688 mil
Thus, Total Pretax Income of $256,081 mil for FYEs Feb 2011/Nov 2011 was up a very robust 64% over that of $155,688 mil for FYEs Feb/Nov 2009, just two years earlier.
The Total Earning Per Share (EPS) growth of these 102 US Big Corps for this two-year period will be markedly higher than 64%, due both to the widespread use of much lower effective income tax rates over time by US Big Corps, and also to the massive and increasing use of common stock buybacks by US Big Corps, which substantially increase EPS, particularly in these extremely low interest rate times.
Now in this post, I am turning my attention to the much larger category of US Big Corps with December and January FYEs. These US Big Corps haven't filed their annual financial statements for the year ended December 2011 or January 2012 yet. Thus, the information below is just for the years ended December 2010 and 2009, and for the years ended January 2011 and 2010. When these US Big Corps file their current annual financial statements with the SEC, I'll with then update this key information contained below in this post.
I found 332 US Big Corps with either December or January FYEs, with Pretax Income of Loss of more than $500 mil each in either 2010 or 2011, and which have more than a small number of employees.
I have included in these 332, a handful of US Big Corps HQed in Foreign Jurisdictions, including both Royal Dutch Shell and BP, because their US operations are so huge.
Because there are so many of these US Big Corps and also because of ease of preparing and viewing the information, I'll will first present an Abbreviation Legend for each of these 332 US Big Corps. These US Corp Abbreviations will be used in the various charts below.
1STD First Data
AA Alcoa
AAP Advance Auto Parts
ABT Abbott Labs
ACE ACE Ltd
AES AES
AET Aetna
AFL AFLAC
AGN Allergan
AIG AIG
AIZ Assurant
ALL Allstate
ALLY Ally Financial
ALTR Altera
AMD Advanced Micro Devices
AMGN Amgen
AMP Ameriprise Financial
AMR AMR
AMT American Tower REIT
AMZN Amazon.com
AON AON
APA Apache
APC Anadarko Petroleum
APH Amphenol
ARW Arrow Electronics
ATVI Activision Blizzard
AVP Avon Products
AXAE AXA Equitable Life Insurance US
AXAF AXA Financial US
AXP American Express
BA Boeing
BAC Bank of America
BAX Baxter
BBT BB&T
BC Brunswick
BCR CR Bard
BG Bunge Ltd
BHI Baker Hughes
BIIB Biogen IDEC
BK Bank of NY Mellon
BLK BlackRock
BLL Ball Corp
BMY Bristol Myers Squibb
BP BP
BRCM Broadcom
BRKA Berkshire Hathaway
BSX Boston Scientific
BTU Peabody Energy
BX Blackstone Group
C Citigroup
CAES Caesars Entertainment
CAM Cameron Intl
CNA CNA Financial
CAT Caterpillar
CB Chubb
CBE Cooper Industries
CBS CBS
CCMO Clear Channel Communications
CE Celanese
CELG Celgene
CEPH Cephalon
CF CF Industries
CHK Chesapeake Energy
CHRW CH Robinson
CI Cigna
CIT CIT Group
CL Colgate Palmolive
CLF Cliffs Natural Resources
CMCSA Comcast
CME CME Group
CMI Cummins
CNX CONSOL Energy
COF Capital One Financial
COP ConocoPhillips
CRYS Chrysler
CSE CapitalSource
CSX CSX
CTL CenturyLink
CTSH Cognizant Technologies
CVC Cablevision Systems
CVH Coventry HC
CVS CVS Caremark
CVX Chevron
CYH Community Health Systems
DAL Delta Air Lines
DD DuPont
DELL Dell
DG Dollar General
DGX Quest Diagnostics
DHR Danaher
DISCA Discovery Communications
DISH DISH Network
DLTR Dollar Tree
DOV Diamond Offshore
DOV Dover
DOW Dow Chemical
DPS Dr Pepper Snapple
DTV DirecTV
DVA DaVita
DVN Devon Energy
EBAY Ebay
ECL Ecolab
EMC EMC
EMN Eastman Chemical
EOG EOG Resources
EP El Paso
ERIE Erie Indemnity
ESI ITT Educational Services
ESRX Express Scripts
ESV Ensco Intl
ETFL E*Trade Financial
ETN Eaton
EXCO EXCO Resources
EXPD Expeditors Intl Washington
EXPE Expedia
F Ford
FB Fortune Brands
FCX Freeport McMoran
FIG Fortress Investment
FIS Fidelity National Information Services
FISV Fiserv
FITB Fifth Third Bancorp
FLR Fluor
FLS Flowserve
FNF Fidelity National Financial
FNM Fannie Mae
FRE Freddie Mac
FRSC Freescale Semiconductor
FSLR First Solar
FTI FMC Technologies
GCI Gannett
GD General Dynamics
GE GE
GILD Gilead Sciences
GLW Corning
GM General Motors
GME GameStop
GNW Genworth Financial
GOOG Google
GPS GAP
GPS Genuine Parts
GR Goodrich
GS Goldman Sachs
GWW WW Grainger
HAL Halliburton
HBAN Huntington Bancshares
HCA HCA
HCBK Hudson City Bancorp
HD Home Depot
HES Hess
HIG Hartford Financial Services
HON Honeywell
HSBC HSBC USA
HSBF HSBC Finance Corp
HSIC Henry Schein
HSY Hershey
HUM Humana
IBM IBM
ICE InterContinentalExchange
INTC Intel
IP Intl Paper
IR Ingersoll-Rand plc
ISRG Intuitive Surgical
ITT ITT
ITW IllinoisTool Works
IVZ Invesco Ltd
JCP JC Penney
JNJ JNJ
JNPR Juniper Networks
JPM JPMorgan Chase
JWN Nordstrom
K Kellogg
KBR KBR
KEY Key Corp
KFT Kraft Foods
KKR KKR LP
KMB Kimberly Clark
KO Coca Cola
KR Kroger
KSS Kohls
L Loews
LBZ Lubrizol
LCC US Airways
LH Lab Corp of America
LLL L-3 Communications
LLY Eli Lilly
LMED Liberty Media
LMT Lockheed Martin
LNC Lincoln National
LO Lorillard
LOW Lowe's
LTD Limited Brands
LUV Southwest Airlines
LVS Las Vegas Sands
LYB LyondellBasell
M Macys
M&I Marshall & Ilsley
MA Mastercard
MAR Marriott Intl
MAT Mattel
MCD McDonalds
MCO Moodys
MET MetLife
MGIC MGIC Investment
MGM MGM Resorts
MHP McGraw Hill
MHS Medco Health Solutions
MJN Mead Johnson Nutrition
MMC Marsh & McLennan
MMI Motorola Mobility
MMM 3M
MO Altria Group
MRK Merck
MRO Marathon Oil
MRVL MarvellTechnology
MS Morgan Stanley
MSI Motorola Solutions
MTB M&T Bank
MUR Murphy Oil
NBL Noble Energy
NDAQ Nasdaq OMX Group
NEM Newmont Mining
NEM Noble Corp
NFX Newfield Exploration
NIHD NII Holdings
NLY Annaly Capital Management
NOC Northrop Grumman
NOV National Oilwell Varco
NSC Norfolk Southern
NTRS Northern Trust
NWL Newell Rubbermaid
NYB NY Community Bank
NYX NYSE Euronext
OKE OneOK
OMC Omnicom Group
ORLY O'Reilly Automotive
OXY Occidental Petroleum
PBI Pitney Bowes
PBLX Publix Super Markets
PCAR Paccar
PCLN Priceline
PEP PepsiCo
PFE Pfizer
PGR Progressive Corp
PHM Pulte Group
PM Phillip Morris
PNC PNC Financial Services
PPG PPG Industries
PRU Prudential Financial
PSA Public Storage
PX Praxair
PXD Pioneer Natural Resources
Q Qwest Communications
RAI Reynolds American
RCL Royal Caribbean
RDN Radian Group
RDS Royal Dutch Shell
RF Regions Financial
RIG Transocean Ltd
ROST Ross Stores
RSG Republic Services
RTN Raytheon
S Sprint Nextel
SAI SAIC
SANT Santander Holdngs USA
SCCO Southern Copper
SCHW Charles Schwab
SE Spectra Energy
SHW Sherwin Williams
SIAL Sigma Aldrich
SLB Schlumberger
SLM SLM
SNDK Sandisk
SNI Scripps Networks Interactive
SNV Synovus Financial
SPG Simon Property Group
SPLF Springleaf Finance
SPLS Staples
STI SunTrust Banks
STJ St Jude Medical
STT State Street Corp
SUN Sunoco
SWN Southwestern Energy
SWY Safeway
SYK Stryker
T ATT
TAP Molson Coors Brewing
TEX Terex Corp
TGT Target
TIF Tiffany
TJX TJX
TMO Thermo Fisher Scientific
TROW T Rowe Price
TRV Travelers
TRW TRW Automotive
TWC Time Warner Cable
TWX Time Warner
TXN Texas Instruments
UAL United Continental
UNBC Unionbancal
UNH United Health Group
UNM Unum Group
UNP Union Pacific
UPL Ultra Petroleum
UPS United Parcel Services
URS URS
USB US Bancorp
UTX United Technologies
VFC VF Corp
VLO Valero Energy
VNO Vornado Realty Trust
VZ Verizon
WFC Wells Fargo
WHR Whirlpool
WIN Windstream
WLL Whiting Petroleum
WLP WellPoint
WLT Walter Energy
WM Waste Management
WMB Williams Companies
WMT Walmart
WU Western Union
WY Weyerhaeuser REIT
WYND Wyndham WW
X United States Steel
XEC Cimarex Energy
XOM Exxon Mobil
XRX Xerox
YHOO Yahoo
YUM Yum Brands
ZION Zions Bancorp
ZMH Zimmer Holdings
Below here is the Pretax Income (PTI) or Pretax Loss (PTL) of these 332 US Big Corps for 2010 and 2009 for December year end companies and for 2011 and 2010 for January year end companies.
.............................PTI(L)...........PTI(L)..............PTI(L)
..............................FYE...............FYE...............Increase
...........................Dec 2010......Dec 2009.........(Decrease)
.........................or Jan 2011...or Jan 2010.....Amount.......%
……………………………............(in millions of dollars)
XOM....................52,959...........34,777........18,182......52%
BP.......................36,110...........25,124.........10,986......44%
RDS.....................35,344...........21,020........14,324......68%
CVX....................32,055...........18,528.........13,527......73%
JPM....................24,859...........16,067...........8,792......55%
WMT...................23,538...........22,118...........1,420.......6%
IBM....................19,723...........18,138...........1,585.......9%
BRKA..................19,051...........11,552...........7,499......65%
WFC....................19,001...........17,998...........1,003.......6%
T........................18,238...........18,518............(280).....-2%
JNJ....................16,947...........15,755...........1,192.......8%
INTC..................16,045............5,704.........10,341.....181%
COP...................15,727............9,957...........5,770......58%
VZ.....................14,522...........14,007..............515.......4%
GE.....................14,208............9,995...........4,213......42%
C.......................13,184..........(10,199)........23,383.....229%
GS.....................12,892...........19,829.........(6,937)....-35%
PFE...................12,522...........10,827...........1,695......16%
BAC..................11,077............4,360...........6,717.....154%
GOOG................10,796............8,381...........2,415......29%
PM...................10,324............9,243...........1,081......12%
KO.....................9,709............8,946..............763.......9%
FCX...................8,512............5,816...........2,696......46%
PEP...................8,232............8,019..............213.......3%
F.......................8,002...........(2,115)........10,117.....478%
KKR..................7,852............6,889..............963......14%
OXY..................7,636............5,265...........2,371......45%
UNH.................7,383............5,808...........1,575......27%
MCD.................7,000............6,487..............513.......8%
UTX..................6,538............5,760..............778......14%
LLY..................6,525............6,042..............483.......8%
BMY.................6,299............5,602..............697......12%
MS....................6,202..............983...........5,219.....531%
CMCSA..............6,104............5,106.............998......20%
ABT...................6,027............6,279............(252).....-4%
AXP...................5,964............2,841...........3,123.....110%
MMM.................5,755............4,632...........1,123......24%
GM....................5,737..........(25,659)........31,396.....122%
MO....................5,723............4,877..............846......17%
CVS...................5,629............5,913............(284).....-5%
UPS...................5,523............3,366...........2,157......64%
AMGN...............5,317............5,204..............113.......2%
HD....................5,273............3,982...........1,291......32%
APA..................5,206............3,144...........2,062......66%
MRK..................5,044............4,597..............447......10%
MRO..................4,916............3,236...........1,680......52%
TXN...................4,551............2,017...........2,534.....126%
BA.....................4,507............1,731...........2,776.....160%
TGT...................4,495............3,872..............623......16%
UNP..................4,433............2,974...........1,459......49%
PRU..................4,422............1,552...........2,870.....185%
WLP..................4,354............3,611..............743......21%
COF..................4,330............1,336...........2,994.....224%
TRV..................4,306............4,711............(405).....-9%
USB..................4,200............2,632...........1,568......60%
PNC..................4,061............2,149...........1,912......89%
NEM.................3,997............2,954...........1,043......35%
MET.................3,958...........(4,334)..........8,292.....191%
TWX.................3,919............3,237..............682......21%
GILD................3,914............3,502..............412......12%
SLB..................3,886............3,934..............(48)......1%
GLW.................3,845............1,934...........1,911......99%
LMT.................3,826............4,230............(404)....-10%
GD...................3,790............3,513..............277.......8%
CAT.................3,750..............569...........3,181.....559%
DD...................3,711............2,184...........1,527......70%
CL...................3,701............3,538..............163.......5%
BK...................3,694...........(2,208)..........5,902.....267%
ACE.................3,667............3,077..............590......19%
KFT.................3,642............3,946............(304).....-8%
AFL.................3,585............2,235...........1,350......60%
DVN.................3,568............1,882...........1,686......90%
DTV.................3,514............2,325...........1,189......51%
DELL................3,350............2,024...........1,326......66%
LOW.................3,228............2,825..............403......14%
BLK..................3,021............1,272...........1,749.....138%
AXAE...............3,015...........(3,079)..........6,094.....198%
CB....................2,988............2,962................26.......1%
L......................2,902............2,766..............136.......5%
CHK.................2,884............1,712...........1,172......68%
HON.................2,843............2,049..............794......39%
NOC.................2,826............2,266..............560......25%
DOW................2,802..............469...........2,333.....497%
MA..................2,757............2,218..............539......24%
HAL................2,655............1,682..............973......58%
AET................2,644............1,901..............743......39%
HES.................2,635............1,522...........1,113......73%
EMC................2,608............1,375...........1,233......90%
KMB................2,550............2,576..............(26).....-1%
CSX.................2,546............1,746..............800......46%
BAX.................2,478............2,734............(256).....-9%
RTN.................2,432............2,930............(498)....-17%
SCCO...............2,431............1,404...........1,027......73%
HIG.................2,417...........(1,728)..........4,145.....340%
NOV................2,397............2,208..............189.......9%
NSC.................2,367............1,622..............745......46%
HCA................2,354............2,045..............309......15%
MHS................2,334............2,103..............231......11%
HSBC...............2,300.............(299)..........2,599.....869%
AES.................2,286............2,019..............267......13%
ITW.................2,212............1,320..............892......68%
TWC................2,196............1,912..............284......15%
RAI.................2,192............2,101................91.......4%
TJX.................2,164............1,952..............212......11%
EBAY..............2,098............1,429..............669......47%
STT..................2,086............2,525............(439)....-17%
RIG..................2,054............4,258.........(2,204)....-52%
DHR.................2,052............1,425..............627......44%
PBLX.................2,039............1,775..............264......15%
GPS...................1,982............1,816..............166.......9%
PX....................1,964............1,724..............240......14%
ESRX................1,909............1,308..............601......46%
CI....................1,870............1,898..............(28).....-1%
APC..................1,857.............(650)..........2,507.....386%
KSS..................1,782............1,588..............194......12%
DISH................1,767............1,374..............393......29%
HUM................1,750............1,602..............148.......9%
K.....................1,742............1,684................58.......3%
KR...................1,734............1,702................32.......2%
SYK.................1,730............1,624..............106.......7%
CME.................1,722............1,438..............284......20%
LO....................1,635............1,519..............116.......8%
WM...................1,631............1,473..............158......11%
CMI..................1,617..............640..............977.....153%
YUM..................1,594............1,396..............198......14%
AMP..................1,594..............920..............674......73%
PGR....................1,565............1,557..................8.......1%
LMED................1,558..............621..............937.....151%
CTL...................1,532..............815..............717......88%
EP.....................1,527............1,250..............277......22%
LYB...................1,512...........(1,322)..........2,834.....214%
SE.....................1,506............1,271..............235......18%
VLO...................1,498..............(94)..........1,592....1694%
AMZN................1,497............1,161..............336......29%
LLL...................1,484............1,386................98.......7%
BIIB..................1,475............1,333..............142......11%
YHOO.................1,466..............824..............642......78%
SNDK.................1,457..............504..............953.....189%
SLM...................1,433..............272...........1,161.....427%
MUR...................1,414............1,033..............381......37%
SPLS...................1,357............1,156..............201......17%
WMB...................1,352..............943..............409......43%
OMC...................1,350............1,274................76.......6%
MHP...................1,339............1,179..............160......14%
DOV...................1,336............1,868............(532)....-28%
UNM..................1,331............1,292................39.......3%
M......................1,320..............507..............813.....160%
NLY..................1,300............1,996............(696)....-35%
CLF...................1,298..............291...........1,007.....346%
PPG..................1,295..............617..............678.....110%
BHI...................1,282..............611..............671.....110%
LNC...................1,234..............209...........1,025.....490%
CBS...................1,222..............653..............569.....87%
STJ...................1,209............1,057..............152.....14%
IP.....................1,201..............133...........1,068.....803%
DGX..................1,184............1,228..............(44).....-4%
DAL..................1,181...........(1,498)..........2,679.....179%
ALLY................1,179...........(6,959)..........8,138.....117%
NBL..................1,175..............340..............835.....246%
TMO..................1,165..............927..............238......26%
AGN..................1,149..............849..............300......35%
WU...................1,145............1,132................13.......1%
CELG................1,134............1,011..............123......12%
ALL..................1,126............1,248............(122)....-10%
BTU..................1,113..............652..............461......71%
CNA..................1,112..............540..............572.....106%
LTD..................1,103..............641..............462......72%
SCHW................1,099............1,276............(177)....-14%
BRCM................1,097...............72...........1,025....1424%
MTB..................1,093..............519..............574.....111%
DISCA...............1,071..............787..............284......36%
TROW................1,070..............689..............381......55%
ZMH..................1,064............1,071................(7).....-1%
AON..................1,059..............949..............110......12%
TRW..................1,041..............140..............901.....644%
RSG..................1,038..............862..............176......20%
ETN..................1,036..............303..............733.....242%
IR....................1,007..............589..............418......71%
LBZ..................1,004..............726..............278......38%
ERIE....................999..............524..............475......91%
SWN.....................995..............856..............139......16%
JWN.....................991..............696..............295......42%
NTRS...................990............1,255............(265)....-21%
DG........................985..............552..............433......78%
Q.........................970..............903................67.......7%
BBT.....................969............1,036..............(67).....-6%
