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post #1 of 10 (permalink) Old 10-27-2007, 07:44 AM Thread Starter
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Greedy Bloody Greedy

Big Paychecks for U2 Millionaires
Oct. 26, 2007, 5:03 PM EST
The Associated Press

U2 Ltd., the Irish band's music publishing company, raked in $30 million-plus last year — and $25.8 million of it went to five unidentified "employees," according to documents obtained Friday by The Associated Press.
Those "employees" are suspected to be the band members and their longtime manager, Paul McGuinness. But U2's public relations firms in Dublin and London refused to confirm that.
While Bono has won accolades worldwide for raising awareness of Third World poverty, he has been criticized for moving U2's corporate offices out of Ireland to avoid paying taxes. The U2 Ltd. documents show the band moved its corporate base last year from Ireland to the Netherlands, where royalties on music incur virtually no tax.
The move, while perfectly legal, strikes a raw nerve in Ireland, whose wealthiest citizens often live as tax exiles in other European countries to avoid tax.
It's not known whether the globe-trotting Bono — who owns a mansion overlooking Dublin Bay — pays personal taxes in Ireland.
U2 Ltd.'s move to the Netherlands coincided with the appearance on its accounts, for the first time, of five "employees."
The documents, filed this week at the Irish Companies Registration Office in Dublin, record that the four band members — Paul "Bono" Hewson, Dave "The Edge" Evans, Adam Clayton and Larry Mullen — quit the U2 Ltd. board when the company relocated to Amsterdam in June 2006.
The documents offered no breakdown of pay to the five. Previous years' U2 Ltd. accounts, produced when the U2 members were still company directors, listed employee salaries as zero.
U2 Ltd. said it paid nearly $1.1 million in 2006 tax to Ireland, compared to just $46,500 in 2005.
The increased tax bill in 2006 reflects U2's sudden exposure to taxes on royalty income in Ireland. Last year the government — stung by criticism that its traditional tax-free status for artists was not intended to support multimillionaires like U2 — capped the tax-free benefit at $360,000 annually.
Within months, U2 relocated its corporate base to Amsterdam.
The U2 Ltd. documents, reflecting the band's continuous collection of royalty payments for album and music-download sales as well as rebroadcast rights, are unrelated to the band's profits from its most recent worldwide tour. Billboard reported that the Vertigo tour grossed more than $260 million.
Bono and the other U2 members regularly make lists of Ireland's wealthiest people. One often published figure estimates their wealth at $860 million, but the figure has proved impossible to document given the band's myriad investment projects and companies.

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post #2 of 10 (permalink) Old 10-27-2007, 08:03 AM
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Another attack on capitalism met by retreat. These governments need to wise up.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #3 of 10 (permalink) Old 10-27-2007, 08:06 AM
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This move was to ensure artistic integrity.
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post #4 of 10 (permalink) Old 10-27-2007, 08:11 AM
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You should see South Park's recent little ditty on Bono. Whoa. Just whoa. BTW, one name people just piss me of for some reason.

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post #5 of 10 (permalink) Old 10-27-2007, 08:17 AM
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Bono is welcome to his money and to do with it whatever he wishes, so long as he shuts his fucking smarmy mouth and quits trying to tell the rest of us what our responsibilities are. He is no Bill Gates or Warren Buffett.

(Refer to South Park for the satirical truth).

Edit: Didn't see Shane's SP ref. until after I posted.
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post #6 of 10 (permalink) Old 10-27-2007, 06:08 PM
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Bono’s is definitely a case of do as I say, not as I do. Major Twat . Hey Bono for Pope , it's Ireland's turn next .
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post #7 of 10 (permalink) Old 10-27-2007, 06:29 PM
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Originally Posted by yoseyman View Post
This move was to ensure artistic integrity.
Jakarta Expat has assured us that his move to Indonesia was prompted by the fact that Jakarta is an agreeable place to live, and on account of his lovely bride, rather than considerations of tax evasion or tax avoidance, unlike this case

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post #8 of 10 (permalink) Old 10-27-2007, 07:14 PM
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^ And, he found the one Indonesian hooker that didn't have a cock. That has to count for something.
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post #9 of 10 (permalink) Old 10-27-2007, 07:32 PM
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Another musician with a prophet complex
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post #10 of 10 (permalink) Old 10-27-2007, 08:28 PM
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Unhappy Jesus Christ

Love is but a song to sing
Feels the way we'll die
You can make the mountains ring
Or make the angels cry
Though the bird is on the wing
And you may know not why

Oh! Come on you people now
Smile on your brother
Everybody get together
Try to love one another right now
Come on you people now
Smile on your brother
Everybody get together
Try to love one another right now

Some may come and some may go
He will surely pass
When the one that let us heal
Returns for us at last
We are but in the morning sunlight
Fading in the grass

Oh! Come on you people now
Smile on your brother
Everybody get together
Try to love one another right now
Yes! Come on you people now
Smile on your brother
Everybody get together
Try to love one another right now

Come on you people now
Smile on your brother
Everybody get together
Try to love one another right now
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