Verizon Communications
{{#badges:AEX}} Verizon (NTSE: VZ) is a telecommunications company headquartered in New York (and incorporated in Delaware). The company formed in 2000 with the merger of Bell Atlantic Corp. and GTE Corp.[1]
In 2011, Verizon had a total revenue of $110 billion.[2]
In 2010, Verizon had total revenue of $106.6 billion. [3] Verizon CEO Ivan Seidenberg received $18.2 million in total compensation that same year; Seidenberg is also a Director of Blackrock. [4]
Contents
Ties to American Legislative Exchange Council
Verizon is a member of the American Legislative Exchange Council (ALEC). It has been on the corporate "Private Enterprise" board[5] and is State corporate co-chair of Virginia and Wyoming.[6] It has been a member of the ALEC Telecommunications and Information Technology Task Force.[7]
ALEC's Executive Director Ronald Scheberle worked "for 31 years as a key member of the Verizon and GTE Federal and State Governmental Affairs Advocacy Team."[8]
| About ALEC |
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ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our PRWatch.org site.
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Tax Dodging
From 2008 to 2010 Verizon paid an effective federal income tax rate of -2.9% shown in the report Corporate Taxpayers and Corporate Tax Dodgers. Verizon received $951 million in rebates, which put its federal tax subsidies at $12.3 billion. Verizon received at least $180.8 million in state and local subsidies in recent years - extracted in exchange for locating facilities and supposedly creating jobs. During the past three years, the total number of employees at Verizon has fallen by more than 40,000 and the company’s capital expenditures have declined by $1 billion. These subsidies did not lead to higher compensation for Verizon’s employees and the company is demanding more than $1 billion in wage and benefit concessions from its 45,000 union-represented workers. [9] [10]
Personnel
Board of Directors
As of February 2013[11]
- Richard L. Carrion
- Joseph Neubauer
- Melanie L. Healey
- Donald T. Nicolaisen
- M. Frances Keeth
- Clarence Otis, Jr.
- Robert W. Lane
- Hugh B. Price
- Lowell C. McAdam - Chairman and Chief Executive Officer of Verizon Communications Inc.
- Rodney E. Slater
- Sandra O. Moose
- Kathryn A. Tesija
| Key executives and 2006 pay: [12] | Options exercised |
|||
| Ivan Seidenberg, Chairman and Chief Executive Officer | $2,100,000 | $1,800,000 | ||
| Dennis F. Strigl, Chief Operating Officer | $1,130,000 | $0 | ||
| Doreen A. Toben, Chief Financial Officer | $825,000 | $0 | ||
| William P. Barr, Executive Vice President and General Counsel | $840,000 | $0 | ||
| Lawrence T. Babbio Jr., Advisor | $1,200,000 | $0 |
Political contributions
In 2010, Verizon gave a total of $1.6 million to federal candidates. $783,541 to Democrats and $809,206 to Republicans. Of that total, $97,570 was given by individuals and $1.52 million was contributed by the PAC.[13]
CEO Ivan Seidenberg contributed $32,000 to candidates in the 2010 election cycle.[14] He was a "bundler" for John McCain (R)'s 2008 presidential campaign, raising approximately $117,850. [15]
On June 30, 2011, the Center for Responsive Politics wrote, "Contributions to lawmakers and federal lobbying expenditures by telecommunications interests have spiked as a result of government intervention in the market. Facing potentially stifling federal regulations that threaten to short-circuit their profits, AT&T, Sprint, Verizon and T-Mobile have each dumped millions of dollars into campaign contributions and federal lobbying expenditures, hoping that a barrage of political influence will subdue any unwanted restrictions." [16]
Between 2009 and 2011, Verizon spent $2,686,585 on federal campaign contributions. [17]
Past Elections
Verizon Chairman and Chief Executive Officer Seidenberg was a Bush Pioneer, having raised at least $100,000 for Bush in the 2004 presidential election. [18]
Peter Davidson, Senior Vice President for Federal Government Relations (lobbyist) at Verizon, was a Bush Pioneer. Davidson passed twice through the government-industry revolving door serving as general counsel and policy director to then-House Majority Leader Dick Armey (R-Texas). Davidson then worked for Qwest Communications, then in the George W. Bush administration with the U.S. Trade Representative, then moving to Verizon. [19] [20]
Verizon gave $1,086,400 to federal candidates in the 05/06 election cycle through its political action committee (PAC) - 36% to Democrats, 63% to Republicans, and 1% to other parties. [21]
Lobbying
In 2010, Verizon Communications spent $16,750,000 on lobbying expenditures.[22] A full list of lobbyists used can be seen HERE.