CVH.....................965..............505..............460......91%
AIZ.....................960..............793..............167......21%
VFC.....................952..............777..............175......23%
AVP.....................945..............914................31.......3%
FITB...................940.............(991)..........1,931.....195%
EOG.....................927..............643..............284......44%
DOV.....................925..............492..............433......88%
DPS.....................921..............868................53.......6%
NEM....................917............2,016.........(1,099)....-55%
LH......................916..............885................31.......4%
XEC.....................914..............303..............611.....202%
MRVL..................910..............343..............567.....165%
ROST...................897..............719..............178......25%
XRX.....................893..............668..............225......34%
HCBK...................892..............874................18.......2%
SAI......................883..............799................84......11%
SWY.....................881............1,021............(140)....-14%
CTSH...................879..............637..............242......38%
ALTR...................868..............306..............562.....184%
LVS.....................856.............(204)..........1,060.....520%
GWW....................854..............707..............147......21%
MAT....................847..............660..............187......28%
GCI.....................846..............570..............276......48%
NYB.....................837..............453..............384......85%
IVZ.....................834..............358..............476.....133%
NFX.....................829..............459..............370......81%
DVA.....................819..............758................61.......8%
ATVI...................818..............401..............417.....104%
ITT.....................818..............810..................8.......1%
HSY.....................809..............671..............138......21%
TAP.....................809..............718................91......13%
GR......................805..............784................21.......3%
KEY.....................793...........(2,298)..........3,091.....135%
SPG.....................793..............652..............141......22%
FISV...................793..............734................59.......8%
UNBC...................793.............(226)..........1,019.....451%
PXD.....................788.............(247)..........1,035.....419%
JNPR...................778..............494..............284......57%
MMC...................769..............552..............217......39%
CIT......................768...........(3,411)..........4,179.....123%
FSLR...................762..............686................76......11%
GPS.....................762..............644..............118......18%
OKE.....................755..............699................56.......8%
BSX......................754...........(1,308)..........2,062.....158%
EMN....................751..............433..............318......73%
VNO....................751..............109..............642.....589%
ECL.....................748..............620..............128......21%
PCLN...................746..............442..............304......69%
LUV....................745..............164..............581.....354%
SNI......................740..............520..............220......42%
CAM....................733..............643................90......14%
UPL....................723..............241..............482.....200%
CEPH..................719..............517..............202......39%
BCR.....................718..............672................46.......7%
MCO....................714..............646................68......11%
PSA.....................689..............798............(109)....-14%
ORLY..................689..............497..............192......39%
CF.......................688..............696................(8).....-1%
NYX....................686..............265..............421.....159%
ARW....................679..............189..............490.....259%
SHW....................678..............623................55.......9%
MSI....................677.............(503)..........1,180.....235%
EXCO..................674.............(506)..........1,180.....233%
CBE....................665..............483..............182......38%
APH....................664..............447..............217......49%
PCAR..................660..............109..............551.....506%
SANT...................653.............(982)..........1,635.....166%
ESV.....................645..............935............(290)....-31%
MJN....................634..............587................47.......8%
DLTR...................630..............508..............122......24%
CHRW..................624..............587................37.......6%
EXPE...................621..............458..............163......36%
GME....................621..............589................32.......5%
FIS.....................616..............164..............452.....276%
ESI.....................614..............491..............123......25%
BG......................610..............145..............465.....321%
ICE.....................610..............494..............116......23%
BLL....................606..............537................69......13%
NIHD..................598..............586................12.......2%
CVC....................591..............456...............135......30%
FB......................588..............283..............305.....108%
KBR....................586..............532................54......10%
SUN....................586.............(617)..........1,203.....195%
WHR...................586..............294..............292......99%
JCP......................581..............403..............178......44%
WLT....................578..............184..............394.....214%
ISRG...................572..............396..............176......44%
EXPD..................564..............403..............161......40%
WYND.................563..............493................70......14%
FNF....................562..............345..............217......63%
FLR....................560............1,137............(577)....-51%
AAP...................557..............432..............125......29%
AMT...................556..............421..............135......32%
MAR...................551..............334..............217......65%
AA.....................548...........(1,498)..........2,046.....137%
RCL....................547..............162..............385.....238%
TIF.....................547..............390..............157......40%
SIAL...................544..............490................54......11%
WLL....................541.............(163).............704.....432%
CE......................538..............251..............287.....114%
FTI.....................538..............518................20.......4%
PBI.....................535..............693............(158)....-23%
FLS.....................530..............585..............(55).....-9%
NDAQ..................526..............391..............135......35%
NWL....................519..............428...............91......21%
URS.....................514..............468...............46......10%
CYH....................508..............446...............62......14%
WIN....................505..............546..............(41).....-8%
LCC.....................502.............(243).............745.....307%
HSIC...................502..............453................49......11%
CNX....................468..............788............(320)....-41%
AMD...................363.............(834)..........1,197.....144%
HBAN.................352...........(1,071)..........1,423.....133%
UAL...................250.............(672).............922.....137%
WY.....................213.............(728).............941.....129%
AIG.....................169..........(13,036)........13,205.....101%
GNW.....................76.............(792).............868.....110%
STI........................21...........(1,699)..........1,720.....101%
ETFL.....................(3)............(816).............813.....100%
MMI......................(4)..........(1,335)..........1,331.....100%
BC.......................(85)............(685).............600......88%
AXAF.................(119)..........(4,582)..........4,463......97%
CSE....................(161)............(775).............614......79%
TEX....................(238)............(524).............286......55%
SPLF..................(253)............(889).............636......72%
MGIC..................(359)..........(1,765)..........1,406......80%
X........................(385)..........(1,845)..........1,460......79%
ZION..................(403)..........(1,664)..........1,261......76%
AMR...................(506)..........(1,752)..........1,246......71%
CRYS..................(513)..........(8,325)..........7,812......94%
BX......................(523)..........(2,291)..........1,768......77%
PHM...................(579)..........(1,412).............833......59%
FRSC...................(661)..........(1,449).............788......54%
CCMO..................(683)..........(1,136).............453......40%
FIG....................(727)............(914).............187......20%
MGM..................(741)............(317)...........(424)...-134%
SNV...................(849)..........(1,606).............757......47%
RF.....................(885)..........(1,202).............317......26%
M&I...................(901)..........(1,396).............495......35%
1STD................(1,171)..........(1,434).............263.....-18%
CAES................(1,215)............(830)...........(385)....-46%
RDN.................(1,580)............(242)........(1,338)...-553%
HSBF................(2,906)..........(7,466)..........4,560......61%
S......................(3,299)..........(3,494).............195.......6%
FNM...............(14,100)........(73,007).......58,907......81%
FRE................(14,882).........(22,384).........7,502......34%
Total all 332..924,872........454,936......469,936.....103%
Yeah, the Total Pretax Income of these 332 US Big Corps more than doubled (up 103%) in the fiscal year end Dec 2010 or Jan 2011 over the previous year.
When you exclude Fannie Mae and Freddie Mac, the Pretax Income of the remaining 330 US Big Corps is still up an incredible 73%.
And about half of the country doesn't think the Obama Administration has helped US large businesses!
So just how have these US Big Corps paid the country back for the incredibly robust economic environment that the Obama Administration has created for them and permitted their profits to flat out flourish?
Well, they haven't. Many of these US Big Corps slashed jobs worldwide in 2010, and the ones that added jobs, the number jobs added were so incredibly modest, especially those jobs added in the US.
From information disclosed in their annual reporting with the SEC, below here are the Worldwide Number of Jobs that each of these 332 US Big Corps had at the end of December 2010 and 2009 or at the end of January 2011 and 2010. This schedule also compares the Worldwide Number of Jobs (Slashed) or Added in 2010 with the Pretax Income Increase (Decrease) in 2010.
..................................................................2010..............2010
............................WW#..........WW#...........WW#.............Pretax
.......................Employees..Employees......Jobs...............Profit
............................FYE............FYE........(Slashed)..........Increase
..........................Dec10.........Dec09........Added...........(Decrease)
.............................or...............or...............by....................of.....
..........................Jan11..........Jan10..."Job Creators"."Job Creators"
…………………………………………………………………….............mils of $s
US Big Corp Job Slashers in 2010
AIG..................63,000.......96,000......(33,000)...........13,205
VZ..................194,400......222,900......(28,500)...............515
GE..................287,000.....304,000......(17,000)............4,213
KBR..................35,000.......51,000......(16,000).................54
T.....................265,410......281,000......(15,590).............(280)
KFT(1)............127,000......141,798......(14,798).............(304)
F.....................164,000......177,000......(13,000)..........10,117
GM..................202,000......215,000......(13,000)..........31,396
KO(2)...............139,600......151,800......(12,200)...............763
CVS.................201,000......211,000......(10,000).............(284)
LMT.................132,000......140,000.......(8,000).............(404)
MAR................129,000......137,000.......(8,000)...............217
UPS.................400,600......408,000.......(7,400)............2,157
MRK..................94,000......100,000.......(6,000)..............447
SWY................180,000......186,000.......(6,000)..............(140)
PFE.................110,600......116,500.......(5,900)...............1,695
C.....................260,000.....265,300.......(5,300)............23,383
HSBF...................6,650........11,900.......(5,250)..............4,560
CMCSA............102,000.....107,000.......(5,000)................998
LOW................161,000......166,000.......(5,000)................403
PNC..................44,817.........49,761.......(4,944)...............1,912
ALLY................14,400........18,800.......(4,400)..............8,138
LLL..................63,000........67,000.......(4,000)..................98
RDS..................97,000......101,000.......(4,000)...........14,324
HD...................189,390......193,370.......(3,980)..............1,291
NOC................117,000......120,700.......(3,700)................560
CBE..................24,800........28,200.......(3,400).................182
RTN.................72,000........75,000.......(3,000)...............(498)
WLP.................37,500........40,500.......(3,000)................743
SAI..................43,400........46,200.......(2,800)...................84
DOW.................49,505........52,195.......(2,690)...............2,333
DISH................22,000........24,500.......(2,500).................393
GCI..................32,600........35,000.......(2,400).................276
XOM(3)...........103,700......106,035.......(2,335).............18,182
PBI..................30,700........33,004.......(2,304)................(158)
UAL.................86,000........88,300.......(2,300).................922
LLY..................38,350........40,360.......(2,010).................483
CVX.................62,000........64,000.......(2,000)............13,527
MSI..................51,000........53,000.......(2,000)..............1,180
Q......................28,343........30,138........(1,795)...................67
BAX.................48,000........49,700.......(1,700)................(256)
GD...................90,000........91,700.......(1,700).................277
PPG..................38,300........39,900.......(1,600).................678
JNJ.................114,000......115,500.......(1,500)...............1,192
PHM...................4,363..........5,700.......(1,337)..................833
RIG..................18,050........19,300.......(1,250)..............(2,204)
SPLS.................52,919........54,149.......(1,230)..................201
HIG..................26,800........28,000.......(1,200)...............4,145
DAL..................80,000........81,106.......(1,106)...............2,679
ESRX.................13,170........14,270.......(1,100).................601
KEY..................15,610........16,698.......(1,088)...............3,091
AET..................34,000........35,000.......(1,000)................743
AIZ..................14,000........15,000.......(1,000).................167
ALL..................35,000........36,000.......(1,000)...............(122)
BBT..................31,400........32,400.......(1,000)..................(67)
BMY.................27,000........28,000.......(1,000)................697
BSX..................25,000........26,000.......(1,000)..............2,062
DGX..................42,000........43,000.......(1,000)................(44)
FISV.................19,000........20,000.......(1,000).................59
GPS.................134,000......135,000.......(1,000)................166
MGM.................45,000........46,000.......(1,000)..............(424)
MMC..................51,000........52,000.......(1,000)...............217
RSG..................30,000........31,000.......(1,000)................176
SUN..................10,200........11,200.......(1,000)..............1,203
X......................42,000........43,000.......(1,000)..............1,460
CNA....................8,000..........8,900.........(900).................572
PRU..................41,044........41,943..........(899)...............2,870
LYB..................14,000........14,860..........(860)...............2,834
HSY..................11,300........12,100..........(800).................138
MTB..................12,031........12,802..........(771).................574
RAI....................5,700..........6,400..........(700)..................91
RF....................27,829........28,509..........(680).................317
AMR.................78,250........78,900..........(650).............1,246
UNP..................42,884........43,531..........(647)..............1,459
VLO..................20,313........20,920..........(607).............1,592
BP....................79,700........80,300..........(600)..........10,986
SPLF...................5,900..........6,500..........(600)...............636
WM...................42,800........43,400..........(600)...............158
CIT.....................3,778..........4,293..........(515)..............4,179
BLL..................14,000........14,500..........(500)..................69
CVC..................16,350........16,795..........(445).................135
1STD.................24,500........24,900..........(400)................263
CVH..................14,000........14,400..........(400)................460
DVN....................5,000..........5,400..........(400).............1,686
LCC..................30,900........31,300..........(400)................745
SLM....................7,600..........8,000..........(400).............1,161
NYX....................2,968..........3,367..........(399)................421
SCCO.................11,126.........11,523..........(397).............1,027
COP..................29,700........30,000..........(300)............5,770
K......................30,600........30,900..........(300).................58
YHOO................13,600........13,900..........(300)...............642
SNV....................6,109..........6,385..........(276)................757
M&I....................9,137..........9,410..........(273)................495
AON(4)..............59,000........59,200..........(200)...............110
CBS...................25,380........25,580..........(200)................569
DISCA.................4,200..........4,400..........(200)...............284
DOV....................5,300..........5,500..........(200)..............(532)
ITT..................40,000........40,200..........(200)...................8
UNM...................9,500..........9,700..........(200).................39
COF..................27,826.........28,000..........(174).............2,994
NIHD................13,500........13,673..........(173)..................12
FITB.................20,838........20,998..........(160)..............1,931
CE......................7,250..........7,400..........(150)................287
AFL....................7,919..........8,057..........(138)..............1,350
BTU....................7,200..........7,300..........(100)................461
CB....................10,100........10,200..........(100)..................26
ETFL...................3,000..........3,100..........(100)................813
L......................18,400........18,500..........(100).................136
NWL.................19,400........19,500..........(100)..................91
FRE.....................5,231..........5,323...........(92)..............7,502
NYB....................3,883..........3,970...........(87).................384
MHP.................21,000........21,077...........(77).................160
EP......................4,937..........4,991............(54)..................277
CSE.......................625.............665............(40)..................614
RDN......................767.............803............(36)............(1,338)
NSC..................28,559........28,593............(34).................745
PGR..................24,638........24,661............(23)....................8
