FarmTrac Troubles

[taxpayer]

Rep. Segal Resolution Calls for Textron Apology for Iraq Corruption
by: Matt Jerzyk
Thu Jan 17, 2008 at 12:49:00 PM EST
State Rep. David Segal, who represents the district including Textron's headquarters, is introducing a bipartisan resolution condemning Textron's bribery of ****** Hussein's regime.

The resolution condemns Textron's payment of $650k in kickbacks to ****** Hussein's
regime from 2001-2003 under the United Nations Oil for Food Program. For their actions, Textron was fined $4.7 million by the Securities and
Exchange Commission in 2007.

The resolution calls on Textron to issue a public apology to "the people of Rhode Island, the people of Iraq, and the people of the world for its payment of such kickbacks." It is co-sponsored by Republicans Victor Moffitt, Joe Amaral and Democrats Al Gemma and Anastasia Williams

Here's the best part:

"My goal is simply to make as many people as possible aware of this sordid affair. It has little to do with whether one supports or opposes the war in
Iraq. It's not a partisan issue -- it's a matter of basic humanity," Segal said.

He continued, "I must commend Textron for showing such restraint in the face of the introduction of this resolution, for while Textron has made its opposition known to me through surrogates, the company has neither attempted to bribe me, nor blow me up using any of the wide array of weapons it manufactures

http://www.rifuture.org/showdiary.do?diaryid=1228&view=print

 

[blueliner]

TAXPAYER,

Thank you for sharing that information. You're maximizing what a public forum is about!

Click here for a related article with added details or read below.

Textron to pay $4.6 mln to settle kickback probe
Thu Aug 23, 2007 12:53pm EDT

(Adds DOJ settlement, company comment)

WASHINGTON, Aug 23 (Reuters) - Textron Inc (TXT.N: Quote, Profile, Research, Stock Buzz), which makes products like Bell helicopters and Cessna corporate jets, agreed to pay $4.6 million to settle oil-for-food kickback investigations and charges, U.S. regulators said on Thursday.

The company agreed to pay more than $3.5 million to settle charges with the U.S. Securities and Exchange Commission. It also agreed to pay a $1.15 million fine as part of the Department of Justice's investigation into the United Nations oil-for-food program.

The justice department said it agreed not to file criminal charges against the Providence, Rhode Island-based company "in recognition" of Textron's early discovery and reporting of the improper activities.

The SEC alleged that from 2001 to 2003, two of Textron's French units paid $650,539 in kickbacks in connection with the sale of humanitarian goods to Iraq under the U.N. program.

"The kickbacks were made in the form of 'after-sales service fees,' however, no bona fide services were actually rendered," the SEC said.

According to a court document filed by the SEC, the kickbacks paid by Textron's units bypassed the U.N. escrow account and were instead paid by third parties to Iraqi-controlled accounts.

The contracts submitted to the U.N. did not disclose that the cost of the illicit payments were included in the inflated contract price.

Textron's subsidiaries also made illicit payments of $114,995 to secure 36 contracts in Bangladesh, Egypt, India, Indonesia and the United Arab Emirates from 2001 to 2005, the SEC said.

The justice department said Textron acknowledged responsibility for the actions of its French units.

The company did not admit or deny wrongdoing as part of the SEC settlement.

It agreed not to violate a number of U.S. securities laws and said it has enhanced its compliance policies and procedures. Textron said the amount of $4.6 million has been "fully provided for in prior periods."

"Textron takes compliance matters very seriously and is pleased that the DOJ and SEC commented favorably on Textron's early discovery and reporting of these matters," the company said in a statement.

(Reporting by Rachelle Younglai)

((Editing by Brian Moss; rachelle.younglai@reuters.com; Reuters Messaging: rachelle.younglai.reuters.com@reuters.net; +1 202 898 8411)) Keywords: SEC TEXTRON/

 

[blueliner]

TAXPAYER and Company,

Here's another one... it shows more Evil Empire nasty-wasties.
Click here to view them.
And here's the U.S. Securities and Exchange Commisson's take on it.

Here's the 35-page SEC complaint that was filed -- in it's entirety.

