EU Move Against Apple Will Backfire – Badly

Apple is the victim of anti-U.S. bias and the European Union’s 13 billion-euro back tax ruling is “total political crap,” according to the iPhone maker’s chief executive, Tim Cook.

In an interview with the Irish Independent (http://www.independent.ie/business/irish/no-one-did-anything-wrong-here-and-ireland-is-being-picked-on-it-is-total-political-crap-35012145.html), the Apple (AAPL) boss firmly defended the company’s tax arrangement with Ireland, which, according to the EU, allowed the iPhone maker to pay substantially less tax than other businesses.

“No one did anything wrong here, and we need to stand together. Ireland is being picked on, and this is unacceptable,” he said in the interview published Thursday.

Tim Cook says Apple could start moving some of its profits from its international operations to the U.S. next year

Apple Inc. Chief Executive Tim Cook said the company may repatriate at least some of the billions of dollars of cash it holds offshore as early as next year, in comments made in the wake of a 13 billion euros ($14.5 billion) tax clawback decision by European authorities.

Apple (AAPL) holds about $215 billion in cash and other liquid investments offshore.

The Apple boss also slammed the commission for appearing to focus on U.S. companies in its probes.

“I think that Apple was targeted here,” he said. “And I think that (anti-US sentiment) is one reason why we could have been targeted.”

“People in leadership positions in several countries tell me that this is the agenda. I don’t know where that comes from. But what I feel strongly about is that this decision was politically based, of that I’m very confident. There is no reason for it in fact or in law.”

Ireland has declared that it will appeal the ruling.

You want $15 billion of our cash? Fine, we’ll remove the other $200 billion from your banks. Oh and fuck you.

“You better start swimming or sink like a stone, cause the times they are a-chaaaaanging”