MGIC...................1,010..........1,020...........(10).............1,406
ZION.................10,524........10,529............(5)...............1,261
Totalall119..6,491,683..6,832,962..(341,279)......235,219
US Big Corps Not Slashing Jobs in 2010
AA................59,000.........59,000.............0...............2,046
AAP...............29,000.........29,000.............0.................125
CAES..............69,000.........69,000.............0................(385)
CSX...............30,000.........30,000.............0.................800
DPS...............19,000.........19,000.............0..................53
EMN...............10,000.........10,000.............0.................318
ERIE...............4,200..........4,200.............0.................475
ETN...............70,000.........70,000.............0.................733
FLS...............15,000.........15,000.............0.................(55)
GME...............17,000.........17,000.............0..................32
HSBC..............12,000.........12,000.............0...............2,599
KSS...............29,000.........29,000.............0.................194
LO.................2,700..........2,700.............0.................116
MMI...............19,000.........19,000.............0...............1,331
MO................10,000.........10,000.............0.................846
PSA................4,900..........4,900.............0................(109)
S.................40,000.........40,000.............0.................195
TRV...............32,000.........32,000.............0................(405)
TWX...............31,000.........31,000.............0.................682
WLT................2,100..........2,100.............0.................394
WMT........2,100,000....2,100,000.............0.............1,420
AXAF...............9,509..........9,508.............1...............4,463
UPL..................108.............94............14.................482
XEC..................775............756............19.................611
NLY..................114.............87............27................(696)
LNC................8,270..........8,208............62...............1,025
HCBK...............1,462..........1,387............75..................18
WLL..................561............481............80.................704
FIG..................900............819............81.................187
OKE................4,839..........4,758............81..................56
PX................26,261.........26,164............97.................240
APC................4,400..........4,300...........100...............2,507
BIIB...............4,850..........4,750...........100.................142
CTL...............20,300.........20,200...........100.................717
SE.................5,500..........5,400...........100.................235
ICE..................933............826...........107.................116
AXAE...............5,253..........5,139...........114...............6,094
ALTR...............2,666..........2,551...........115.................562
KKR..................698............582...........116.................963
TAP...............14,660.........14,540...........120..................91
EXCO.................927............802...........125...............1,180
NBL................1,772..........1,630...........142.................835
BX.................1,440..........1,295...........145...............1,768
GILD...............4,000..........3,852...........148.................412
SIAL...............7,890..........7,740...........150..................54
LUV...............34,901.........34,726...........175.................581
NDAQ...............2,395..........2,216...........179.................135
VNO................4,780..........4,597...........183.................642
EOG................2,290..........2,100...........190.................284
MUR................3,460..........3,261...........199.................381
AMGN..............17,400.........17,200...........200.................113
LBZ................6,900..........6,700...........200.................278
NEM................5,900..........5,700...........200...............1,043
SNI................2,000..........1,800...........200.................220
SPG................3,500..........3,300...........200.................141
WU.................7,000..........6,800...........200..................13
SNDK...............3,469..........3,267...........202.................953
NFX................1,352..........1,148...........204.................370
WMB................5,022..........4,801...........221.................409
TROW...............5,052..........4,802...........250.................381
CHRW...............7,628..........7,347...........281..................37
BC................15,290.........15,003...........287.................600
RCL................5,200..........4,900...........300.................385
AMT................1,729..........1,420...........309.................135
CME................2,570..........2,260...........310.................284
FB................24,600.........24,248...........352.................305
PXD................2,248..........1,888...........360...............1,035
SWN................2,088..........1,702...........386.................139
ISRG...............1,660..........1,263...........397.................176
LTD...............17,500.........17,100...........400.................462
NTRS..............12,800.........12,400...........400................(265)
SCHW..............12,800.........12,400...........400................(177)
TEX...............16,300.........15,900...........400.................286
ESV................2,752..........2,347...........405................(290)
BLK................9,127..........8,629...........498...............1,749
ECL...............26,500.........26,000...........500.................128
GNW................6,500..........6,000...........500.................868
GPS...............29,500.........29,000...........500.................118
GWW...............17,000.........16,500...........500.................147
HES...............13,800.........13,300...........500...............1,113
MA.................5,600..........5,100...........500.................539
MCO................4,500..........4,000...........500..................68
TWC...............47,500.........47,000...........500.................284
DLTR..............13,060.........12,480...........580.................122
ATVI...............7,600..........7,000...........600.................417
ZMH................8,800..........8,200...........600..................(7)
CNX................8,630..........8,012...........618................(320)
MRVL...............5,893..........5,241...........652.................567
AMP...............10,472..........9,793...........679.................674
ORLY..............31,070.........30,379...........691.................192
AMD...............11,100.........10,400...........700...............1,197
BCR...............11,700.........11,000...........700..................46
CEPH...............3,726..........3,026...........700.................202
ROST..............14,000.........13,300...........700.................178
IVZ................5,617..........4,890...........727.................476
ESI................6,300..........5,500...........800.................123
TIF................9,200..........8,400...........800.................157
WY................14,250.........13,450...........800.................941
MRO...............29,677.........28,855...........822...............1,680
EXPD..............12,880.........12,010...........870.................161
AGN................9,200..........8,300...........900.................300
CF.................2,400..........1,500...........900..................(8)
MJN................6,500..........5,600...........900..................47
OXY...............11,000.........10,100...........900...............2,371
EXPE...............8,900..........7,960...........940.................163
CCMO..............20,283.........19,295...........988.................453
APA................4,449..........3,452...........997...............2,062
ACE...............16,000.........15,000.........1,000.................590
AVP...............42,000.........41,000.........1,000..................31
FNF...............18,200.........17,200.........1,000.................217
FRSC..............19,000.........18,000.........1,000.................788
HSIC..............13,500.........12,500.........1,000..................49
KMB...............57,000.........56,000.........1,000.................(26)
LMED..............24,000.........23,000.........1,000.................937
NEM...............15,500.........14,500.........1,000..............(1,099)
PBLX..............70,000.........69,000.........1,000.................264
PM................78,300.........77,300.........1,000...............1,081
STJ...............15,000.........14,000.........1,000.................152
UNBC..............10,715..........9,676.........1,039...............1,019
STI...............29,056.........28,001.........1,055...............1,720
HBAN..............11,341.........10,272.........1,069...............1,423
CL................39,200.........38,100.........1,100.................163
FTI...............11,500.........10,400.........1,100..................20
SANT..............10,515..........9,391.........1,124...............1,635
MS................62,542.........61,388.........1,154...............5,219
CLF................6,567..........5,404.........1,163...............1,007
CI................30,600.........29,300.........1,300.................(28)
EBAY..............17,700.........16,400.........1,300.................669
FCX...............29,700.........28,400.........1,300...............2,696
FNM................7,300..........6,000.........1,300..............58,907
VFC...............47,000.........45,700.........1,300.................175
STT...............28,670.........27,310.........1,360................(439)
CELG...............4,182..........2,813.........1,369.................123
PCLN...............3,400..........2,010.........1,390.................304
ARW...............12,700.........11,300.........1,400.................490
CAM...............19,500.........18,100.........1,400..................90
DTV...............23,200.........21,800.........1,400...............1,189
FSLR...............6,100..........4,700.........1,400..................76
SYK...............20,036.........18,582.........1,454.................106
UTX..............208,200........206,700.........1,500.................778
MHS...............23,425.........21,900.........1,525.................231
JNPR...............8,772..........7,231.........1,541.................284
BRCM...............8,950..........7,407.........1,543...............1,025
DHR...............48,200.........46,600.........1,600.................627
GR................25,600.........24,000.........1,600..................21
CHK...............10,000..........8,200.........1,800...............1,172
TMO...............37,200.........35,400.........1,800.................238
WYND..............26,400.........24,600.........1,800..................70
TXN...............28,412.........26,584.........1,828...............2,534
AES...............29,000.........27,000.........2,000.................267
DD................60,000.........58,000.........2,000...............1,527
FIS...............33,000.........31,000.........2,000.................452
IR................59,000.........57,000.........2,000.................418
ITW...............61,000.........59,000.........2,000.................892
JCP..............156,000........154,000.........2,000.................178
URS...............47,000.........45,000.........2,000..................46
USB...............60,584.........58,229.........2,355...............1,568
DVA...............36,500.........34,000.........2,500..................61
OMC...............65,500.........63,000.........2,500..................76
PCAR..............17,700.........15,200.........2,500.................551
AXP...............61,000.........58,300.........2,700...............3,123
DOV...............32,000.........29,300.........2,700.................433
GLW...............26,200.........23,500.........2,700...............1,911
INTC..............82,500.........79,800.........2,700..............10,341
WIN...............10,086..........7,385.........2,701.................(41)
BRKA.............260,000........257,000.........3,000...............7,499
LH................31,000.........28,000.........3,000..................31
SHW...............32,228.........29,220.........3,008..................55
FLR...............39,229.........36,152.........3,077................(577)
NOV...............35,584.........32,423.........3,161.................189
GS................35,700.........32,500.........3,200..............(6,937)
IP................59,500.........56,160.........3,340...............1,068
BA...............160,500........157,100.........3,400...............2,776
TRW...............61,300.........57,500.........3,800.................901
YUM...............52,920.........49,000.........3,920.................198
BAC..............288,000........284,000.........4,000...............6,717
JWN...............52,000.........48,000.........4,000.................295
KR.............. 338,000........334,000.........4,000..................32
MAT.............. 31,000.........27,000.........4,000.................187
TGT..............355,000........351,000.........4,000.................623
WHR...............71,000.........67,000.........4,000.................292
CRYS..............51,623.........47,326.........4,297...............7,812
BHI...............53,100.........48,800.........4,300.................671
CMI...............39,200.........34,900.........4,300.................977
GOOG..............24,400.........19,835.........4,565...............2,415
WFC..............272,200........267,300.........4,900...............1,003
HCA..............146,000........141,000.........5,000.................309
M................166,000........161,000.........5,000.................813
MMM...............80,057.........74,835.........5,222...............1,123
EMC...............48,500.........43,200.........5,300...............1,233
CYH...............64,000.........58,555.........5,445..................62
BK................48,000.........42,200.........5,800...............5,902
DELL.............100,300.........94,300.........6,000...............1,326
DG................85,900.........79,800.........6,100.................433
XRX..............136,500........130,000.........6,500.................225
APH...............39,100.........32,200.........6,900.................217
HAL...............58,000.........51,000.........7,000.................973
LVS...............34,000.........27,000.........7,000...............1,060
UNH...............87,000.........80,000.........7,000...............1,575
BG................33,021.........25,945.........7,076.................465
HUM...............35,200.........28,100.........7,100.................148
PEP(5)...........294,000........286,600.........7,400.................213
HON..............130,000........122,000.........8,000.................794
SLB(6)...........108,000.........98,931.........9,069.................(48)
AMZN..............33,700.........24,300.........9,400.................336
CAT..............104,000.........93,813........10,187...............3,181
MET...............66,000.........54,000........12,000...............8,292
TJX..............166,000........154,000........12,000.................212
MCD..............400,000........385,000........15,000.................513
JPM..............239,831........222,316........17,515...............8,792
ABT(7)............90,700.........73,000........17,700................(252)
CTSH(8)..........104,000.........78,400........25,600.................242
IBM(9)...........426,751........399,409........27,342...............1,585
Total all 332..17,612,288...17,486,002...126,286...........469,936
Total % Increase in WW Net Jobs Added in 2010....0.72%
KFT(1) Kraft Dec 2009 Number of Employees include Cadbury, which was acquired in 2010.
KO(2) Coca-Cola Dec 2009 Number of Employees include those in Coca-Cola Enterprises in North America, which was acquired in 2010.
XOM(3) Exxon Mobil Dec 2009 Number of Employees include those of XTO Energy, which was acquired in 2010.
AON(4) AON Dec 2009 Number of Employees include those of Hewitt Associates, which was acquired in 2010.
PEP(5) Pepsico Dec 2009 Number of Employees include those of both Pepsi Bottling and Pepsi Americas, both of which were acquired in 2010.
SLB(6) Schlumberger Dec 2009 Number of Employees include those of Smith Intl, which was acquired in 2010.
ABT(7) Abbott Labs' large increase in Number of Employees in 2010 is artificial, since there was a huge acquisition in 2010 of Solvay's Pharma segment. Abbott Labs paid $6.1 bil for this acquisition.
CTSH(8) Cognizant Technology has 83,000 of its 104,000 employees located in the Asia Pacific area.
IBM(9) IBM's largest increase in Number of Employees in 2010 is at least somewhat artificial, since it made 17 acquisition in 2010 for a total cost of $6.5 bil.
I find it incredible that 119 of these 332 US Big Corps actually slashed Worldwide Jobs in 2010.
And how many Worldwide Jobs were slashed by these 119 US Big Corps? An amazing 341,279 jobs.
And while these 119 US Big Corps were slashing these 341,279 jobs, their Total Pretax Profits increased by a staggering $235 bil in 2010. Go Figure!
The US Congress, especially members that are wholehearted supporters of US Big Corps, has incredibly low favorable ratings. which have been continually plummeting.
With US Big Corp CEOs and CFOs continuing to act so greedily and cruelly to workers, I am certain that you will be seeing their already low favorable ratings drop even further, and dramatically so.
Let me focus on Big Oil, included in the above numbers. And specifically on just the ones that have more than 10,000 employees and are in the two following SEC industry categories: Crude Petroleum and Petroleum Refining.
Here are these ten Big Oil Corps, and comparison of their jobs added (slashed) and the amount of their profit increase, both in 2010.
..................................................................2010..............2010
............................WW#..........WW#...........WW#.............Pretax
.......................Employees..Employees......Jobs...............Profit
............................FYE............FYE........(Slashed)..........Increase
..........................Dec10.........Dec09........Added...........(Decrease)
.............................or...............or...............by....................of.....
..........................Jan11..........Jan10..."Job Creators"."Job Creators"
…………………………………………………………………….............mils of $s
RDS.................97,000.......101,000......(4,000)............14,324
XOM...............103,700......106,035......(2,335).............18,182
CVX.................62,000........64,000......(2,000)............13,527
SUN.................10,200........11,200.......(1,000)..............1,203
VLO.................20,313........20,920..........(607)..............1,592
BP...................79,700........80,300..........(600)............10,986
COP.................29,700........30,000..........(300).............5,770
HES.................13,800........13,300............500...............1,113
MRO................29,677........28,855............822...............1,680
OXY.................11,000........10,100...........900...............2,371
Total all 10.....457,090......465,710.....(8,620)...........70,748
Yeah, that's right, a total of 8,620 worldwide jobs slashed in 2010, while at the same time, they increased their total Pretax Profits by $70.7 bil in 2010. Where's the economic fairness here?
But the worldwide job cuts of these 10 Big Oil Corps were much more pronounced in 2009 than they were in 2010. While these 10 Big Oil Corps slashed 8,620 worldwide jobs in 2010, they slashed an additional 26,644 in 2009. Thus, they reduced their employee count by 35,264, or by 7%, in the two years from 2008 to 2010. Here are the numbers:
BP..............(12,300)
COP..............(4,100)
CVX.............(5,000)
HES..................300
MRO................(683)
OXY.................600
RDS..............(5,000)
SUN..............(3,500)
VLO..............(1,452)
XOM..............(4,129)
Total all 10...(35,264)
Anyway, so overall, there were a worldwide net jobs added by these 332 US Big Corps of a very meager 126,286 in 2010, or an increase in jobs of only 0.7%.
But you know what, it gets worse on the US job depression front.
So many of these 332 US Big Corps made numerous business acquisitions in 2010. When a US Big Corp makes a business acquisition, it picks up additional jobs. But this isn't real job creation to the US and global economies.