--b

 

[redneckford]

TAXPAYER,

Thank you for sharing that information. You're maximizing what a public forum is about!

According to a court document filed by the SEC, the kickbacks paid by Textron's units bypassed the U.N. escrow account and were instead paid by third parties to Iraqi-controlled accounts. (Can you fill in the blanks with Cobb and Escorts)

The justice department said Textron acknowledged responsibility for the actions of its French units.(India Units)??

The company did not admit or deny wrongdoing as part of the SEC settlement.(yeah Right!!!!) Things Happen!!!!

It agreed not to violate a number of U.S. securities laws(only a few more times) and said it has enhanced its compliance policies and procedures. Textron said the amount of $4.6 million has been "fully provided for in prior periods."(I think we owe a little bill in Korea and India)

"Textron takes compliance matters very seriously(When caught red handed) and is pleased that the DOJ and SEC commented favorably on Textron's early discovery and reporting of these matters," the company said in a statement.

Will someone PLEASE Call Rhode Island and tell the big wigs at Textron the fish are at it again!!!! According to this report they like someone to report illegal activities----I'm sure they will get right on it and clear this mess up in a few days!!!!!????? With Accountants like they have no telling how much corn on the Cobb was spread around North Carolina!!!! It is beginning to add up-----1 crook + 1 Blind Accountant= 2 Big Profits---Dang if it would just add up to three I think the dealers and customers would be happy!!!!

 

[redneckford]

Rep. Segal Resolution Calls for Textron Apology for Iraq Corruption
by: Matt Jerzyk
Thu Jan 17, 2008 at 12:49:00 PM EST
State Rep. David Segal, who represents the district including Textron's headquarters, is introducing a bipartisan resolution condemning Textron's bribery of ****** Hussein's regime.

He continued, "I must commend Textron for showing such restraint in the face of the introduction of this resolution, for while Textron has made its opposition known to me through surrogates, the company has neither attempted to bribe me, nor blow me up using any of the wide array of weapons it manufactures

Rhode Islands Future: Politics & Culture

Taxpayer----they ain't gonna sue you---cause they don't want you on the stand telling the truth-----They just going to double your discounts(I mean Invoices) and double your interest bills----Surrogates????---Bribes!!!!!! BLOWED UP SIR!!!!!!!!!!-----Care for a plane ride on my new corporate jet!!!!

 

[redneckford]

Trying to update my Christmas card list---can someone post the names and addresses of all the Textron Brass---and fish--so that I can get my cards mailed out in a timely manner-----would make a good subpoena list too!!!

 

[taxpayer]

--------------------------------------------------------------------------------

TAXPAYER,

Thank you for sharing that information. You're maximizing what a public forum is about! have to give Tommy B credit for that juicy tidbit,sniffed it out like a real pro.
that senator might be a little more inclined to hear out the farmtrac saga.
than some of the others we tried.
Hey Red, how'd you come out with ole IKE?slicked right on through up here.---Taxpayer

 

[redneckford]

taxpayer---never lost lights at the tractor shop---none at home for a free days---these hurricanes are starting to make me mad---so we gonna stay at the shop for a free days---more time to harass Big T-----Textron send you one of those nice checks yet!!!-----Doubt they will they "Hate" the truth!!!!! Did you take a few of them blue ornaments to Cameron----10 ft of water down town---Heck Lake Charles had 4 ft of water all over town and around the Civic City due to the ?20 ft storm surge!!!! Calcasieu is a mess due mainly to the surge but Cameron and Hackberry are hit better hard due to high surge---salt water and paint work pretty well together---didn't I see alot of those blue tractors on ZNN being used as water gauges----3ft and raising momma---5 ft and climbing momma----dang momma the water is over the house that ain't in no song!!!!!

 

[case1570]

Good Morning Textron, Department of Financial Institutions is now conducting a review and investigation. Got direct word this morning confirming such! Litigation coming. How low will textron stock end up this time?
Keep calling and filling out complaints, things are starting to happen!

