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Cisco CEO tries to snow CNN's Poppy Harlow

Both Poppy Harlow and myself attended the Blake School in Minneapolis, so we both know a thing or two about snow.

Thu, 1/26/12 - 4:00am    View comments

In the video below, without an ounce of embarrassment, Cisco CEO John Chambers dumped several metric tons of snow on CNN Money anchor Poppy Harlow:


Details on the snow dumped by Chambers:

  1. At the 1:00 minute time mark, Chambers specifically states that he's buying companies in Canada.

    Fact:   Wikipedia reports Cisco bought only 1 Canadian company (Skystone Systems), and that acquisition was made almost 15-years ago on June 9, 1997.

  2. At the 1:20 time mark Poppy asks for a specific jobs number that Cisco would create in the United States if it received a tax repatriation on Cisco's overseas cash.

    Fact:   Throughout the entire length of the video, Chambers repeatedly deflects Poppy's multiple requests for the specific jobs number Cisco would create in the U.S. if given a tax repatriation holiday.

  3. At the 3:25 time mark with exuberant flair and without an ounce of embarrassment over his scandalous hypocrisy, Chambers specifically states that it's easier to do business in both Russia and China than it is to do business in the United States.

  Cisco's Capital Structure

Cisco's Capital Structure

As shown in the above internal Cisco slide presentation, it aggressively moved all of its cash overseas as a consequence for receiving a 2004 tax repatriation holiday.

And as of FY11, Cisco's net realizeable cash is actually lower than it was 10-years ago in FY02.

Furthermore, Cisco now has $16 billion in debt that it did not have in FY02.

Related stories:

Biggest Tax Avoiders Win Most Gaming $1 Trillion U.S. Tax Break

U.S. Senate investigative report refutes the job creation claims made by Cisco CEO John Chambers

Cisco's FY11 global workforce reduction appears to have specifically targeted the United States

Dilutive management compensation practices claimed 68% of stock buybacks during Cisco's Q4'FY11

Former Cisco board director slams Cisco CEO John Chambers for outsourcing jobs overseas

Cisco's 8.8% effective tax rate appears to be forcing it to move jobs and investments overseas

Did Cisco fail to create new jobs for the tax breaks it received?

Cisco quietly downsizing through outsourcing

Cisco caught in maelstrom over fake job ads to hire H-1B visa holders

What's your take?

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