Thus, my hunch is that instead of having 126,286 real jobs added, the more salient measure of true job additions to the US and global economies by these 332 US Big Corps, exclusive of those by artificial acquisitions, was not a net job addition at all, but instead of slashing of jobs.
Also, many of the large retailing companies had net job increases in 2010. However, the overwhelming portion of these net job adds were really "jobettes" added, which is the addition of part-time, temporary, seasonal, and independent contractor employees, which all have low pay, and even lower employee benefits.
But it gets even much worse on the US job depression situation when you just focus on the jobs created just in the US.
Of these 332 US Big Corps, 153 of them either disclosed their Number of US jobs separately, or have an overwhelming portion of their operations in the US. Thus for the latter predominantly US Big Corps, I used the worldwide Number of Jobs in the below chart.
Of these 153 US Big Corps, 66 of them slashed a total of 156,086 US jobs in 2010, or a huge 5% reduction. All 153 combined, slashed US jobs by a net of 64,346 in 2010.
And the real US job slashing by these 153 US Big Corps was substantially higher due to so many of them getting net job adds by making so many business acquisitions.
Below here are these 153 US Big Corps, and their Number of US Jobs at the end of 2010 and 2009:
...........................................................................2010...
.................................US#................US#..............US#......
............................Employees.....Employees.........Jobs.....
.................................FYE...............FYE...........(Slashed)..
...............................Dec10............Dec09...........Added....
..................................or..................or..................by.......
...............................Jan11.............Jan10......"Job Creators"
US Big Corp US Job Slashers in 2010
VZ........................194,400.........222,900........(28,500)
T...........................265,410.........281,000........(15,590)
CVS......................201,000.........211,000........(10,000)
UPS......................330,600.........340,000.........(9,400)
YUM.......................64,260...........73,500.........(9,240)
LMT......................132,000.........140,000.........(8,000)
HSBF.........................6,650...........11,900.........(5,250)
CMCSA.................102,000.........107,000.........(5,000)
LOW......................161,000.........166,000.........(5,000)
PNC.........................44,817...........49,761.........(4,944)
MRK.......................37,600...........42,000.........(4,400)
LLL.........................52,290...........56,280.........(3,990)
NOC......................117,000.........120,700.........(3,700)
RTN........................72,000...........75,000.........(3,000)
WLP........................37,500...........40,500.........(3,000)
DISH.......................22,000...........24,500.........(2,500)
LLY.........................17,650...........20,060.........(2,410)
PBI..........................21,600...........23,465.........(1,865)
Q.............................28,343............30,138.........(1,795)
BLL...........................8,900...........10,500.........(1,600)
CVX........................30,000...........31,500.........(1,500)
IP............................36,120...........37,500.........(1,380)
PHM..........................4,363.............5,700.........(1,337)
HIG.........................26,800............28,000........(1,200)
KEY.........................15,610............16,698.........(1,088)
ESRX.......................12,950............14,020.........(1,070)
RSG........................30,000............31,000.........(1,000)
GE.........................133,000..........134,000.........(1,000)
AET........................34,000............35,000.........(1,000)
HON.......................53,000............54,000.........(1,000)
DGX.......................42,000............43,000.........(1,000)
ALL.......................35,000............36,000.........(1,000)
BSX........................15,000............16,000.........(1,000)
BBT........................31,400............32,400.........(1,000)
SUN.......................10,200............11,200.........(1,000)
FIS........................14,000............15,000.........(1,000)
FISV......................19,000............20,000........(1,000)
CNA.........................8,000.............8,900...........(900)
MTB........................12,031............12,802...........(771)
BP..........................22,100............22,800...........(700)
RAI.........................5,700..............6,400...........(700)
RF..........................27,829............28,509...........(680)
UNP.......................42,884.............43,531...........(647)
WM........................42,800............43,400...........(600)
CVC........................16,350............16,795...........(445)
CVH.......................14,000............14,400...........(400)
SLM.........................7,600.............8,000...........(400)
CIT...........................2,750.............3,067...........(317)
SNV..........................6,109.............6,385...........(276)
M&I..........................9,137.............9,410...........(273)
AFL..........................3,903.............4,111............(208)
FITB.......................20,838...........20,998...........(160)
CE.............................2,350.............2,500...........(150)
PX...........................10,183............10,315...........(132)
ETFL........................3,000..............3,100...........(100)
FRE..........................5,231...............5,323.............(92)
NYB.........................3,883...............3,970.............(87)
CEPH........................2,026..............2,107.............(81)
PRU.......................20,036............20,094.............(58)
CSE.............................625.................665.............(40)
RDN............................767................803.............(36)
NSC........................28,559............28,593.............(34)
PGR........................24,638............24,661.............(23)
MGIC........................1,010.............1,020.............(10)
ZION......................10,524............10,529...............(5)
ALTR........................1,154..............1,156...............(2)
Total all 66....2,815,480....2,971,566......(156,086)
US Big Corps Not Slashing Jobs in 2010
S...........................40,000...........40,000..............0
WMT................1,400,000.......1,400,000..............0
HSBC.....................12,000...........12,000..............0
DPS.......................16,000...........16,000..............0
ERIE.......................4,200............4,200..............0
MO........................10,000...........10,000..............0
CSX.......................30,000...........30,000..............0
LO..........................2,700............2,700..............0
GM........................77,000...........77,000..............0
ZMH........................4,900............4,900..............0
KSS.......................29,000...........29,000..............0
WLT........................2,100............2,100..............0
PSA.........................4,900............4,900..............0
AAP.......................29,000...........29,000..............0
AXAF.......................9,509............9,508..............1
XEC............................775..............756.............19
CCMO.....................15,036...........14,980.............56
LNC.........................8,270............8,208.............62
HCBK.......................1,462............1,387.............75
WLL...........................561..............481.............80
OKE........................4,839............4,758.............81
CTL.......................20,300...........20,200............100
MA.........................3,400............3,300............100
SE..........................2,000............1,900............100
OXY........................7,100............7,000............100
LBZ.........................3,588............3,484............104
AXAE......................5,253............5,139............114
EXCO..........................927..............802............125
SIAL.......................4,070............3,920............150
LUV.......................34,901...........34,726............175
NFX........................1,229............1,047............182
VNO........................4,780............4,597............183
AVP........................6,200............6,000............200
SNI........................2,000............1,800............200
SPG........................3,500............3,300............200
BLK........................5,330............5,097............233
PCLN.........................750..............493............257
EXPD.......................4,410............4,130............280
CHRW......................7,628............7,347............281
DHR.......................21,400...........21,100............300
DELL......................36,900...........36,600............300
AGN........................4,600............4,300............300
TIF.........................5,200............4,900............300
FTI.........................3,500............3,200............300
CME........................2,570............2,260............310
NDAQ.......................1,313..............978............335
NEM........................1,298..............912............386
GLW.......................10,600...........10,200............400
SCHW......................12,800...........12,400............400
LTD.......................17,500...........17,100............400
TWC.......................47,500...........47,000............500
UTX.......................72,870...........72,345............525
DLTR......................13,060...........12,480............580
TEX.........................5,600............5,000............600
ORLY......................31,070...........30,379............691
VFC.......................20,300...........19,600............700
ROST......................14,000...........13,300............700
ESI..........................6,300............5,500............800
PBLX.....................70,000...........69,000..........1,000
FNF.......................18,200...........17,200..........1,000
UNBC.....................10,715............9,676..........1,039
STI........................29,056...........28,001..........1,055
HBAN.....................11,341...........10,272..........1,069
SANT.....................10,515............9,391..........1,124
CELG.......................2,909............1,762..........1,147
FNM........................7,300............6,000..........1,300
GR.........................16,300...........15,000..........1,300
EBAY......................11,100............9,700..........1,400
MMM......................32,955...........31,513..........1,442
INTC......................45,375...........43,890..........1,485
WYND....................18,300...........16,800..........1,500
MHS.......................23,425...........21,900..........1,525
CHK.......................10,000............8,200..........1,800
JCP......................156,000..........154,000..........2,000
USB........................60,584...........58,229..........2,355
DVA.......................36,500...........34,000..........2,500
WIN.......................10,086............7,385..........2,701
LH.........................31,000...........28,000..........3,000
JWN.......................52,000...........48,000..........4,000
TGT......................355,000..........351,000..........4,000
CAT........................47,319...........43,251..........4,068
HCA......................146,000..........141,000..........5,000
M.........................166,000..........161,000..........5,000
CYH.......................64,000...........58,555..........5,445
DG..........................85,900...........79,800..........6,100
UNH.......................87,000...........80,000..........7,000
HUM.......................35,200...........28,100..........7,100
Total all 153....6,613,559......6,677,905.....(64,346)
When you look at the very last part of this list, which shows the US Big Corps with some very healthy US job creation in 2010, I think a couple of salient comments should be pointed out.
First, the health insurance corps and hospital and related health care service corps are clearly here, with 6 of the top 12 US job creators in 2010 being in US Big Corps in the health care industry.
These 6 huge Health Care Corps are Health Insurance giants Humana (HUM) and United Health (UNH), Hospital giants HCA and Community Health Systems (CYH), Kidney Dialysis Service Provider Davita (DVA), and Medical Lab Services Provider Lab Corp of America (LH).
All of these 6 Health Care Corps are benefiting immensely from the new, much unfairly maligned Affordable Health Care legislation, which is actually also acting as a highly-charged US full-time jobs creation engine.
Second, the retail industry comprises 5 of the top 14 US job creators here in 2010. These 5 are Dollar General (DG), Macy's (M), Target (TGT), Nordstrom (JWN), and JC Penney (JCP). The problem here is that in all 5 cases, the overwhelming portion of the US jobs created are really low-paying, no employee benefit, temporary, part-time "jobettes."
And third, Windstream's job creation is driven by many large acquisitions made in 2010.
Also, as you can see from the above charts, GE job creation was just horrible in 2010. Let me give a longer term perspective on the Number of US Employees GE had at the end of the respective years below.
2000 (end of Clinton Presidency)...168,000
2008..............................................152,000
2009..............................................134,000
2010..............................................133,000
Yeah, GE's US Number of Employees have dropped by 35,000, or by an incredible 21%, in the past decade.
And the Obama Administration picks the CEO of GE to head its effort to create US Jobs? Give me a break. GE CEO Jeffrey Immelt's primary objective is to see to it that President Obama is defeated in November 2012.
After all, at the end of 2010, GE has $94 bil of unremitted foreign earnings, income taxed at extremely low tax rates in foreign jurisdictions, parked overseas, which GE lobbyists are vehemently pushing to be allowed to be repatriated back to the US at an extremely low US federal income tax rate.
And don't think it's just Republicans who are for this tax holiday on foreign earnings repatriation by US Big Multinational Corps, the 1%ers. So are many normally progressive Democrats like US Senators Chuck Schumer and Barbara Boxer. The major beneficiaries of the foreign earnings repatriation tax holdiay are US Big Corps headquartered in their States (New York and California). This just shows how quickly high principles can easily succumb to US Big Corp demands.
From my close analysis, the 3 Democratic US Senators who are clearly US Big Corp supporters are Virginia's Mark Warner, Montana's Max Baucus, and Nebraska's Ben Nelson.
Warner even voted last year to retain US Big Corp tax incentives for shipping US jobs overseas.
And Baucus has been the top Democrat on the critical US Senate Finance Committee all throughout the past decade, when the huge wealth gap between the 1% and the 99% has substantially widened. When US Big Corps talk, Baucus listens.....and continually caves in to their demands.
And fortunately for progressives, Nelson, a huge health insurance industry and consistent US Big Corp supporter, is leaving the US Senate. Nebraska used to have giants in the US Senate, like Republican Chuck Hegel and Democrat Bob Kerrey. They now have Senators there of the same quality as Kentucky's twosome: huge Citizens United supporter Mitch McConnell and just one issue (debt reduction), seemingly from another planet Rand Paul.
This gives you a clue as to why the Occupy Movement is focusing on all of the US Congress, not just on the Republicans. Although they publicly say otherwise, facilitators of economic injustice are widespread all throughout the US Congress. Don't listen to what they say.....watch how they vote.
And Immelt's predecessor, former GE CEO Jack Welch, has precisely the same primary objective of having Obama go down in November 2012. They, like so many other US Big Corp CEOs and CFOs, as well as numerous members of the Board of Directors, of US Big Corps, are fierce advocates for the further expansion of the gargantuan wealth gap between the 1% and the 99%.
From their audited financial statements and related income tax footnotes filed with the SEC, here's GE Consolidated Pretax Income and US Federal Income Taxes Paid or (Tax Benefits Received) during the 8 Clinton Presidential Years from 1993 to 2000, and then during the 10 subsequent years from 2001 to 2010, with the bulk of these later years being the 8 Bush/Cheney Presidential Years from 2001 to 2008:
..............................................................US Federal........Effective
....................................Consolidated....Income Tax.....US Fed Inc
...................................Pretax Income..Paid(Benefit).Tax Rate Paid
..........................................(in millions of dollars)
Clinton Presidential Years
1993.................................6,136................1,126
1994.................................8,661................1,299
1995.................................9,737...............1,409
1996...............................10,806..................971
1997...............................11,179................1,176
1998...............................13,477................1,459
1999...............................15,577................1,632
2000..............................18,446................3,005...........16.3%
Total Clinton 8 Yrs......94,019..............12,077...........12.8%
Subsequent 10 Years
2001.............................19,701.................2,514
2002.............................18,891....................137
2003.............................19,904.................1,555
2004.............................20,106.................1,839
2005.............................21,178.................2,755...........13.0%
2006.............................23,330....................514............2.2%
2007.............................26,598......................87............0.3%
2008.............................19,770..................(651)..........(3.3)%
2009...............................9,995..................(833)..........(8.3)%
2010.............................14,208................(3,253)........(22.9)%
Total 10 Yrs 2001-10..193,681.................4,664............2.4%
Yeah, that's right, during the 8 years of the Clinton Presidency, GE Consolidated generated Total Consolidated Pretax Income of $94.0 bil, and paid what seemed like a pretty fair amount of Total US Federal Income Tax of $12.1 bil, which resulted in an effective tax rate paid of 12.8%.
And what has happened in the 10 years since then?.....8 of which were the Bush/Cheney Presidential years, and also most of which had the US House Ways and Means Committee and the US Senate Finance Committee both in Republican control.
Well, in these 10 years from 2000 to 2010, GE Consolidated generated Total Consolidated Pretax Income of $193.7 bil, and paid Total US Federal Income Tax of only $4.7 bil, or an incredibly low effective tax rate paid of 2.4%.
Do you really think that GE wants a Democratic President in 2012? And do you really think that GE wants a US House Ways and Means and US Senate Finance Committee under Democratic control in 2012? GE's CEO works for his stockholders, not for the Obama Administration.
I have a hunch that GE, just like nearly all of the US Big Corps that have paid so very little in US Federal Income Taxes under Bush/Cheney and under Republican House and Republican Senate control, will do everything in their power to prevent the Obama Administration, and the Democrats in both the US Senate and in the US House, from being successful in their clearly laser-like focus on substantial US job creation in both the short run and in the long run.
And the CEO of GE is now in charge of US Jobs? What motivation does he have to be successful here in creating US jobs? I suggest he has absolutely none.
When you think about it, with the incredible tax benefits that GE Consolidated has received over the past 10 years, while so many of the country's citizens and its small businesses have been suffering so severely, US citizens have to be outraged, particularly at the US House Ways and Means Committee, and to a somewhat lesser extent, at the US Senate Finance Committee, for permitting this to happen. With the US economy in such shambles for everyone other than US Big Corps, I think it is in the country's best interests that anyone presently on the US House Ways and Means Committee, who continues to shirk his critical responsibility, should be moved to a less critical US House Committee, and replaced by someone who wants to move both the US economy and US job creation forward.
It is pretty clear to me that US Capitalism hasn't worked properly since the end of the Clinton Administration. This is what happens when you have such a substantial portion of the CEO and CFO population that run US Big Corps only interested in their bottom line, no matter what the cost is to the country.
And this is also what happens when you have a US Congress that is unwilling to prevent, and in many cases even fosters, these whole-scale economic injustices to occur, where the 99% is continually stomped on by the greedy 1%.
Much More to Come!