The best Case.......LS buys Farmtrac, LTZ customers get paid, Textron found guility, pays big fines and several crooked textron people lose their jobs and have to live like most of us have for the last 6 months. Hey Textron how about that for positive?
Case

 

[SESS]

Fraud is fraud-is fraud-is fraud no matter how you look at it:

Lycoming Crankshaft Case Ends in Victory for Texas Manufacturer, Says Rose•Walker, L.L.P. - AOL Money & Finance

 

[taxpayer]

Cost of Corporate Leadership
by: David Segal
Sat Sep 01, 2007 at 16:26:03 PM EDT
United for A Fair Economy and the Institute for Policy Studies just released their annual Labor Day Report on "The Staggering Cost of Corporate Leadership."

Top CEOs took it on the chin this year, with the CEO-worker pay ration of Fortune 500 firms dipping to 364.

However, over the last few years, military contactor execs and private equity and hedge fund managers have been making out like bandits: Average military CEO pay has increased by about 200 percent since 2001, and the fund managers now have average of $657.5 million in compensation, or 22,255 times the average worker's.

On the local front, Textron CEO Lewis Campbell's pay is in line with other military contractors' -- having risen fron $7 million to $20 million since 2001. That's a period that's also seen the conglomerate admit bribing the Iraqi government while seeking oil-for-food contracts, and continue its production of cluster bombs

Looks like old LC could afford a few blue boat anchors eh?

Taxpayer

 

[SESS]

Click to view this article or read below: Textron Financial forecasts lower profits - Providence Business News

Posted Aug 12, 2008
Financial Services
Textron Financial forecasts lower profits

PROVIDENCE Textron Financial Corp., a subsidiary of Providence-based Textron Inc., is forecasting that its profits will be 41 percent lower this year.

Textron Financial expects a net operating profit of $130 million for the full year, down from $222 million, executives told analysts during a presentation last week.

Tom Cullen, the chief financial officer of Textron Financial, said the company is projected loan-loss provisions of $88.3 million this year, according to Reuters.

When the parent company reported its second-quarter earnings last month that were $1.03 per share below the consensus estimates of Wall Street executives noted a $55 million decrease in profits in its financial arm because of lower market interest rates, lower fee income and an increase in the loan-loss set-aside. (READ MORE)

At the time of that earnings report, the percentage of loan receivables that were delinquent more than 60 days was 0.61 percent, up from 0.33 percent in the 2008 first quarter. Nonperforming assets increased to 2.31 percent, up from 1.84 percent at the end of the preceding quarter.

 

[case1570]

I think someone should contact the staff writer who wrote the article and tell them one of the real reasons that textron is not performing. Let them read this thread and continue the exposure of the very unintelligent decisions that textron employees have made and are continuing to make. If a company must resort to things like breaking the law and conspiricy (this has been proven) just to make a profit, there is only one thing that can happen.
Textron you choose this path, you just underestimated the will of the average American Dealers resilience.
Case
PS I still love the Farmtrac tractors, they have not let me down!

 

[SESS]

The reporter that wrote the article titled "TEXTRON FINANCIAL FORECAST LOWER PROFITS" article is William Hamilton and can be emailed at:

hamilton@pbn.com <hamilton@pbn.com>

I sent him an email myself.

 

[redneckford]

Click to view this article or read below: Textron Financial forecasts lower profits - Providence Business News

Posted Aug 12, 2008
Financial Services
Textron Financial forecasts lower profits

PROVIDENCE Textron Financial Corp., a subsidiary of Providence-based Textron Inc., is forecasting that its profits will be 41 percent lower this year.

