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Meet Cisco's CEO for the next 4-years

Yesterday, Reuter's global editor-at-large, Chrystia Freeland, inteviewed on video Cisco's CEO for the next 4-years.

Hershey, PA:   Thu, 9/27/12 - 11:59pm    View comments

Video time marks of the statements made by Cisco's CEO for the next 4-years:

Time Mark Statements made by Cisco's CEO
00:22 80% of Cisco's business is new every 120 days giving Cisco a "good pulse globally."
00:50 Cisco's entire focus is on how U.S. enterprise and commercial do.
02:30 Russian President Vladimir Putin is easier to do business with than United States President Barack Obama.
02:45 Cisco's relationship with Great Britain is so strong that it acquired a $5 billion business there, The NDS Group.

I wonder why Cisco's CEO failed to mention that The NDS Group (headquartered in Great Britain) is actually incorporated in the tax haven of Bermuda where Cisco's Bermuda subsidiary has successfully evaded billions in U.S. corporate income taxes on profits earned in the United States that Cisco transferred overseas to avoid U.S. taxes?

See page 7:

"On August 1, 2011, NDS Group Holdings Limited was incorporated under the laws of Bermuda as an exempted company to become the holding company for NDS Group Limited."

According to Bloomberg:

"In Rolle, about 25 miles north of Geneva, a subsidiary called Cisco Systems International Sarl collects billions of dollars a year. The unit in Rolle, which has roughly 100 workers, is owned by yet another Cisco subsidiary, registered at the offices of Conyers Dill & Pearman, a law firm in Hamilton, Bermuda. For U.S. tax purposes, profits from the Swiss and Dutch units flow to this shell company, one of hundreds the law firm handles on Bermuda, which has no corporate income tax."

03:10 Chrystia Freeland calls out Cisco's CEO:

"So I think you just said something really quite astonishing that it's easier for business to work with the Kremlin than it is to work with the White House."

Cisco's CEO successfully evaded answering Freeland's Kremlin question!

Practically just as good as Cisco's CEO is at dodging taxes.

04:20 Cisco catches market transitions and then customers tell Cisco what to do.
06:35 If you watch what we've done we've built our system off of open capabilities.
07:33 The hardest decision without a doubt is to layoff people because they did nothing wrong, especially since I missed a market transition.
09:05 Cisco will bring back all $40 billion overseas if given a tax holiday.

Cisco's CEO failed to mention that after the last tax holiday in 2004, Cisco immediately began transferring overseas on a massive scale its U.S. earned profits and cash, at least according to its own internal slide presentation:

Cisco's Offshore Cash Holdings

And Bloomberg states:

"Cisco Systems Inc. (CSCO) has cut its income taxes by $7 billion since 2005 by booking roughly half its worldwide profits at a subsidiary at the foot of the Swiss Alps that employs about 100 people."

All of this occurred after the 2004 tax holiday.

09:15 It would be a bad decision personally to bring back Cisco's overseas cash without a tax holiday.
11:25 Walmart is the customer that he admires the most.


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