Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Anger and Panic At Goldman Sachs Over 90% Tax
Copyright 2009 The Business Insider, Inc. All rights reserved ^ | Mar. 21, 2009, 7:40 AM | John Carney

Posted on 03/21/2009 2:05:23 PM PDT by Behind Liberal Lines

Goldman Sachs was solidly behind Barack Obama. Indeed, Goldman Sachs has long had the reputation as the investment banks with the most Democratic supporters on Wall Street.

But the vote earlier this week to impose a 90 percent tax on bonuses at TARP supported banks has many at Goldman feeling betrayed, fearful and angry. On Thursday and Friday, the trading floor at Goldman echoed with brokers and traders cursing the lawmakers who passed the bill and seeking reassurance from their fellow employees that their bonuses wouldn’t be clawed-back. At least one Goldman trader called his lawyer to see what legal protections might be available

(So, lads and lasses, here’s your reassurance. If this bill becomes law, last year’s bonuses won’t fall under the 90% tax. It only applies to bonuses paid after December 31st. So you’ll have till the end of the year to figure out some way around this thing. We’re sure you can do it. Now back to the story.)

“[7u&k] Obama,” one person said aloud on the floor, giving voice to the feeling of political betrayal.

Word spread quickly that because the bonus tax only applies to TARP recipients, foreign banks wouldn’t be covered. At least a few people at Goldman Sachs have already called recruiters. And recruiters have stepped up efforts to poach Goldman employees offering jobs safe from the TARP bonus tax.


TOPICS: Business/Economy; Editorial
KEYWORDS: bho44; bhotaxincrease; goldmansachs; obama; obamathemarxist; obamunism; wallstreet
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-80 ... 121 next last

1 posted on 03/21/2009 2:05:23 PM PDT by Behind Liberal Lines
[ Post Reply | Private Reply | View Replies]

To: Behind Liberal Lines

Ha Ha!

Serves you right!


2 posted on 03/21/2009 2:07:33 PM PDT by icwhatudo (The Dow is down over 5,000 points since democrats took back congress.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Behind Liberal Lines

Good news for us recruiters, of course, but not so much for the financial service industry. If I didn’t know any better, I’d think the democrats were trying to ruin our economy...


3 posted on 03/21/2009 2:08:18 PM PDT by 2ndDivisionVet (In honor of my late father-Gysgt/Comm. Chief, USMC WWII, Korea 1925-2002)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Behind Liberal Lines

We tried to warn you, your duty is now to correct the ship in 2010


4 posted on 03/21/2009 2:08:59 PM PDT by rstark56
[ Post Reply | Private Reply | To 1 | View Replies]

To: icwhatudo

Really, what the F did they expect.


5 posted on 03/21/2009 2:10:58 PM PDT by traderrob6
[ Post Reply | Private Reply | To 2 | View Replies]

To: Behind Liberal Lines
“[7u&k] Obama,” one person said aloud on the floor, giving voice to the feeling of political betrayal.

Well, what did you think you were paid to do, read Gideon's?

6 posted on 03/21/2009 2:11:35 PM PDT by 668 - Neighbor of the Beast (American Revolution II -- overdue.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Behind Liberal Lines

ROFL..they got exactly and precisely what they voted for..

I wonder if McCain would win if the election were reheld TODAY..(not that he’d be that much better)..


7 posted on 03/21/2009 2:12:41 PM PDT by GeorgiaDawg32 (A democrat will break your leg, then hand you a crutch and take credit for your being able to walk.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Behind Liberal Lines

To: Shady

http://www.opensecrets.org/orgs/toprecips.php?id=D000000085

Heavy Hitters
Goldman Sachs: Recipients
Select Cycle: 2008

Money to Congress: 2008 Cycle
Dems: Dems: $2,497,544 $2,497,544
Repubs: Repubs: $769,971 $769,971
Others: Independents: $0 $0
Incumbents: Total to Members: $2,929,221 $2,929,221
Non-Incumbents: Total to All Candidates: $338,294 $338,294

House # of Members Average Contribution Total Contributions
Democrats 102 $4,590 $468,200
Republicans 66 $3,800 $250,851
Independents 0 $0 $0
TOTAL 168 $4,280 $719,051
The US House of Representatives has 435 members.

Senate # of Members Average Contribution Total Contributions
Democrats 23 $75,311 $1,732,175
Republicans 25 $19,119 $477,995
Independents 0 $0 $0
TOTAL 48 $46,045 $2,210,170
The US Senate has 100 members.