My definition of Pretax Income used below excludes various large unusual items, including:
.....Asset Impairments, mainly related to Goodwill and other Intangible Assets
.....Loss and Gains of Early Extinguishment of Debt
.....Acquired In Process Research & Development Charges
.....Gains and Losses on Sales of Assets and Businesses
.....Special Huge Litigation Charges
These 102 US Big Corps had the following Total Pretax Income for the most recent three fiscal year ends (FYEs):
FYEs Feb 2011/Nov 2011..$256,081 mil (up 22% over FYE 2010)
FYEs Feb 2010/Nov 2010..$210,671 mil (up 35% over FYE 2009)
FYEs Feb 2009/Nov 2009..$155,688 mil
Thus, Total Pretax Income of $256,081 mil for FYEs Feb 2011/Nov 2011 was up a very robust 64% over that of $155,688 mil for FYEs Feb/Nov 2009, just two years earlier.
The Total Earning Per Share (EPS) growth of these 102 US Big Corps for this two-year period will be markedly higher than 64%, due both to the widespread use of much lower effective income tax rates over time by US Big Corps, and also to the massive and increasing use of common stock buybacks by US Big Corps, which substantially increase EPS, particularly in these extremely low interest rate times.
Now in this post, I am turning my attention to the much larger category of US Big Corps with December and January FYEs. These US Big Corps haven't filed their annual financial statements for the year ended December 2011 or January 2012 yet. Thus, the information below is just for the years ended December 2010 and 2009, and for the years ended January 2011 and 2010. When these US Big Corps file their current annual financial statements with the SEC, I'll with then update this key information contained below in this post.
I found 332 US Big Corps with either December or January FYEs, with Pretax Income of Loss of more than $500 mil each in either 2010 or 2011, and which have more than a small number of employees.
I have included in these 332, a handful of US Big Corps HQed in Foreign Jurisdictions, including both Royal Dutch Shell and BP, because their US operations are so huge.
Because there are so many of these US Big Corps and also because of ease of preparing and viewing the information, I'll will first present an Abbreviation Legend for each of these 332 US Big Corps. These US Corp Abbreviations will be used in the various charts below.
1STD First Data
AA Alcoa
AAP Advance Auto Parts
ABT Abbott Labs
ACE ACE Ltd
AES AES
AET Aetna
AFL AFLAC
AGN Allergan
AIG AIG
AIZ Assurant
ALL Allstate
ALLY Ally Financial
ALTR Altera
AMD Advanced Micro Devices
AMGN Amgen
AMP Ameriprise Financial
AMR AMR
AMT American Tower REIT
AMZN Amazon.com
AON AON
APA Apache
APC Anadarko Petroleum
APH Amphenol
ARW Arrow Electronics
ATVI Activision Blizzard
AVP Avon Products
AXAE AXA Equitable Life Insurance US
AXAF AXA Financial US
AXP American Express
BA Boeing
BAC Bank of America
BAX Baxter
BBT BB&T
BC Brunswick
BCR CR Bard
BG Bunge Ltd
BHI Baker Hughes
BIIB Biogen IDEC
BK Bank of NY Mellon
BLK BlackRock
BLL Ball Corp
BMY Bristol Myers Squibb
BP BP
BRCM Broadcom
BRKA Berkshire Hathaway
BSX Boston Scientific
BTU Peabody Energy
BX Blackstone Group
C Citigroup
CAES Caesars Entertainment
CAM Cameron Intl
CNA CNA Financial
CAT Caterpillar
CB Chubb
CBE Cooper Industries
CBS CBS
CCMO Clear Channel Communications
CE Celanese
CELG Celgene
CEPH Cephalon
CF CF Industries
CHK Chesapeake Energy
CHRW CH Robinson
CI Cigna
CIT CIT Group
CL Colgate Palmolive
CLF Cliffs Natural Resources
CMCSA Comcast
CME CME Group
CMI Cummins
CNX CONSOL Energy
COF Capital One Financial
COP ConocoPhillips
CRYS Chrysler
CSE CapitalSource
CSX CSX
CTL CenturyLink
CTSH Cognizant Technologies
CVC Cablevision Systems
CVH Coventry HC
CVS CVS Caremark
CVX Chevron
CYH Community Health Systems
DAL Delta Air Lines
DD DuPont
DELL Dell
DG Dollar General
DGX Quest Diagnostics
DHR Danaher
DISCA Discovery Communications
DISH DISH Network
DLTR Dollar Tree
DOV Diamond Offshore
DOV Dover
DOW Dow Chemical
DPS Dr Pepper Snapple
DTV DirecTV
DVA DaVita
DVN Devon Energy
EBAY Ebay
ECL Ecolab
EMC EMC
EMN Eastman Chemical
EOG EOG Resources
EP El Paso
ERIE Erie Indemnity
ESI ITT Educational Services
ESRX Express Scripts
ESV Ensco Intl
ETFL E*Trade Financial
ETN Eaton
EXCO EXCO Resources
EXPD Expeditors Intl Washington
EXPE Expedia
F Ford
FB Fortune Brands
FCX Freeport McMoran
FIG Fortress Investment
FIS Fidelity National Information Services
FISV Fiserv
FITB Fifth Third Bancorp
FLR Fluor
FLS Flowserve
FNF Fidelity National Financial
FNM Fannie Mae
FRE Freddie Mac
FRSC Freescale Semiconductor
FSLR First Solar
FTI FMC Technologies
GCI Gannett
GD General Dynamics
GE GE
GILD Gilead Sciences
GLW Corning
GM General Motors
GME GameStop
GNW Genworth Financial
GOOG Google
GPS GAP
GPS Genuine Parts
GR Goodrich
GS Goldman Sachs
GWW WW Grainger
HAL Halliburton
HBAN Huntington Bancshares
HCA HCA
HCBK Hudson City Bancorp
HD Home Depot
HES Hess
HIG Hartford Financial Services
HON Honeywell
HSBC HSBC USA
HSBF HSBC Finance Corp
HSIC Henry Schein
HSY Hershey
HUM Humana
IBM IBM
ICE InterContinentalExchange
INTC Intel
IP Intl Paper
IR Ingersoll-Rand plc
ISRG Intuitive Surgical
ITT ITT
ITW IllinoisTool Works
IVZ Invesco Ltd
JCP JC Penney
JNJ JNJ
JNPR Juniper Networks
JPM JPMorgan Chase
JWN Nordstrom
K Kellogg
KBR KBR
KEY Key Corp
KFT Kraft Foods
KKR KKR LP
KMB Kimberly Clark
KO Coca Cola
KR Kroger
KSS Kohls
L Loews
LBZ Lubrizol
LCC US Airways
LH Lab Corp of America
LLL L-3 Communications
LLY Eli Lilly
LMED Liberty Media
LMT Lockheed Martin
LNC Lincoln National
LO Lorillard
LOW Lowe's
LTD Limited Brands
LUV Southwest Airlines
LVS Las Vegas Sands
LYB LyondellBasell
M Macys
M&I Marshall & Ilsley
MA Mastercard
MAR Marriott Intl
MAT Mattel
MCD McDonalds
MCO Moodys
MET MetLife
MGIC MGIC Investment
MGM MGM Resorts
MHP McGraw Hill
MHS Medco Health Solutions
MJN Mead Johnson Nutrition
MMC Marsh & McLennan
MMI Motorola Mobility
MMM 3M
MO Altria Group
MRK Merck
MRO Marathon Oil
MRVL MarvellTechnology
MS Morgan Stanley
MSI Motorola Solutions
MTB M&T Bank
MUR Murphy Oil
NBL Noble Energy
NDAQ Nasdaq OMX Group
NEM Newmont Mining
NEM Noble Corp
NFX Newfield Exploration
NIHD NII Holdings
NLY Annaly Capital Management
NOC Northrop Grumman
NOV National Oilwell Varco
NSC Norfolk Southern
NTRS Northern Trust
NWL Newell Rubbermaid
NYB NY Community Bank
NYX NYSE Euronext
OKE OneOK
OMC Omnicom Group
ORLY O'Reilly Automotive
OXY Occidental Petroleum
PBI Pitney Bowes
PBLX Publix Super Markets
PCAR Paccar
PCLN Priceline
PEP PepsiCo
PFE Pfizer
PGR Progressive Corp
PHM Pulte Group
PM Phillip Morris
PNC PNC Financial Services
PPG PPG Industries
PRU Prudential Financial
PSA Public Storage
PX Praxair
PXD Pioneer Natural Resources
Q Qwest Communications
RAI Reynolds American
RCL Royal Caribbean
RDN Radian Group
RDS Royal Dutch Shell
RF Regions Financial
RIG Transocean Ltd
ROST Ross Stores
RSG Republic Services
RTN Raytheon
S Sprint Nextel
SAI SAIC
SANT Santander Holdngs USA
SCCO Southern Copper
SCHW Charles Schwab
SE Spectra Energy
SHW Sherwin Williams
SIAL Sigma Aldrich
SLB Schlumberger
SLM SLM
SNDK Sandisk
SNI Scripps Networks Interactive
SNV Synovus Financial
SPG Simon Property Group
SPLF Springleaf Finance
SPLS Staples
STI SunTrust Banks
STJ St Jude Medical
STT State Street Corp
SUN Sunoco
SWN Southwestern Energy
SWY Safeway
SYK Stryker
T ATT
TAP Molson Coors Brewing
TEX Terex Corp
TGT Target
TIF Tiffany
TJX TJX
TMO Thermo Fisher Scientific
TROW T Rowe Price
TRV Travelers
TRW TRW Automotive
TWC Time Warner Cable
TWX Time Warner
TXN Texas Instruments
UAL United Continental
UNBC Unionbancal
UNH United Health Group
UNM Unum Group
UNP Union Pacific
UPL Ultra Petroleum
UPS United Parcel Services
URS URS
USB US Bancorp
UTX United Technologies
VFC VF Corp
VLO Valero Energy
VNO Vornado Realty Trust
VZ Verizon
WFC Wells Fargo
WHR Whirlpool
WIN Windstream
WLL Whiting Petroleum
WLP WellPoint
WLT Walter Energy
WM Waste Management
WMB Williams Companies
WMT Walmart
WU Western Union
WY Weyerhaeuser REIT
WYND Wyndham WW
X United States Steel
XEC Cimarex Energy
XOM Exxon Mobil
XRX Xerox
YHOO Yahoo
YUM Yum Brands
ZION Zions Bancorp
ZMH Zimmer Holdings
Below here is the Pretax Income (PTI) or Pretax Loss (PTL) of these 332 US Big Corps for 2010 and 2009 for December year end companies and for 2011 and 2010 for January year end companies.
.............................PTI(L)...........PTI(L)..............PTI(L)
..............................FYE...............FYE...............Increase
...........................Dec 2010......Dec 2009.........(Decrease)
.........................or Jan 2011...or Jan 2010.....Amount.......%
……………………………............(in millions of dollars)
XOM....................52,959...........34,777........18,182......52%
BP.......................36,110...........25,124.........10,986......44%
RDS.....................35,344...........21,020........14,324......68%
CVX....................32,055...........18,528.........13,527......73%
JPM....................24,859...........16,067...........8,792......55%
WMT...................23,538...........22,118...........1,420.......6%
IBM....................19,723...........18,138...........1,585.......9%
BRKA..................19,051...........11,552...........7,499......65%
WFC....................19,001...........17,998...........1,003.......6%
T........................18,238...........18,518............(280).....-2%
JNJ....................16,947...........15,755...........1,192.......8%
INTC..................16,045............5,704.........10,341.....181%
COP...................15,727............9,957...........5,770......58%
VZ.....................14,522...........14,007..............515.......4%
GE.....................14,208............9,995...........4,213......42%
C.......................13,184..........(10,199)........23,383.....229%
GS.....................12,892...........19,829.........(6,937)....-35%
PFE...................12,522...........10,827...........1,695......16%
BAC..................11,077............4,360...........6,717.....154%
GOOG................10,796............8,381...........2,415......29%
PM...................10,324............9,243...........1,081......12%
KO.....................9,709............8,946..............763.......9%
FCX...................8,512............5,816...........2,696......46%
PEP...................8,232............8,019..............213.......3%
F.......................8,002...........(2,115)........10,117.....478%
KKR..................7,852............6,889..............963......14%
OXY..................7,636............5,265...........2,371......45%
UNH.................7,383............5,808...........1,575......27%
MCD.................7,000............6,487..............513.......8%
UTX..................6,538............5,760..............778......14%
LLY..................6,525............6,042..............483.......8%
BMY.................6,299............5,602..............697......12%
MS....................6,202..............983...........5,219.....531%
CMCSA..............6,104............5,106.............998......20%
ABT...................6,027............6,279............(252).....-4%
AXP...................5,964............2,841...........3,123.....110%
MMM.................5,755............4,632...........1,123......24%
GM....................5,737..........(25,659)........31,396.....122%
MO....................5,723............4,877..............846......17%
CVS...................5,629............5,913............(284).....-5%
UPS...................5,523............3,366...........2,157......64%
AMGN...............5,317............5,204..............113.......2%
HD....................5,273............3,982...........1,291......32%
APA..................5,206............3,144...........2,062......66%
MRK..................5,044............4,597..............447......10%
MRO..................4,916............3,236...........1,680......52%
TXN...................4,551............2,017...........2,534.....126%
BA.....................4,507............1,731...........2,776.....160%
TGT...................4,495............3,872..............623......16%
UNP..................4,433............2,974...........1,459......49%
PRU..................4,422............1,552...........2,870.....185%
WLP..................4,354............3,611..............743......21%
COF..................4,330............1,336...........2,994.....224%
TRV..................4,306............4,711............(405).....-9%
USB..................4,200............2,632...........1,568......60%
PNC..................4,061............2,149...........1,912......89%
NEM.................3,997............2,954...........1,043......35%
MET.................3,958...........(4,334)..........8,292.....191%
TWX.................3,919............3,237..............682......21%
GILD................3,914............3,502..............412......12%
SLB..................3,886............3,934..............(48)......1%
GLW.................3,845............1,934...........1,911......99%
LMT.................3,826............4,230............(404)....-10%
GD...................3,790............3,513..............277.......8%
CAT.................3,750..............569...........3,181.....559%
DD...................3,711............2,184...........1,527......70%
CL...................3,701............3,538..............163.......5%
BK...................3,694...........(2,208)..........5,902.....267%
ACE.................3,667............3,077..............590......19%
KFT.................3,642............3,946............(304).....-8%
AFL.................3,585............2,235...........1,350......60%
DVN.................3,568............1,882...........1,686......90%
DTV.................3,514............2,325...........1,189......51%
DELL................3,350............2,024...........1,326......66%
LOW.................3,228............2,825..............403......14%
BLK..................3,021............1,272...........1,749.....138%
AXAE...............3,015...........(3,079)..........6,094.....198%
CB....................2,988............2,962................26.......1%
L......................2,902............2,766..............136.......5%
CHK.................2,884............1,712...........1,172......68%
HON.................2,843............2,049..............794......39%
NOC.................2,826............2,266..............560......25%
DOW................2,802..............469...........2,333.....497%
MA..................2,757............2,218..............539......24%
HAL................2,655............1,682..............973......58%
AET................2,644............1,901..............743......39%
HES.................2,635............1,522...........1,113......73%
EMC................2,608............1,375...........1,233......90%
KMB................2,550............2,576..............(26).....-1%
CSX.................2,546............1,746..............800......46%
BAX.................2,478............2,734............(256).....-9%
RTN.................2,432............2,930............(498)....-17%
SCCO...............2,431............1,404...........1,027......73%
HIG.................2,417...........(1,728)..........4,145.....340%
NOV................2,397............2,208..............189.......9%
NSC.................2,367............1,622..............745......46%
HCA................2,354............2,045..............309......15%
MHS................2,334............2,103..............231......11%
HSBC...............2,300.............(299)..........2,599.....869%
AES.................2,286............2,019..............267......13%
ITW.................2,212............1,320..............892......68%
TWC................2,196............1,912..............284......15%
RAI.................2,192............2,101................91.......4%
TJX.................2,164............1,952..............212......11%
EBAY..............2,098............1,429..............669......47%
STT..................2,086............2,525............(439)....-17%
RIG..................2,054............4,258.........(2,204)....-52%
DHR.................2,052............1,425..............627......44%
PBLX.................2,039............1,775..............264......15%
GPS...................1,982............1,816..............166.......9%
PX....................1,964............1,724..............240......14%
ESRX................1,909............1,308..............601......46%
CI....................1,870............1,898..............(28).....-1%
APC..................1,857.............(650)..........2,507.....386%
KSS..................1,782............1,588..............194......12%
DISH................1,767............1,374..............393......29%
HUM................1,750............1,602..............148.......9%
K.....................1,742............1,684................58.......3%
KR...................1,734............1,702................32.......2%
SYK.................1,730............1,624..............106.......7%
CME.................1,722............1,438..............284......20%
LO....................1,635............1,519..............116.......8%
WM...................1,631............1,473..............158......11%
CMI..................1,617..............640..............977.....153%
YUM..................1,594............1,396..............198......14%
AMP..................1,594..............920..............674......73%
PGR....................1,565............1,557..................8.......1%
LMED................1,558..............621..............937.....151%
CTL...................1,532..............815..............717......88%
EP.....................1,527............1,250..............277......22%
LYB...................1,512...........(1,322)..........2,834.....214%
SE.....................1,506............1,271..............235......18%
VLO...................1,498..............(94)..........1,592....1694%
AMZN................1,497............1,161..............336......29%
LLL...................1,484............1,386................98.......7%
BIIB..................1,475............1,333..............142......11%
YHOO.................1,466..............824..............642......78%
SNDK.................1,457..............504..............953.....189%
SLM...................1,433..............272...........1,161.....427%
MUR...................1,414............1,033..............381......37%
SPLS...................1,357............1,156..............201......17%
WMB...................1,352..............943..............409......43%
OMC...................1,350............1,274................76.......6%
MHP...................1,339............1,179..............160......14%
DOV...................1,336............1,868............(532)....-28%
UNM..................1,331............1,292................39.......3%
M......................1,320..............507..............813.....160%
NLY..................1,300............1,996............(696)....-35%
CLF...................1,298..............291...........1,007.....346%
PPG..................1,295..............617..............678.....110%
BHI...................1,282..............611..............671.....110%
LNC...................1,234..............209...........1,025.....490%
CBS...................1,222..............653..............569.....87%
STJ...................1,209............1,057..............152.....14%
IP.....................1,201..............133...........1,068.....803%
DGX..................1,184............1,228..............(44).....-4%
DAL..................1,181...........(1,498)..........2,679.....179%
ALLY................1,179...........(6,959)..........8,138.....117%
NBL..................1,175..............340..............835.....246%
TMO..................1,165..............927..............238......26%
AGN..................1,149..............849..............300......35%
WU...................1,145............1,132................13.......1%
CELG................1,134............1,011..............123......12%
ALL..................1,126............1,248............(122)....-10%
BTU..................1,113..............652..............461......71%
CNA..................1,112..............540..............572.....106%
LTD..................1,103..............641..............462......72%
SCHW................1,099............1,276............(177)....-14%
BRCM................1,097...............72...........1,025....1424%
MTB..................1,093..............519..............574.....111%
DISCA...............1,071..............787..............284......36%
TROW................1,070..............689..............381......55%
ZMH..................1,064............1,071................(7).....-1%
AON..................1,059..............949..............110......12%
TRW..................1,041..............140..............901.....644%
RSG..................1,038..............862..............176......20%
ETN..................1,036..............303..............733.....242%
IR....................1,007..............589..............418......71%
LBZ..................1,004..............726..............278......38%
ERIE....................999..............524..............475......91%
SWN.....................995..............856..............139......16%
JWN.....................991..............696..............295......42%
NTRS...................990............1,255............(265)....-21%
DG........................985..............552..............433......78%
Q.........................970..............903................67.......7%
BBT.....................969............1,036..............(67).....-6%
CVH.....................965..............505..............460......91%
AIZ.....................960..............793..............167......21%
VFC.....................952..............777..............175......23%
AVP.....................945..............914................31.......3%
FITB...................940.............(991)..........1,931.....195%
EOG.....................927..............643..............284......44%
DOV.....................925..............492..............433......88%
DPS.....................921..............868................53.......6%
NEM....................917............2,016.........(1,099)....-55%
LH......................916..............885................31.......4%
XEC.....................914..............303..............611.....202%
MRVL..................910..............343..............567.....165%
ROST...................897..............719..............178......25%
XRX.....................893..............668..............225......34%
HCBK...................892..............874................18.......2%
SAI......................883..............799................84......11%
SWY.....................881............1,021............(140)....-14%
CTSH...................879..............637..............242......38%
ALTR...................868..............306..............562.....184%
LVS.....................856.............(204)..........1,060.....520%
GWW....................854..............707..............147......21%
MAT....................847..............660..............187......28%
GCI.....................846..............570..............276......48%
NYB.....................837..............453..............384......85%
IVZ.....................834..............358..............476.....133%
NFX.....................829..............459..............370......81%
DVA.....................819..............758................61.......8%
ATVI...................818..............401..............417.....104%
ITT.....................818..............810..................8.......1%
HSY.....................809..............671..............138......21%
TAP.....................809..............718................91......13%
GR......................805..............784................21.......3%
KEY.....................793...........(2,298)..........3,091.....135%
SPG.....................793..............652..............141......22%
FISV...................793..............734................59.......8%
UNBC...................793.............(226)..........1,019.....451%
PXD.....................788.............(247)..........1,035.....419%
JNPR...................778..............494..............284......57%
MMC...................769..............552..............217......39%
CIT......................768...........(3,411)..........4,179.....123%
FSLR...................762..............686................76......11%
GPS.....................762..............644..............118......18%
OKE.....................755..............699................56.......8%
BSX......................754...........(1,308)..........2,062.....158%
EMN....................751..............433..............318......73%
VNO....................751..............109..............642.....589%
ECL.....................748..............620..............128......21%
PCLN...................746..............442..............304......69%
LUV....................745..............164..............581.....354%
SNI......................740..............520..............220......42%
CAM....................733..............643................90......14%
UPL....................723..............241..............482.....200%
CEPH..................719..............517..............202......39%
BCR.....................718..............672................46.......7%
MCO....................714..............646................68......11%
PSA.....................689..............798............(109)....-14%
ORLY..................689..............497..............192......39%
CF.......................688..............696................(8).....-1%
NYX....................686..............265..............421.....159%
ARW....................679..............189..............490.....259%
SHW....................678..............623................55.......9%
MSI....................677.............(503)..........1,180.....235%
EXCO..................674.............(506)..........1,180.....233%
CBE....................665..............483..............182......38%
APH....................664..............447..............217......49%
PCAR..................660..............109..............551.....506%
SANT...................653.............(982)..........1,635.....166%
ESV.....................645..............935............(290)....-31%
MJN....................634..............587................47.......8%
DLTR...................630..............508..............122......24%
CHRW..................624..............587................37.......6%
EXPE...................621..............458..............163......36%
GME....................621..............589................32.......5%
FIS.....................616..............164..............452.....276%
ESI.....................614..............491..............123......25%
BG......................610..............145..............465.....321%
ICE.....................610..............494..............116......23%
BLL....................606..............537................69......13%
NIHD..................598..............586................12.......2%
CVC....................591..............456...............135......30%
FB......................588..............283..............305.....108%
KBR....................586..............532................54......10%
SUN....................586.............(617)..........1,203.....195%
WHR...................586..............294..............292......99%
JCP......................581..............403..............178......44%
WLT....................578..............184..............394.....214%
ISRG...................572..............396..............176......44%
EXPD..................564..............403..............161......40%
WYND.................563..............493................70......14%
FNF....................562..............345..............217......63%
FLR....................560............1,137............(577)....-51%
AAP...................557..............432..............125......29%
AMT...................556..............421..............135......32%
MAR...................551..............334..............217......65%
AA.....................548...........(1,498)..........2,046.....137%
RCL....................547..............162..............385.....238%
TIF.....................547..............390..............157......40%
SIAL...................544..............490................54......11%
WLL....................541.............(163).............704.....432%
CE......................538..............251..............287.....114%
FTI.....................538..............518................20.......4%
PBI.....................535..............693............(158)....-23%
FLS.....................530..............585..............(55).....-9%
NDAQ..................526..............391..............135......35%
NWL....................519..............428...............91......21%
URS.....................514..............468...............46......10%
CYH....................508..............446...............62......14%
WIN....................505..............546..............(41).....-8%
LCC.....................502.............(243).............745.....307%
HSIC...................502..............453................49......11%
CNX....................468..............788............(320)....-41%
AMD...................363.............(834)..........1,197.....144%
HBAN.................352...........(1,071)..........1,423.....133%
UAL...................250.............(672).............922.....137%
WY.....................213.............(728).............941.....129%
AIG.....................169..........(13,036)........13,205.....101%
GNW.....................76.............(792).............868.....110%
STI........................21...........(1,699)..........1,720.....101%
ETFL.....................(3)............(816).............813.....100%
MMI......................(4)..........(1,335)..........1,331.....100%
BC.......................(85)............(685).............600......88%
AXAF.................(119)..........(4,582)..........4,463......97%
CSE....................(161)............(775).............614......79%
TEX....................(238)............(524).............286......55%
SPLF..................(253)............(889).............636......72%
MGIC..................(359)..........(1,765)..........1,406......80%
X........................(385)..........(1,845)..........1,460......79%
ZION..................(403)..........(1,664)..........1,261......76%
AMR...................(506)..........(1,752)..........1,246......71%
CRYS..................(513)..........(8,325)..........7,812......94%
BX......................(523)..........(2,291)..........1,768......77%
PHM...................(579)..........(1,412).............833......59%
FRSC...................(661)..........(1,449).............788......54%
CCMO..................(683)..........(1,136).............453......40%
FIG....................(727)............(914).............187......20%
MGM..................(741)............(317)...........(424)...-134%
SNV...................(849)..........(1,606).............757......47%
RF.....................(885)..........(1,202).............317......26%
M&I...................(901)..........(1,396).............495......35%
1STD................(1,171)..........(1,434).............263.....-18%
CAES................(1,215)............(830)...........(385)....-46%
RDN.................(1,580)............(242)........(1,338)...-553%
HSBF................(2,906)..........(7,466)..........4,560......61%
S......................(3,299)..........(3,494).............195.......6%
FNM...............(14,100)........(73,007).......58,907......81%
FRE................(14,882).........(22,384).........7,502......34%
Total all 332..924,872........454,936......469,936.....103%
Yeah, the Total Pretax Income of these 332 US Big Corps more than doubled (up 103%) in the fiscal year end Dec 2010 or Jan 2011 over the previous year.
When you exclude Fannie Mae and Freddie Mac, the Pretax Income of the remaining 330 US Big Corps is still up an incredible 73%.
And about half of the country doesn't think the Obama Administration has helped US large businesses!
So just how have these US Big Corps paid the country back for the incredibly robust economic environment that the Obama Administration has created for them and permitted their profits to flat out flourish?
Well, they haven't. Many of these US Big Corps slashed jobs worldwide in 2010, and the ones that added jobs, the number jobs added were so incredibly modest, especially those jobs added in the US.
From information disclosed in their annual reporting with the SEC, below here are the Worldwide Number of Jobs that each of these 332 US Big Corps had at the end of December 2010 and 2009 or at the end of January 2011 and 2010. This schedule also compares the Worldwide Number of Jobs (Slashed) or Added in 2010 with the Pretax Income Increase (Decrease) in 2010.
..................................................................2010..............2010
............................WW#..........WW#...........WW#.............Pretax
.......................Employees..Employees......Jobs...............Profit
............................FYE............FYE........(Slashed)..........Increase
..........................Dec10.........Dec09........Added...........(Decrease)
.............................or...............or...............by....................of.....
..........................Jan11..........Jan10..."Job Creators"."Job Creators"
…………………………………………………………………….............mils of $s
US Big Corp Job Slashers in 2010
AIG..................63,000.......96,000......(33,000)...........13,205
VZ..................194,400......222,900......(28,500)...............515
GE..................287,000.....304,000......(17,000)............4,213
KBR..................35,000.......51,000......(16,000).................54
T.....................265,410......281,000......(15,590).............(280)
KFT(1)............127,000......141,798......(14,798).............(304)
F.....................164,000......177,000......(13,000)..........10,117
GM..................202,000......215,000......(13,000)..........31,396
KO(2)...............139,600......151,800......(12,200)...............763
CVS.................201,000......211,000......(10,000).............(284)
LMT.................132,000......140,000.......(8,000).............(404)
MAR................129,000......137,000.......(8,000)...............217
UPS.................400,600......408,000.......(7,400)............2,157
MRK..................94,000......100,000.......(6,000)..............447
SWY................180,000......186,000.......(6,000)..............(140)
PFE.................110,600......116,500.......(5,900)...............1,695
C.....................260,000.....265,300.......(5,300)............23,383
HSBF...................6,650........11,900.......(5,250)..............4,560
CMCSA............102,000.....107,000.......(5,000)................998
LOW................161,000......166,000.......(5,000)................403
PNC..................44,817.........49,761.......(4,944)...............1,912
ALLY................14,400........18,800.......(4,400)..............8,138
LLL..................63,000........67,000.......(4,000)..................98
RDS..................97,000......101,000.......(4,000)...........14,324
HD...................189,390......193,370.......(3,980)..............1,291
NOC................117,000......120,700.......(3,700)................560
CBE..................24,800........28,200.......(3,400).................182
RTN.................72,000........75,000.......(3,000)...............(498)
WLP.................37,500........40,500.......(3,000)................743
SAI..................43,400........46,200.......(2,800)...................84
DOW.................49,505........52,195.......(2,690)...............2,333
DISH................22,000........24,500.......(2,500).................393
GCI..................32,600........35,000.......(2,400).................276
XOM(3)...........103,700......106,035.......(2,335).............18,182
PBI..................30,700........33,004.......(2,304)................(158)
UAL.................86,000........88,300.......(2,300).................922
LLY..................38,350........40,360.......(2,010).................483
CVX.................62,000........64,000.......(2,000)............13,527
MSI..................51,000........53,000.......(2,000)..............1,180
Q......................28,343........30,138........(1,795)...................67
BAX.................48,000........49,700.......(1,700)................(256)
GD...................90,000........91,700.......(1,700).................277
PPG..................38,300........39,900.......(1,600).................678
JNJ.................114,000......115,500.......(1,500)...............1,192
PHM...................4,363..........5,700.......(1,337)..................833
RIG..................18,050........19,300.......(1,250)..............(2,204)
SPLS.................52,919........54,149.......(1,230)..................201
HIG..................26,800........28,000.......(1,200)...............4,145
DAL..................80,000........81,106.......(1,106)...............2,679
ESRX.................13,170........14,270.......(1,100).................601
KEY..................15,610........16,698.......(1,088)...............3,091
AET..................34,000........35,000.......(1,000)................743
AIZ..................14,000........15,000.......(1,000).................167
ALL..................35,000........36,000.......(1,000)...............(122)
BBT..................31,400........32,400.......(1,000)..................(67)
BMY.................27,000........28,000.......(1,000)................697
BSX..................25,000........26,000.......(1,000)..............2,062
DGX..................42,000........43,000.......(1,000)................(44)
FISV.................19,000........20,000.......(1,000).................59
GPS.................134,000......135,000.......(1,000)................166
MGM.................45,000........46,000.......(1,000)..............(424)
MMC..................51,000........52,000.......(1,000)...............217
RSG..................30,000........31,000.......(1,000)................176
SUN..................10,200........11,200.......(1,000)..............1,203
X......................42,000........43,000.......(1,000)..............1,460
CNA....................8,000..........8,900.........(900).................572
PRU..................41,044........41,943..........(899)...............2,870
LYB..................14,000........14,860..........(860)...............2,834
HSY..................11,300........12,100..........(800).................138
MTB..................12,031........12,802..........(771).................574
RAI....................5,700..........6,400..........(700)..................91
RF....................27,829........28,509..........(680).................317
AMR.................78,250........78,900..........(650).............1,246
UNP..................42,884........43,531..........(647)..............1,459
VLO..................20,313........20,920..........(607).............1,592
BP....................79,700........80,300..........(600)..........10,986
SPLF...................5,900..........6,500..........(600)...............636
WM...................42,800........43,400..........(600)...............158
CIT.....................3,778..........4,293..........(515)..............4,179
BLL..................14,000........14,500..........(500)..................69
CVC..................16,350........16,795..........(445).................135
1STD.................24,500........24,900..........(400)................263
CVH..................14,000........14,400..........(400)................460
DVN....................5,000..........5,400..........(400).............1,686
LCC..................30,900........31,300..........(400)................745
SLM....................7,600..........8,000..........(400).............1,161
NYX....................2,968..........3,367..........(399)................421
SCCO.................11,126.........11,523..........(397).............1,027
COP..................29,700........30,000..........(300)............5,770
K......................30,600........30,900..........(300).................58
YHOO................13,600........13,900..........(300)...............642
SNV....................6,109..........6,385..........(276)................757
M&I....................9,137..........9,410..........(273)................495
AON(4)..............59,000........59,200..........(200)...............110
CBS...................25,380........25,580..........(200)................569
DISCA.................4,200..........4,400..........(200)...............284
DOV....................5,300..........5,500..........(200)..............(532)
ITT..................40,000........40,200..........(200)...................8
UNM...................9,500..........9,700..........(200).................39
COF..................27,826.........28,000..........(174).............2,994
NIHD................13,500........13,673..........(173)..................12
FITB.................20,838........20,998..........(160)..............1,931
CE......................7,250..........7,400..........(150)................287
AFL....................7,919..........8,057..........(138)..............1,350
BTU....................7,200..........7,300..........(100)................461
CB....................10,100........10,200..........(100)..................26
ETFL...................3,000..........3,100..........(100)................813
L......................18,400........18,500..........(100).................136
NWL.................19,400........19,500..........(100)..................91
FRE.....................5,231..........5,323...........(92)..............7,502
NYB....................3,883..........3,970...........(87).................384
MHP.................21,000........21,077...........(77).................160
EP......................4,937..........4,991............(54)..................277
CSE.......................625.............665............(40)..................614
RDN......................767.............803............(36)............(1,338)
NSC..................28,559........28,593............(34).................745
PGR..................24,638........24,661............(23)....................8
MGIC...................1,010..........1,020...........(10).............1,406
ZION.................10,524........10,529............(5)...............1,261
Totalall119..6,491,683..6,832,962..(341,279)......235,219
US Big Corps Not Slashing Jobs in 2010
AA................59,000.........59,000.............0...............2,046
AAP...............29,000.........29,000.............0.................125
CAES..............69,000.........69,000.............0................(385)
CSX...............30,000.........30,000.............0.................800
DPS...............19,000.........19,000.............0..................53
EMN...............10,000.........10,000.............0.................318
ERIE...............4,200..........4,200.............0.................475
ETN...............70,000.........70,000.............0.................733
FLS...............15,000.........15,000.............0.................(55)
GME...............17,000.........17,000.............0..................32
HSBC..............12,000.........12,000.............0...............2,599
KSS...............29,000.........29,000.............0.................194
LO.................2,700..........2,700.............0.................116
MMI...............19,000.........19,000.............0...............1,331
MO................10,000.........10,000.............0.................846
PSA................4,900..........4,900.............0................(109)
S.................40,000.........40,000.............0.................195
TRV...............32,000.........32,000.............0................(405)
TWX...............31,000.........31,000.............0.................682
WLT................2,100..........2,100.............0.................394
WMT........2,100,000....2,100,000.............0.............1,420
AXAF...............9,509..........9,508.............1...............4,463
UPL..................108.............94............14.................482
XEC..................775............756............19.................611
NLY..................114.............87............27................(696)
LNC................8,270..........8,208............62...............1,025
HCBK...............1,462..........1,387............75..................18
WLL..................561............481............80.................704
FIG..................900............819............81.................187
OKE................4,839..........4,758............81..................56
PX................26,261.........26,164............97.................240
APC................4,400..........4,300...........100...............2,507
BIIB...............4,850..........4,750...........100.................142
CTL...............20,300.........20,200...........100.................717
SE.................5,500..........5,400...........100.................235
ICE..................933............826...........107.................116
AXAE...............5,253..........5,139...........114...............6,094
ALTR...............2,666..........2,551...........115.................562
KKR..................698............582...........116.................963
TAP...............14,660.........14,540...........120..................91
EXCO.................927............802...........125...............1,180
NBL................1,772..........1,630...........142.................835
BX.................1,440..........1,295...........145...............1,768
GILD...............4,000..........3,852...........148.................412
SIAL...............7,890..........7,740...........150..................54
LUV...............34,901.........34,726...........175.................581
NDAQ...............2,395..........2,216...........179.................135
VNO................4,780..........4,597...........183.................642
EOG................2,290..........2,100...........190.................284
MUR................3,460..........3,261...........199.................381
AMGN..............17,400.........17,200...........200.................113
LBZ................6,900..........6,700...........200.................278
NEM................5,900..........5,700...........200...............1,043
SNI................2,000..........1,800...........200.................220
SPG................3,500..........3,300...........200.................141
WU.................7,000..........6,800...........200..................13
SNDK...............3,469..........3,267...........202.................953
NFX................1,352..........1,148...........204.................370
WMB................5,022..........4,801...........221.................409
TROW...............5,052..........4,802...........250.................381
CHRW...............7,628..........7,347...........281..................37
BC................15,290.........15,003...........287.................600
RCL................5,200..........4,900...........300.................385
AMT................1,729..........1,420...........309.................135
CME................2,570..........2,260...........310.................284
FB................24,600.........24,248...........352.................305
PXD................2,248..........1,888...........360...............1,035
SWN................2,088..........1,702...........386.................139
ISRG...............1,660..........1,263...........397.................176
LTD...............17,500.........17,100...........400.................462
NTRS..............12,800.........12,400...........400................(265)
SCHW..............12,800.........12,400...........400................(177)
TEX...............16,300.........15,900...........400.................286
ESV................2,752..........2,347...........405................(290)
BLK................9,127..........8,629...........498...............1,749
ECL...............26,500.........26,000...........500.................128
GNW................6,500..........6,000...........500.................868
GPS...............29,500.........29,000...........500.................118
GWW...............17,000.........16,500...........500.................147
HES...............13,800.........13,300...........500...............1,113
MA.................5,600..........5,100...........500.................539
MCO................4,500..........4,000...........500..................68
TWC...............47,500.........47,000...........500.................284
DLTR..............13,060.........12,480...........580.................122
ATVI...............7,600..........7,000...........600.................417
ZMH................8,800..........8,200...........600..................(7)
CNX................8,630..........8,012...........618................(320)
MRVL...............5,893..........5,241...........652.................567
AMP...............10,472..........9,793...........679.................674
ORLY..............31,070.........30,379...........691.................192
AMD...............11,100.........10,400...........700...............1,197
BCR...............11,700.........11,000...........700..................46
CEPH...............3,726..........3,026...........700.................202
ROST..............14,000.........13,300...........700.................178
IVZ................5,617..........4,890...........727.................476
ESI................6,300..........5,500...........800.................123
TIF................9,200..........8,400...........800.................157
WY................14,250.........13,450...........800.................941
MRO...............29,677.........28,855...........822...............1,680
EXPD..............12,880.........12,010...........870.................161
AGN................9,200..........8,300...........900.................300
CF.................2,400..........1,500...........900..................(8)
MJN................6,500..........5,600...........900..................47
OXY...............11,000.........10,100...........900...............2,371
EXPE...............8,900..........7,960...........940.................163
CCMO..............20,283.........19,295...........988.................453
APA................4,449..........3,452...........997...............2,062
ACE...............16,000.........15,000.........1,000.................590
AVP...............42,000.........41,000.........1,000..................31
FNF...............18,200.........17,200.........1,000.................217
FRSC..............19,000.........18,000.........1,000.................788
HSIC..............13,500.........12,500.........1,000..................49
KMB...............57,000.........56,000.........1,000.................(26)
LMED..............24,000.........23,000.........1,000.................937
NEM...............15,500.........14,500.........1,000..............(1,099)
PBLX..............70,000.........69,000.........1,000.................264
PM................78,300.........77,300.........1,000...............1,081
STJ...............15,000.........14,000.........1,000.................152
UNBC..............10,715..........9,676.........1,039...............1,019
STI...............29,056.........28,001.........1,055...............1,720
HBAN..............11,341.........10,272.........1,069...............1,423
CL................39,200.........38,100.........1,100.................163
FTI...............11,500.........10,400.........1,100..................20
SANT..............10,515..........9,391.........1,124...............1,635
MS................62,542.........61,388.........1,154...............5,219
CLF................6,567..........5,404.........1,163...............1,007
CI................30,600.........29,300.........1,300.................(28)
EBAY..............17,700.........16,400.........1,300.................669
FCX...............29,700.........28,400.........1,300...............2,696
FNM................7,300..........6,000.........1,300..............58,907
VFC...............47,000.........45,700.........1,300.................175
STT...............28,670.........27,310.........1,360................(439)
CELG...............4,182..........2,813.........1,369.................123
PCLN...............3,400..........2,010.........1,390.................304
ARW...............12,700.........11,300.........1,400.................490
CAM...............19,500.........18,100.........1,400..................90
DTV...............23,200.........21,800.........1,400...............1,189
FSLR...............6,100..........4,700.........1,400..................76
SYK...............20,036.........18,582.........1,454.................106
UTX..............208,200........206,700.........1,500.................778
MHS...............23,425.........21,900.........1,525.................231
JNPR...............8,772..........7,231.........1,541.................284
BRCM...............8,950..........7,407.........1,543...............1,025
DHR...............48,200.........46,600.........1,600.................627
GR................25,600.........24,000.........1,600..................21
CHK...............10,000..........8,200.........1,800...............1,172
TMO...............37,200.........35,400.........1,800.................238
WYND..............26,400.........24,600.........1,800..................70
TXN...............28,412.........26,584.........1,828...............2,534
AES...............29,000.........27,000.........2,000.................267
DD................60,000.........58,000.........2,000...............1,527
FIS...............33,000.........31,000.........2,000.................452
IR................59,000.........57,000.........2,000.................418
ITW...............61,000.........59,000.........2,000.................892
JCP..............156,000........154,000.........2,000.................178
URS...............47,000.........45,000.........2,000..................46
USB...............60,584.........58,229.........2,355...............1,568
DVA...............36,500.........34,000.........2,500..................61
OMC...............65,500.........63,000.........2,500..................76
PCAR..............17,700.........15,200.........2,500.................551
AXP...............61,000.........58,300.........2,700...............3,123
DOV...............32,000.........29,300.........2,700.................433
GLW...............26,200.........23,500.........2,700...............1,911
INTC..............82,500.........79,800.........2,700..............10,341
WIN...............10,086..........7,385.........2,701.................(41)
BRKA.............260,000........257,000.........3,000...............7,499
LH................31,000.........28,000.........3,000..................31
SHW...............32,228.........29,220.........3,008..................55
FLR...............39,229.........36,152.........3,077................(577)
NOV...............35,584.........32,423.........3,161.................189
GS................35,700.........32,500.........3,200..............(6,937)
IP................59,500.........56,160.........3,340...............1,068
BA...............160,500........157,100.........3,400...............2,776
TRW...............61,300.........57,500.........3,800.................901
YUM...............52,920.........49,000.........3,920.................198
BAC..............288,000........284,000.........4,000...............6,717
JWN...............52,000.........48,000.........4,000.................295
KR.............. 338,000........334,000.........4,000..................32
MAT.............. 31,000.........27,000.........4,000.................187
TGT..............355,000........351,000.........4,000.................623
WHR...............71,000.........67,000.........4,000.................292
CRYS..............51,623.........47,326.........4,297...............7,812
BHI...............53,100.........48,800.........4,300.................671
CMI...............39,200.........34,900.........4,300.................977
GOOG..............24,400.........19,835.........4,565...............2,415
WFC..............272,200........267,300.........4,900...............1,003
HCA..............146,000........141,000.........5,000.................309
M................166,000........161,000.........5,000.................813
MMM...............80,057.........74,835.........5,222...............1,123
EMC...............48,500.........43,200.........5,300...............1,233
CYH...............64,000.........58,555.........5,445..................62
BK................48,000.........42,200.........5,800...............5,902
DELL.............100,300.........94,300.........6,000...............1,326
DG................85,900.........79,800.........6,100.................433
XRX..............136,500........130,000.........6,500.................225
APH...............39,100.........32,200.........6,900.................217
HAL...............58,000.........51,000.........7,000.................973
LVS...............34,000.........27,000.........7,000...............1,060
UNH...............87,000.........80,000.........7,000...............1,575
BG................33,021.........25,945.........7,076.................465
HUM...............35,200.........28,100.........7,100.................148
PEP(5)...........294,000........286,600.........7,400.................213
HON..............130,000........122,000.........8,000.................794
SLB(6)...........108,000.........98,931.........9,069.................(48)
AMZN..............33,700.........24,300.........9,400.................336
CAT..............104,000.........93,813........10,187...............3,181
MET...............66,000.........54,000........12,000...............8,292
TJX..............166,000........154,000........12,000.................212
MCD..............400,000........385,000........15,000.................513
JPM..............239,831........222,316........17,515...............8,792
ABT(7)............90,700.........73,000........17,700................(252)
CTSH(8)..........104,000.........78,400........25,600.................242
IBM(9)...........426,751........399,409........27,342...............1,585
Total all 332..17,612,288...17,486,002...126,286...........469,936
Total % Increase in WW Net Jobs Added in 2010....0.72%
KFT(1) Kraft Dec 2009 Number of Employees include Cadbury, which was acquired in 2010.
KO(2) Coca-Cola Dec 2009 Number of Employees include those in Coca-Cola Enterprises in North America, which was acquired in 2010.
XOM(3) Exxon Mobil Dec 2009 Number of Employees include those of XTO Energy, which was acquired in 2010.
AON(4) AON Dec 2009 Number of Employees include those of Hewitt Associates, which was acquired in 2010.
PEP(5) Pepsico Dec 2009 Number of Employees include those of both Pepsi Bottling and Pepsi Americas, both of which were acquired in 2010.
SLB(6) Schlumberger Dec 2009 Number of Employees include those of Smith Intl, which was acquired in 2010.
ABT(7) Abbott Labs' large increase in Number of Employees in 2010 is artificial, since there was a huge acquisition in 2010 of Solvay's Pharma segment. Abbott Labs paid $6.1 bil for this acquisition.
CTSH(8) Cognizant Technology has 83,000 of its 104,000 employees located in the Asia Pacific area.
IBM(9) IBM's largest increase in Number of Employees in 2010 is at least somewhat artificial, since it made 17 acquisition in 2010 for a total cost of $6.5 bil.
I find it incredible that 119 of these 332 US Big Corps actually slashed Worldwide Jobs in 2010.
And how many Worldwide Jobs were slashed by these 119 US Big Corps? An amazing 341,279 jobs.
And while these 119 US Big Corps were slashing these 341,279 jobs, their Total Pretax Profits increased by a staggering $235 bil in 2010. Go Figure!
The US Congress, especially members that are wholehearted supporters of US Big Corps, has incredibly low favorable ratings. which have been continually plummeting.
With US Big Corp CEOs and CFOs continuing to act so greedily and cruelly to workers, I am certain that you will be seeing their already low favorable ratings drop even further, and dramatically so.
Let me focus on Big Oil, included in the above numbers. And specifically on just the ones that have more than 10,000 employees and are in the two following SEC industry categories: Crude Petroleum and Petroleum Refining.
Here are these ten Big Oil Corps, and comparison of their jobs added (slashed) and the amount of their profit increase, both in 2010.
..................................................................2010..............2010
............................WW#..........WW#...........WW#.............Pretax
.......................Employees..Employees......Jobs...............Profit
............................FYE............FYE........(Slashed)..........Increase
..........................Dec10.........Dec09........Added...........(Decrease)
.............................or...............or...............by....................of.....
..........................Jan11..........Jan10..."Job Creators"."Job Creators"
…………………………………………………………………….............mils of $s
RDS.................97,000.......101,000......(4,000)............14,324
XOM...............103,700......106,035......(2,335).............18,182
CVX.................62,000........64,000......(2,000)............13,527
SUN.................10,200........11,200.......(1,000)..............1,203
VLO.................20,313........20,920..........(607)..............1,592
BP...................79,700........80,300..........(600)............10,986
COP.................29,700........30,000..........(300).............5,770
HES.................13,800........13,300............500...............1,113
MRO................29,677........28,855............822...............1,680
OXY.................11,000........10,100...........900...............2,371
Total all 10.....457,090......465,710.....(8,620)...........70,748
Yeah, that's right, a total of 8,620 worldwide jobs slashed in 2010, while at the same time, they increased their total Pretax Profits by $70.7 bil in 2010. Where's the economic fairness here?
But the worldwide job cuts of these 10 Big Oil Corps were much more pronounced in 2009 than they were in 2010. While these 10 Big Oil Corps slashed 8,620 worldwide jobs in 2010, they slashed an additional 26,644 in 2009. Thus, they reduced their employee count by 35,264, or by 7%, in the two years from 2008 to 2010. Here are the numbers:
BP..............(12,300)
COP..............(4,100)
CVX.............(5,000)
HES..................300
MRO................(683)
OXY.................600
RDS..............(5,000)
SUN..............(3,500)
VLO..............(1,452)
XOM..............(4,129)
Total all 10...(35,264)
Anyway, so overall, there were a worldwide net jobs added by these 332 US Big Corps of a very meager 126,286 in 2010, or an increase in jobs of only 0.7%.
But you know what, it gets worse on the US job depression front.
So many of these 332 US Big Corps made numerous business acquisitions in 2010. When a US Big Corp makes a business acquisition, it picks up additional jobs. But this isn't real job creation to the US and global economies.
Thus, my hunch is that instead of having 126,286 real jobs added, the more salient measure of true job additions to the US and global economies by these 332 US Big Corps, exclusive of those by artificial acquisitions, was not a net job addition at all, but instead of slashing of jobs.
Also, many of the large retailing companies had net job increases in 2010. However, the overwhelming portion of these net job adds were really "jobettes" added, which is the addition of part-time, temporary, seasonal, and independent contractor employees, which all have low pay, and even lower employee benefits.
But it gets even much worse on the US job depression situation when you just focus on the jobs created just in the US.
Of these 332 US Big Corps, 153 of them either disclosed their Number of US jobs separately, or have an overwhelming portion of their operations in the US. Thus for the latter predominantly US Big Corps, I used the worldwide Number of Jobs in the below chart.
Of these 153 US Big Corps, 66 of them slashed a total of 156,086 US jobs in 2010, or a huge 5% reduction. All 153 combined, slashed US jobs by a net of 64,346 in 2010.
And the real US job slashing by these 153 US Big Corps was substantially higher due to so many of them getting net job adds by making so many business acquisitions.
Below here are these 153 US Big Corps, and their Number of US Jobs at the end of 2010 and 2009:
...........................................................................2010...
.................................US#................US#..............US#......
............................Employees.....Employees.........Jobs.....
.................................FYE...............FYE...........(Slashed)..
...............................Dec10............Dec09...........Added....
..................................or..................or..................by.......
...............................Jan11.............Jan10......"Job Creators"
US Big Corp US Job Slashers in 2010
VZ........................194,400.........222,900........(28,500)
T...........................265,410.........281,000........(15,590)
CVS......................201,000.........211,000........(10,000)
UPS......................330,600.........340,000.........(9,400)
YUM.......................64,260...........73,500.........(9,240)
LMT......................132,000.........140,000.........(8,000)
HSBF.........................6,650...........11,900.........(5,250)
CMCSA.................102,000.........107,000.........(5,000)
LOW......................161,000.........166,000.........(5,000)
PNC.........................44,817...........49,761.........(4,944)
MRK.......................37,600...........42,000.........(4,400)
LLL.........................52,290...........56,280.........(3,990)
NOC......................117,000.........120,700.........(3,700)
RTN........................72,000...........75,000.........(3,000)
WLP........................37,500...........40,500.........(3,000)
DISH.......................22,000...........24,500.........(2,500)
LLY.........................17,650...........20,060.........(2,410)
PBI..........................21,600...........23,465.........(1,865)
Q.............................28,343............30,138.........(1,795)
BLL...........................8,900...........10,500.........(1,600)
CVX........................30,000...........31,500.........(1,500)
IP............................36,120...........37,500.........(1,380)
PHM..........................4,363.............5,700.........(1,337)
HIG.........................26,800............28,000........(1,200)
KEY.........................15,610............16,698.........(1,088)
ESRX.......................12,950............14,020.........(1,070)
RSG........................30,000............31,000.........(1,000)
GE.........................133,000..........134,000.........(1,000)
AET........................34,000............35,000.........(1,000)
HON.......................53,000............54,000.........(1,000)
DGX.......................42,000............43,000.........(1,000)
ALL.......................35,000............36,000.........(1,000)
BSX........................15,000............16,000.........(1,000)
BBT........................31,400............32,400.........(1,000)
SUN.......................10,200............11,200.........(1,000)
FIS........................14,000............15,000.........(1,000)
FISV......................19,000............20,000........(1,000)
CNA.........................8,000.............8,900...........(900)
MTB........................12,031............12,802...........(771)
BP..........................22,100............22,800...........(700)
RAI.........................5,700..............6,400...........(700)
RF..........................27,829............28,509...........(680)
UNP.......................42,884.............43,531...........(647)
WM........................42,800............43,400...........(600)
CVC........................16,350............16,795...........(445)
CVH.......................14,000............14,400...........(400)
SLM.........................7,600.............8,000...........(400)
CIT...........................2,750.............3,067...........(317)
SNV..........................6,109.............6,385...........(276)
M&I..........................9,137.............9,410...........(273)
AFL..........................3,903.............4,111............(208)
FITB.......................20,838...........20,998...........(160)
CE.............................2,350.............2,500...........(150)
PX...........................10,183............10,315...........(132)
ETFL........................3,000..............3,100...........(100)
FRE..........................5,231...............5,323.............(92)
NYB.........................3,883...............3,970.............(87)
CEPH........................2,026..............2,107.............(81)
PRU.......................20,036............20,094.............(58)
CSE.............................625.................665.............(40)
RDN............................767................803.............(36)
NSC........................28,559............28,593.............(34)
PGR........................24,638............24,661.............(23)
MGIC........................1,010.............1,020.............(10)
ZION......................10,524............10,529...............(5)
ALTR........................1,154..............1,156...............(2)
Total all 66....2,815,480....2,971,566......(156,086)
US Big Corps Not Slashing Jobs in 2010
S...........................40,000...........40,000..............0
WMT................1,400,000.......1,400,000..............0
HSBC.....................12,000...........12,000..............0
DPS.......................16,000...........16,000..............0
ERIE.......................4,200............4,200..............0
MO........................10,000...........10,000..............0
CSX.......................30,000...........30,000..............0
LO..........................2,700............2,700..............0
GM........................77,000...........77,000..............0
ZMH........................4,900............4,900..............0
KSS.......................29,000...........29,000..............0
WLT........................2,100............2,100..............0
PSA.........................4,900............4,900..............0
AAP.......................29,000...........29,000..............0
AXAF.......................9,509............9,508..............1
XEC............................775..............756.............19
CCMO.....................15,036...........14,980.............56
LNC.........................8,270............8,208.............62
HCBK.......................1,462............1,387.............75
WLL...........................561..............481.............80
OKE........................4,839............4,758.............81
CTL.......................20,300...........20,200............100
MA.........................3,400............3,300............100
SE..........................2,000............1,900............100
OXY........................7,100............7,000............100
LBZ.........................3,588............3,484............104
AXAE......................5,253............5,139............114
EXCO..........................927..............802............125
SIAL.......................4,070............3,920............150
LUV.......................34,901...........34,726............175
NFX........................1,229............1,047............182
VNO........................4,780............4,597............183
AVP........................6,200............6,000............200
SNI........................2,000............1,800............200
SPG........................3,500............3,300............200
BLK........................5,330............5,097............233
PCLN.........................750..............493............257
EXPD.......................4,410............4,130............280
CHRW......................7,628............7,347............281
DHR.......................21,400...........21,100............300
DELL......................36,900...........36,600............300
AGN........................4,600............4,300............300
TIF.........................5,200............4,900............300
FTI.........................3,500............3,200............300
CME........................2,570............2,260............310
NDAQ.......................1,313..............978............335
NEM........................1,298..............912............386
GLW.......................10,600...........10,200............400
SCHW......................12,800...........12,400............400
LTD.......................17,500...........17,100............400
TWC.......................47,500...........47,000............500
UTX.......................72,870...........72,345............525
DLTR......................13,060...........12,480............580
TEX.........................5,600............5,000............600
ORLY......................31,070...........30,379............691
VFC.......................20,300...........19,600............700
ROST......................14,000...........13,300............700
ESI..........................6,300............5,500............800
PBLX.....................70,000...........69,000..........1,000
FNF.......................18,200...........17,200..........1,000
UNBC.....................10,715............9,676..........1,039
STI........................29,056...........28,001..........1,055
HBAN.....................11,341...........10,272..........1,069
SANT.....................10,515............9,391..........1,124
CELG.......................2,909............1,762..........1,147
FNM........................7,300............6,000..........1,300
GR.........................16,300...........15,000..........1,300
EBAY......................11,100............9,700..........1,400
MMM......................32,955...........31,513..........1,442
INTC......................45,375...........43,890..........1,485
WYND....................18,300...........16,800..........1,500
MHS.......................23,425...........21,900..........1,525
CHK.......................10,000............8,200..........1,800
JCP......................156,000..........154,000..........2,000
USB........................60,584...........58,229..........2,355
DVA.......................36,500...........34,000..........2,500
WIN.......................10,086............7,385..........2,701
LH.........................31,000...........28,000..........3,000
JWN.......................52,000...........48,000..........4,000
TGT......................355,000..........351,000..........4,000
CAT........................47,319...........43,251..........4,068
HCA......................146,000..........141,000..........5,000
M.........................166,000..........161,000..........5,000
CYH.......................64,000...........58,555..........5,445
DG..........................85,900...........79,800..........6,100
UNH.......................87,000...........80,000..........7,000
HUM.......................35,200...........28,100..........7,100
Total all 153....6,613,559......6,677,905.....(64,346)
When you look at the very last part of this list, which shows the US Big Corps with some very healthy US job creation in 2010, I think a couple of salient comments should be pointed out.
First, the health insurance corps and hospital and related health care service corps are clearly here, with 6 of the top 12 US job creators in 2010 being in US Big Corps in the health care industry.
These 6 huge Health Care Corps are Health Insurance giants Humana (HUM) and United Health (UNH), Hospital giants HCA and Community Health Systems (CYH), Kidney Dialysis Service Provider Davita (DVA), and Medical Lab Services Provider Lab Corp of America (LH).
All of these 6 Health Care Corps are benefiting immensely from the new, much unfairly maligned Affordable Health Care legislation, which is actually also acting as a highly-charged US full-time jobs creation engine.
Second, the retail industry comprises 5 of the top 14 US job creators here in 2010. These 5 are Dollar General (DG), Macy's (M), Target (TGT), Nordstrom (JWN), and JC Penney (JCP). The problem here is that in all 5 cases, the overwhelming portion of the US jobs created are really low-paying, no employee benefit, temporary, part-time "jobettes."
And third, Windstream's job creation is driven by many large acquisitions made in 2010.
Also, as you can see from the above charts, GE job creation was just horrible in 2010. Let me give a longer term perspective on the Number of US Employees GE had at the end of the respective years below.
2000 (end of Clinton Presidency)...168,000
2008..............................................152,000
2009..............................................134,000
2010..............................................133,000
Yeah, GE's US Number of Employees have dropped by 35,000, or by an incredible 21%, in the past decade.
And the Obama Administration picks the CEO of GE to head its effort to create US Jobs? Give me a break. GE CEO Jeffrey Immelt's primary objective is to see to it that President Obama is defeated in November 2012.
After all, at the end of 2010, GE has $94 bil of unremitted foreign earnings, income taxed at extremely low tax rates in foreign jurisdictions, parked overseas, which GE lobbyists are vehemently pushing to be allowed to be repatriated back to the US at an extremely low US federal income tax rate.
And don't think it's just Republicans who are for this tax holiday on foreign earnings repatriation by US Big Multinational Corps, the 1%ers. So are many normally progressive Democrats like US Senators Chuck Schumer and Barbara Boxer. The major beneficiaries of the foreign earnings repatriation tax holdiay are US Big Corps headquartered in their States (New York and California). This just shows how quickly high principles can easily succumb to US Big Corp demands.
From my close analysis, the 3 Democratic US Senators who are clearly US Big Corp supporters are Virginia's Mark Warner, Montana's Max Baucus, and Nebraska's Ben Nelson.
Warner even voted last year to retain US Big Corp tax incentives for shipping US jobs overseas.
And Baucus has been the top Democrat on the critical US Senate Finance Committee all throughout the past decade, when the huge wealth gap between the 1% and the 99% has substantially widened. When US Big Corps talk, Baucus listens.....and continually caves in to their demands.
And fortunately for progressives, Nelson, a huge health insurance industry and consistent US Big Corp supporter, is leaving the US Senate. Nebraska used to have giants in the US Senate, like Republican Chuck Hegel and Democrat Bob Kerrey. They now have Senators there of the same quality as Kentucky's twosome: huge Citizens United supporter Mitch McConnell and just one issue (debt reduction), seemingly from another planet Rand Paul.
This gives you a clue as to why the Occupy Movement is focusing on all of the US Congress, not just on the Republicans. Although they publicly say otherwise, facilitators of economic injustice are widespread all throughout the US Congress. Don't listen to what they say.....watch how they vote.
And Immelt's predecessor, former GE CEO Jack Welch, has precisely the same primary objective of having Obama go down in November 2012. They, like so many other US Big Corp CEOs and CFOs, as well as numerous members of the Board of Directors, of US Big Corps, are fierce advocates for the further expansion of the gargantuan wealth gap between the 1% and the 99%.
From their audited financial statements and related income tax footnotes filed with the SEC, here's GE Consolidated Pretax Income and US Federal Income Taxes Paid or (Tax Benefits Received) during the 8 Clinton Presidential Years from 1993 to 2000, and then during the 10 subsequent years from 2001 to 2010, with the bulk of these later years being the 8 Bush/Cheney Presidential Years from 2001 to 2008:
..............................................................US Federal........Effective
....................................Consolidated....Income Tax.....US Fed Inc
...................................Pretax Income..Paid(Benefit).Tax Rate Paid
..........................................(in millions of dollars)
Clinton Presidential Years
1993.................................6,136................1,126
1994.................................8,661................1,299
1995.................................9,737...............1,409
1996...............................10,806..................971
1997...............................11,179................1,176
1998...............................13,477................1,459
1999...............................15,577................1,632
2000..............................18,446................3,005...........16.3%
Total Clinton 8 Yrs......94,019..............12,077...........12.8%
Subsequent 10 Years
2001.............................19,701.................2,514
2002.............................18,891....................137
2003.............................19,904.................1,555
2004.............................20,106.................1,839
2005.............................21,178.................2,755...........13.0%
2006.............................23,330....................514............2.2%
2007.............................26,598......................87............0.3%
2008.............................19,770..................(651)..........(3.3)%
2009...............................9,995..................(833)..........(8.3)%
2010.............................14,208................(3,253)........(22.9)%
Total 10 Yrs 2001-10..193,681.................4,664............2.4%
Yeah, that's right, during the 8 years of the Clinton Presidency, GE Consolidated generated Total Consolidated Pretax Income of $94.0 bil, and paid what seemed like a pretty fair amount of Total US Federal Income Tax of $12.1 bil, which resulted in an effective tax rate paid of 12.8%.
And what has happened in the 10 years since then?.....8 of which were the Bush/Cheney Presidential years, and also most of which had the US House Ways and Means Committee and the US Senate Finance Committee both in Republican control.
Well, in these 10 years from 2000 to 2010, GE Consolidated generated Total Consolidated Pretax Income of $193.7 bil, and paid Total US Federal Income Tax of only $4.7 bil, or an incredibly low effective tax rate paid of 2.4%.
Do you really think that GE wants a Democratic President in 2012? And do you really think that GE wants a US House Ways and Means and US Senate Finance Committee under Democratic control in 2012? GE's CEO works for his stockholders, not for the Obama Administration.
I have a hunch that GE, just like nearly all of the US Big Corps that have paid so very little in US Federal Income Taxes under Bush/Cheney and under Republican House and Republican Senate control, will do everything in their power to prevent the Obama Administration, and the Democrats in both the US Senate and in the US House, from being successful in their clearly laser-like focus on substantial US job creation in both the short run and in the long run.
And the CEO of GE is now in charge of US Jobs? What motivation does he have to be successful here in creating US jobs? I suggest he has absolutely none.
When you think about it, with the incredible tax benefits that GE Consolidated has received over the past 10 years, while so many of the country's citizens and its small businesses have been suffering so severely, US citizens have to be outraged, particularly at the US House Ways and Means Committee, and to a somewhat lesser extent, at the US Senate Finance Committee, for permitting this to happen. With the US economy in such shambles for everyone other than US Big Corps, I think it is in the country's best interests that anyone presently on the US House Ways and Means Committee, who continues to shirk his critical responsibility, should be moved to a less critical US House Committee, and replaced by someone who wants to move both the US economy and US job creation forward.
It is pretty clear to me that US Capitalism hasn't worked properly since the end of the Clinton Administration. This is what happens when you have such a substantial portion of the CEO and CFO population that run US Big Corps only interested in their bottom line, no matter what the cost is to the country.
And this is also what happens when you have a US Congress that is unwilling to prevent, and in many cases even fosters, these whole-scale economic injustices to occur, where the 99% is continually stomped on by the greedy 1%.
Much More to Come!
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