Today, the New York Times runs another article attacking Apple as part of the Times so-called “iEconomy” series. This piece focuses on on Apple’s international tax planning and minimization. Once again, the New York Times attacks Apple despite the fact that many, many other corporations do the same thing. And, of course, the bulk of taxes paid with respect to Apple income is actually paid by its shareholders.
Apple’s response is here.
The New York Times itself describes its iEconomy series as examining the “challenges posed by increasingly globalized high-tech industries.” So why the continuing focus on one company in one high tech industry?
By the way, providing that Apple’s tax planning techniques are legal (and even the Times seems to confirm that), Apple is doing the right thing for its shareholders.
Perhaps the New York Times should turn a portion of its investigative talents on itself for a change. Its market capitalization is currently a little under $938 Million. Five years ago, in June, 2007, its market capitalization was $3.6 Billion. So, over the past five years, the New York Times has lost approximately three quarters of its shareholder value. And when its Chief Executive Janet Robinson left the company at the end of 2011, guess what compensation she received for her work leading the company to falling profits? $24 Million. Great job, Times management.
Disclosure: I am long AAPL.