Top Recipients
Senate Obama, Barack $983,245
Senate Clinton, Hillary $410,350
Presidential Romney, Mitt $234,275
Senate McCain, John $230,095
House Himes, Jim $150,498
Senate Dodd, Chris $110,000
Presidential Giuliani, Rudolph W $109,450
Presidential Edwards, John $68,750
Senate Specter, Arlen $47,600
House Emanuel, Rahm $37,750
Senate Sununu, John E $31,400
Senate Reed, Jack $30,100
House Skelly, Michael Peter $26,171
Senate Baucus, Max $26,000
Senate Harkin, Tom $24,580
Senate Lautenberg, Frank R $24,100
Senate Collins, Susan M $21,900
Senate Warner, Mark $21,800
Senate Landrieu, Mary L $20,700
House Gillibrand, Kirsten E $20,500
See all recipients

http://www.opensecrets.org/orgs/recips.php?id=D000000085

Chambliss, Saxby (R-GA) Senate $20,100
Durbin, Dick (D-IL) Senate $19,500
Coleman, Norm (R-MN) Senate $19,200
Rangel, Charles B (D-NY) House $18,100
McConnell, Mitch (R-KY) Senate $17,500
Hoyer, Steny H (D-MD) House $17,300
Kanjorski, Paul E (D-PA) House $16,100
Kirk, Mark (R-IL) House $15,700
Maloney, Carolyn B (D-NY) House $14,600
Cote, Adam (D-ME) House $14,000
Biden, Joseph R Jr (D-DE) Senate $13,800
Shays, Christopher (R-CT) House $13,800
Rockefeller, Jay (D-WV) Senate $13,400
Cornyn, John (R-TX) Senate $13,100
Pryor, Mark (D-AR) Senate $12,600
Boehner, John (R-OH) House $12,000
Roberts, Pat (R-KS) Senate $11,500
Pelosi, Nancy (D-CA) House $11,000
Udall, Tom (D-NM) House $10,850
Blunt, Roy (R-MO) House $10,500
Dole, Elizabeth (R-NC) Senate $10,500
Udall, Mark (D-CO) House $10,200
Walberg, Tim (R-MI) House $10,100
Bachus, Spencer (R-AL) House $10,000
Clyburn, James E (D-SC) House $10,000
Dingell, John D (D-MI) House $10,000
Frank, Barney (D-MA) House $10,000
Johnson, Tim (D-SD) Senate $10,000
Menendez, Robert (D-NJ) Senate $10,000
Castle, Michael N (R-DE) House $9,600
Capito, Shelley Moore (R-WV) House $9,500
Allen, Tom (D-ME) House $9,400
Smith, Gordon H (R-OR) Senate $9,400
Crapo, Mike (R-ID) Senate $9,200
Kuhl, John R Jr (R-NY) House $9,000
Enzi, Mike (R-WY) Senate $8,600
Richardson, Bill (D) Pres $8,600
Crowley, Joseph (D-NY) House $8,500
Cantor, Eric (R-VA) House $8,000
Murphy, Chris (D-CT) House $7,700
Schwartz, Allyson (D-PA) House $7,600
Maffei, Dan (D-NY) House $7,500
McCrery, Jim (R-LA) House $7,500
Fitz-Gerald, Joan (D-CO) House $7,400
Murphy, Patrick J (D-PA) House $7,100
McCaul, Michael (R-TX) House $6,900
Becerra, Xavier (D-CA) House $6,600
Biggert, Judy (R-IL) House $6,600
Roskam, Peter (R-IL) House $6,600
Sullivan, Sean Patrick (R-CT) House $6,600
Miller, George (D-CA) House $6,500
Neal, Jim (D-NC) Senate $6,100
Cazayoux, Donald J (D-LA) House $6,000
Foster, Bill (D-IL) House $6,000
Johanns, Michael O (R-NE) Senate $6,000
Lowey, Nita M (D-NY) House $6,000
Reid, Harry (D-NV) Senate $6,000
Lalor, Kieran Michael (R-NY) House $5,650
Salazar, Alfredo (3-PR) $5,600
Treadwell, Sandy (R-NY) House $5,600
Etheridge, Bob (D-NC) House $5,500
Levin, Carl (D-MI) Senate $5,500
Nadler, Jerrold (D-NY) House $5,500
Neugebauer, Randy (R-TX) House $5,500
Wexler, Robert (D-FL) House $5,500
Shafroth, William G (D-CO) House $5,300
Martin, James Francis (D-GA) Senate $5,100
Minnick, Walter Clifford (D-ID) House $5,100
Andrews, Robert E (D-NJ) House $5,000
Arcuri, Michael (D-NY) House $5,000
Camp, Dave (R-MI) House $5,000
DeLauro, Rosa L (D-CT) House $5,000
Hall, John (D-NY) House $5,000
Kerry, John (D-MA) Senate $5,000
McMahon, Michael E (D-NY) House $5,000
Moore, Dennis (D-KS) House $5,000
Peterson, Collin C (D-MN) House $5,000
Putnam, Adam H (R-FL) House $5,000
Reynolds, Tom (R-NY) House $5,000
Scott, David (D-GA) House $5,000


8 posted on 03/21/2009 2:13:23 PM PDT by maggief
[ Post Reply | Private Reply | To 1 | View Replies]

To: Behind Liberal Lines

Wait until Monday morning and the rumors start flying about Drudge’s reports that the One has decided to personally review and manage ALL bank and other Wall Street salaries

Bamster’s mentors must be impatient wih the DOW holding so tenaciously in the 7000 range. Faster action is needed to bust the entire financial system.