Verizon spent $52.34 million on lobbying expenditures from 2008 to 2010, according to a December 2011 Public Campaign report on corporate lobbying expenditures as compared to federal taxes paid.[23]
Verizon lobbied for over 110 bills in the House and Senate in 2010.[24]
The company spent $13,050,000 for lobbying in 2006. About half of the money went for in-house lobbyists with the remainder being spent on over 40 lobbying firms, some of which were Federalist Group, Patton Boggs, Ernst & Young, Quinn Gillespie & Associates, Bryan Cave Strategies, DCI Group, Cassidy & Associates, The Livingston Group, Mayer, Brown, Rowe & Maw, and Parry Romani DeConcini & Symms. [25]
According to a Public Campaign report, Verizon spent $52.34 million on lobbying between 2008-2010. During the same time period, it received $951 million in tax rebates, and made $32.518 in US profits, meaning it paid a tax rate of -3%. Executive compensation also 167%, from $7,635,651 in 2008 to $20,361,064 in 2010. [26]
Contact details
140 West St.
New York, NY 10007
Phone: 212-395-1000
Fax: 212-571-1897
Web: http://www22.verizon.com/
Resources and articles
Related SourceWatch resources
External articles
- Jeff Tyler, "Faking the count: Verizon is among the phone companies fighting for the right to compete directly with cable companies", Marketplace, NPR, April 27, 2006.
References
- ↑ "History" Chapter 1, Verizon.com, accessed July 10, 2011.
- ↑ "2011 Annual Report", Verizon, 2011.
- ↑ History Chapter 2, Verizon.com, accessed July 10, 2011.
- ↑ Ivan Seidenberg profile, Forbes.com, accessed July 10, 2011.
- ↑ American Legislative Exchange Council Private Enterprise Board, organization website, accessed June 9, 2011
- ↑ American Legislative Exchange Council, "Solutions for the States," 38th Annual Meeting agenda, on file with CMD, August 3-6, 2011
- ↑ TI Task Force Meetings, ALEC website, accessed July 10, 2011.
- ↑ Scheberle bio, Bingham Consulting website, accessed July 10, 2011.
- ↑ Laura Clawson Verizon pays a negative federal income tax rate, then pursues more tax breaks, Daily Kos, November 16, 2011
- ↑ Robert S. McIntyre, Matthew Gardner, Rebecca J. Wilkins, Richard Phillips Corporate Taxpayers and Corporate Tax Dodgers 2008 - 10, CTJ.org, November 2011
- ↑ "Meet the Board", Verizon, Accessed February 11, 2013.
- ↑ Verizon Key Executives, Yahoo Finance, accessed September 2007.
- ↑ Verizon Communications Contributions,"Open Secrets.org"
- ↑ Center for Responsive Politics, Ivan Seidenberg Political Contributions, Open Secrets, accessed July 10, 2011.
- ↑ McCain "bundlers", Open Secrets, accessed July 10, 2011.
- ↑ Center for Responsive Politics, Capital Rivals: A Telecom Battle Royal, Open Secrets, June 30, 2011, accessed July 10, 2011.
- ↑ For Hire: Lobbyists or the 99%? How Corporations Pay More for Lobbyists Than in Taxes Public Campaign, December 2011
- ↑ Bush Pioneer Ivan Seidenberg, Texans for Public Justice, accessed September 2007.
- ↑ Bush Pioneer Peter Davidson, Texans for Public Justice, accessed September 2007.
- ↑ Daniel Lathrop, "Bells vs. AT&T", The Center for Public Integrity, October 28, 2004.
- ↑ 2006 PAC Summary Data, Open Secrets.
- ↑ Verizon Communications Lobbying, "Open Secrets.org"
- ↑ Public Campaign, For Hire: Lobbyists or the 99%? How Corporations Pay More for Lobbyists Than in Taxes, organizational report, December 2011
- ↑ Verizon Communications Lobbying,"Open Secrets.org"
- ↑ Verizon Communications lobbying expenses, Open Secrets.
- ↑ For Hire: Lobbyists or the 99%? How Corporations Pay More for Lobbyists Than in Taxes Public Campaign, December 2011