I wonder if all these banks and insurance companies that are going broke because they were hiding all that debt in their balance sheets has any of those over price big three tractors financed!!!! The reason I ask that question is that as most dealers know the finance company/floorplan company sends you an invoice for the tractor----if you use "less' than zero or zero % financing you do not get to subtract any "cash" discounts----how ever if you use outside financing you get a cash discount/rebate for $4-$5 thousand dollars---until you sell the tractor you are paying floorplan interest on the "full' invoice of the tractor--inflated from the manufacturer so that they can use zero percent marketing strategies to make customers "think" they are not getting charged interest----however if they calculated how much that zero percent financing was costing they would see it is not near zero---just another marketing strategy----The manufacturer or Floorplan company is charging interest on a value that everyone knows is inflated by 10% or more!!!! That strategy allows them to hold the used market up because if a new tractor sold for thousands less the used tractor that gets traded in would be worth thousands less---so you can see how we have got in this banking mess---They are selling $100,000 houses for $200,000 and $8000 tractors for $15,000 talk about over statement of loan portfolio's If we could buy'em for what they are worth and sell'em for what they say they are worth we could go play golf for a few weeks---Oh!Oh! that is what caused this credit crisis the country is in now---PLAYING TOO MUCH GOLF!!!!

 

[tb8100]

Has Farmtrac been bought yet? All the FT dealers in this area say that Montana bought them out, and since alot of them also carry Montana, they say, "take your pick, green or blue. They're all the same!"

Is there at least some truth to that?

 

[NewToy]

Click to view this article or read below: Textron Financial forecasts lower profits - Providence Business News

Posted Aug 12, 2008
Financial Services
Textron Financial forecasts lower profits

PROVIDENCE Textron Financial Corp., a subsidiary of Providence-based Textron Inc., is forecasting that its profits will be 41 percent lower this year.

I wonder if all these banks and insurance companies that are going broke because they were hiding all that debt in their balance sheets has any of those over price big three tractors financed!!!! The reason I ask that question is that as most dealers know the finance company/floorplan company sends you an invoice for the tractor----if you use "less' than zero or zero % financing you do not get to subtract any "cash" discounts----how ever if you use outside financing you get a cash discount/rebate for $4-$5 thousand dollars---until you sell the tractor you are paying floorplan interest on the "full' invoice of the tractor--inflated from the manufacturer so that they can use zero percent marketing strategies to make customers "think" they are not getting charged interest----however if they calculated how much that zero percent financing was costing they would see it is not near zero---just another marketing strategy----The manufacturer or Floorplan company is charging interest on a value that everyone knows is inflated by 10% or more!!!! That strategy allows them to hold the used market up because if a new tractor sold for thousands less the used tractor that gets traded in would be worth thousands less---so you can see how we have got in this banking mess---They are selling $100,000 houses for $200,000 and $8000 tractors for $15,000 talk about over statement of loan portfolio's If we could buy'em for what they are worth and sell'em for what they say they are worth we could go play golf for a few weeks---Oh!Oh! that is what caused this credit crisis the country is in now---PLAYING TOO MUCH GOLF!!!!

I think all the banks and investment houses are the victim of the subprime mtg debacle. Look at Lehman Bros, very respected outfit until a few days ago. They are one of many "investment" houses that bought these mortgages that were all rolled up into these bond issues. Trouble is not even the great "Kreskin" has any idea what any of the mess is worth. Hard to reconcile the books when they're shooting blind like they are. It is a good time to unload any of these stocks if you're holding them. When they start dropping 35-40% (Goldman Sachs) of their value overnight it's not hard to tell people are jumping out quick.

John

 

[farmers world]

Has Farmtrac been bought yet? All the FT dealers in this area say that Montana bought them out, and since alot of them also carry Montana, they say, "take your pick, green or blue. They're all the same!"

Is there at least some truth to that?

I am a Farmtrac dealer in SC.If their is any truth to it we have not heard of it.But of course the dealers will be the very last people to know anything about whats going on with textron or farmtrac.

 

[SESS]

Has Farmtrac been bought yet? All the FT dealers in this area say that Montana bought them out, and since alot of them also carry Montana, they say, "take your pick, green or blue. They're all the same!"

Is there at least some truth to that?

Farmtrac dealer here in Florida. That has been a rumor circulating since Jan. It dies, gets reborn, dies, etc. The rumor is not just with Montana, but LS Mtron (new company formed from LS that builds the Farmtrac, Montana, McCormick, etc) and other companies too. Nothing that we can report yet. As farmerworld posted, the Farmtrac dealers are usually the last to know though. I would keep watching this thread-it seems to be the most current!