(out of ALL stocks as of opening bell Monday and holding my breath)


9 posted on 03/21/2009 2:13:32 PM PDT by silverleaf (Freedom's just another word for "nothing left to lose")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Behind Liberal Lines
“[7u&k] Obama,” one person said aloud on the floor, giving voice to the feeling of political betrayal.

Consider yourself lucky you were not named in the article.

Because within 2 years, you would have been rounded up and killed.

10 posted on 03/21/2009 2:13:38 PM PDT by Lazamataz ("We beat the Soviet Union, then we became them." -- Lazamataz, 2005)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet

You’re a recruiter, huh..I have no experience in the financial sector, but I’m a helluva telecom tech. I want to make the change to a government position, stop paying income tax, get one helluva retirement plan and put my non-experience to good use..can you get me a job in the ears administration??

heh..


11 posted on 03/21/2009 2:14:42 PM PDT by GeorgiaDawg32 (A democrat will break your leg, then hand you a crutch and take credit for your being able to walk.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Behind Liberal Lines

Schadenfreude isn’t a very becoming personality characteristic, but it happens to be one that I’m now exhibiting. While I unabashedly believe that these ex post facto tax increases are unquestionably unconstitutional, I’m enjoying the discomfort they are causing Barry’s Wall St. allies.


12 posted on 03/21/2009 2:15:16 PM PDT by Big_Monkey
[ Post Reply | Private Reply | To 1 | View Replies]

To: silverleaf
Wait until Monday morning and the rumors start flying about Drudge’s reports that the One has decided to personally review and manage ALL bank and other Wall Street salaries

The guy is a f***ing fascist.

It's time to oust the bastard.

For real.

13 posted on 03/21/2009 2:15:38 PM PDT by Lazamataz ("We beat the Soviet Union, then we became them." -- Lazamataz, 2005)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Behind Liberal Lines

There ought to be anger and panic in the hearts of every red-blooded constructionist in this country. Targeting a small group of people with a tax is clearly unconstitutional, and this action by the weasels sets a precedent - when will they come after you?


14 posted on 03/21/2009 2:15:51 PM PDT by brewcrew
[ Post Reply | Private Reply | To 1 | View Replies]

To: Behind Liberal Lines
My guess is many of these brokers and traders are smart, come from good schools, and are sports fans and like the "in-crowd". They liked Obama because he was "Cool".....

How's that workin' for you now Mr. Cool Financial Pro?

The inability of these folks to think logically and critically and draw the an inextricable link between Obama's policies and socialism ( or worse ), which frighteningly enough, they may have had little exposure too is not something to instill confidence in their clients, should they observe this like many of us freepers will in it's total context....

15 posted on 03/21/2009 2:15:58 PM PDT by taildragger (Palin / Mulally 2012)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Behind Liberal Lines

Loophole:

1. Bring annual salary compensation below $250k maximum

2. Goldman makes interim loans to employees guaranteed against expected bonus for cash flow needs of key producers

3. Unlimited bonus and no 90% bonus tax since tax applies only to those employees making $250k+.

Goldman is already making loans to employees who used Goldman stock as collateral and have had margin calls.

If Obama really wants to make Goldman and the others squeal, he should prohibit TARP recipients from making employees loans of over $125k.


16 posted on 03/21/2009 2:16:15 PM PDT by jimbo123
[ Post Reply | Private Reply | To 1 | View Replies]

Comment #17 Removed by Moderator

To: Behind Liberal Lines

(So, lads and lasses, here’s your reassurance. If this bill becomes law, last year’s bonuses won’t fall under the 90% tax. It only applies to bonuses paid after December 31st. So you’ll have till the end of the year to figure out some way around this thing. We’re sure you can do it. Now back to the story.)

Isn’t this the textbook definition of an ex post facto law?


18 posted on 03/21/2009 2:17:26 PM PDT by Cavalcabo (Sancte Michael, defende nos in proelio, contra nequitiam et insidias diaboli esto praesidium.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lazamataz
"ALL bank and other Wall Street salaries"

THAT is the start of the slippery slope to control salaries in ALL occupations and all companies..

19 posted on 03/21/2009 2:17:33 PM PDT by GeorgiaDawg32 (A democrat will break your leg, then hand you a crutch and take credit for your being able to walk.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: rstark56
We tried to warn you, your duty is now to correct the ship in 2010

By 2010 that 'ship' is going to already be on the ocean floor with the Titanic.
20 posted on 03/21/2009 2:18:33 PM PDT by mkjessup (You're either with our Constitution, or you are with TKU ("The Kenyan Usurper"). CHOOSE!!!)
[ Post Reply | Private Reply | To 4 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-80 ... 121 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson