(Trend chart courtesy of the Center for Global Development)

A lot has been said over the past few weeks about U2 moving some of their business out of Ireland to the Netherlands. In earlier blog posts, I listed some stories that quoted some Irish politicians who were quite irate at Bono in particular for taking away potential tax dollars that Ireland could have spent on helping those in need, going so far as claiming he was being contradictory.

What some news organizations missed was the Center for Global Development’s recent announcement that the Netherlands ranks #1 among the 21 richest nations in allocating tax dollars to combating global poverty in seven key policy areas: technology, security, environment, migration, investment, trade and aid.

So, perhaps U2’s asset move isn’t that bad after all? Sure, it’s easy to point out that it’s because of a major tax law change, but maybe the decision might have been different had Ireland made the same level of commitment as the 13 other countries who scored higher.

The New England Patriots NFL football team is asking fans to select the new touchdown song for the 2006 football season. Apparently, “Rock and Roll part II” was getting a little old so they’ve decided to change it up.

Fans are being asked to select either:
The 1812 Overture (a favorite in Boston around July 4)
Ain’t Talkin’ About Love - Van Halen
Song 2 - Blur
Thunderstruck - AC/DC
Yeah - Usher
Elevation - U2

If people don’t like those choices, the Patriots are allowing folks to suggest something different.

Voting is going on now at the New England Patriots’ Web site. Click here to cast your vote!

Hello everyone! Just back from today’s session at the Willow Creek Leadership Summit and I wanted to give a quick update. A full story will follow in the upcoming days on @U2, but for those who want the quick soundbyte as to what was covered, here you go!

If you caught any of Bono’s speeches at UPenn, Harvard, the National Prayer Breakfast, or any of the DATA-related speaking engagements, then you didn’t miss much. Speaking to a global audience of over 80,000 people simultaneously, Bono took the opportunity during his interview with the founder and Senior Pastor of Willow Creek Community Church outside of Chicago to challenge christian church leaders to take up the cause for Africa.

The interview was recorded a few weeks ago at a hotel near Bono’s home in Dublin.

The one thing I’d like to comment on is how awesome it was to 1) enjoy U2’s music in a church setting, 2) watch the audience’s reaction to things U2 fans have heard millions of times (Bono drinking game anyone?), and 3) hear Bono state “I am not Mother Teresa” and realize I wasn’t the only one laughing. (OK - maybe that’s 3 things to comment on.)

More soon….

Jerry Aronson’s documentary The Life and Times of Allen Ginsberg is being released on a deluxe 2 DVD set to educational institutions. Included in the film are interviews with Joan Baez, Timothy Leary, William S. Burroughs, Paul McCartney, Hunter S. Thompson and yes…our own Bono just to name a few.

U2 has had some fun with Ginsberg. Many will remember the memorable reading of U2’s “Miami” atop a building in New York City on February 12, 1997 by Ginsberg which made it into their Pop coverage on MTV. (This is not in the film, I’m told.)

The DVD is available to colleges, universities, public libraries and high schools at the moment.

For more info and to see a short clip with Bono talking about Ginsberg, visit here.

For those keeping up with U2’s decision to relocate some of their business to the Netherlands, the Guardian has an interesting story in today’s paper about that and the investment Elevation Partners made in Forbes magazine:
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Found what you’re looking for? U2 inspire Irish ire by avoiding tax
-Band shifts financial affairs to Netherlands
-Bono criticised for deals while calling for debt relief

Owen Bowcott, Ireland correspondent
Wednesday August 9, 2006

Bono may be celebrated for browbeating world leaders into funding debt relief for developing countries, but his Irish rock band is facing criticism for switching its financial affairs overseas to avoid paying higher taxes.

U2’s move has been revealed as Bono’s California-based venture capital firm, Elevation Partners, confirmed it had invested around $300m (157mGBP) in Forbes, the US business magazine frequently described as the “bible of capitalism”.

Irish politicians have expressed surprise at U2’s decision to move part of its multi-million pound operation from Ireland to Amsterdam. The tax rate on royalty earnings in the Netherlands - where many of the Rolling Stones’ assets are based - is only a few per cent.

U2’s changeover may have been triggered by reforms announced last December by the Irish finance minister, Brian Cowen, who imposed a cap of 250,000EUR (168,000GBP) on tax-free incomes for artists resident in the republic. Before the cap, the scheme attracted many famous names to Ireland. But the government came under pressure to curtail the incomes of those benefiting disproportionately from the scheme.

At the time Mr Cowen said: “We cannot stand over a situation in which some high-earning tax residents, through the use of incentive reliefs, can reduce their taxable income to nil.”

The Irish Labour party’s finance spokeswoman, Joan Burton, said this week: “Having listened to Bono on the necessity for the Irish government to give more money to Ireland Aid … I am surprised that U2 are not prepared to contribute to the exchequer on a fair basis along with the bulk of Irish taxpayers.”

Corporation tax in Ireland is only 12.5pc. The standard rate of personal tax is 20pc, rising to a top rate of 42pc. The band had been able to claim artists’ tax relief as songwriters, but the scheme did not cover income from tours and performances.

Alongside Bob Geldof, Bono has spent years cajoling US presidents and other world leaders into increasing debt relief to poorer countries, improving aid to Africa and helping Aids victims. U2’s donations to aid organisations have always remained anonymous, although the royalties from several of their songs have been given to charities.

The band will continue to live and work in Ireland, paying other taxes, an industry source told the Guardian. Like other bands, the source added, U2 “try to be as tax efficient as possible”. Principle Management, which controls U2’s financial affairs, would not comment.

Elevation Partners is a private venture capital firm with six partners, one of whom is Bono. It has an estimated capital value of $1.9bn. U2 were said to be the world’s most lucrative group last year, earning more than 210mEUR.

Their success, however, has generated signs of resentment.

Proposals to construct a so-called U2 Tower - the tallest residential development in Ireland on the southside of the Liffey river - have drawn complaints from locals in Dublin’s Ringsend. The tower, a 31-floor construction, will house luxury apartments and provide space for the band’s recording studios.

The building was originally scheduled to be 60 metres (197ft) high, but last month permission was granted for it to rise to 100 metres. “This tower is going to appear as a monstrosity in what used to be a small maritime village,” Damien Cassidy of the Ringsend Environmental Group told BBC radio earlier this week.

Guardian Unlimited (c) Guardian Newspapers Limited 2006

You thought it was just a lyric in “Kite,” right? MSNBC has an interview on its website with Elevation Partners’ Roger McNamee about the private equity firm’s latest purchase of a minority stake in Forbes magazine. It’s interesting how so many reporting on this story are only pointing out the “Bono” angle - forgetting that Bono is only one person out of many with Elevation Partners. You can find it here.