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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
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To: Behind Liberal Lines

For supposedly being bright people, they sure were easily hoodwinked. Serves them right.


21 posted on 03/21/2009 2:18:56 PM PDT by GOP Golfer
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To: 2ndDivisionVet
If I didn’t know any better, I’d think the democrats were trying to ruin our economy...

And, oddly, as the GS folks prove, they never figure that it will affect THEM until ... it does.

.

22 posted on 03/21/2009 2:18:58 PM PDT by Seaplaner (Never give in. Never give in. Never...except to convictions of honour and good sense. W. Churchill)
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To: Behind Liberal Lines
What did they think would happen?

Anyone who doesn't figure out getting in bed with government involves sex isn't competent to run a company.
23 posted on 03/21/2009 2:19:19 PM PDT by mysterio
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To: jimbo123
Another Loophole if not closed was something like this.... Brokerage firm "X" would want to steal hot young broker from Brokerage "Y" and eventually bring his bill of book with him.

"X" gives a bonus is in the form of a loan. Young Turk broker moves in new firm and goes out and gets the Ferrari......

24 posted on 03/21/2009 2:20:26 PM PDT by taildragger (Palin / Mulally 2012)
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To: Behind Liberal Lines

I suppose Goldman Sachs could announce that Obama’s economy is hopeless and they are shutting their doors forever.

That might take the wind out of Obama.

Someone needs to play hardball with these communist wanna-bees.

Just shut the whole damned economy down....they wanted change, give em lots of it.

Better for the frog to jump out of the boiling pot now.


25 posted on 03/21/2009 2:21:50 PM PDT by Bobalu (McCain has been proven to be the rino flop I always thought he was.)
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Comment #26 Removed by Moderator

To: 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.

Just Deserts!
27 posted on 03/21/2009 2:22:37 PM PDT by HEY4QDEMS
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To: Behind Liberal Lines

Too bad. It’s all so unnecessary. Even a superficial and very brief review of the lessons of history would have indicated to these fools that the Useful Idiots are the first to be sacrificed by revolutionary leadership, sent off to the gulags, and stood up against the wall.

Oddly, it seems that our newer generations have come to believe that we’re somehow at “the end of history” and the indelible lessons of times passed don’t appy to them.

Possibly it’s a failure of our dumbed-down educational system; possibly it’s due to an egocentric and misplaced optimism - probably it’s a little of each.


28 posted on 03/21/2009 2:22:39 PM PDT by Jack Hammer (here)
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To: Behind Liberal Lines

They should of known better than to believe a Community Organizer from Chicago’s south side.


29 posted on 03/21/2009 2:22:42 PM PDT by A. Morgan (Every night I pray that Rezko and Blago roll over on Obama!)
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To: Behind Liberal Lines

30 posted on 03/21/2009 2:22:58 PM PDT by maggief
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To: Behind Liberal Lines

Please please please please please enact the tax!


31 posted on 03/21/2009 2:24:18 PM PDT by Jeff Chandler (Obama's next program: Kopechne Care)
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To: Behind Liberal Lines

They should know better to back a committed Marxist. What did they expect. They are willfully ignorant.


32 posted on 03/21/2009 2:24:39 PM PDT by Red Steel
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To: Behind Liberal Lines
Cry Me a River
Click the Pic

Cry me a river.....
Losers...
33 posted on 03/21/2009 2:26:00 PM PDT by Fiddlstix (Warning! This Is A Subliminal Tagline! Read it at your own risk!(Presented by TagLines R US))
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To: Big_Monkey
Schadenfreude isn’t a very becoming personality characteristic, but it happens to be one that I’m now exhibiting.

Kind of like the D.C. parents who just had their kids' school vouchers yanked out from under them. How do you like your Democrat rat hole government schools, Obama voters?

34 posted on 03/21/2009 2:26:34 PM PDT by Jeff Chandler (Obama's next program: Kopechne Care)
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To: traderrob6

A Democrat walks warily down the street,
With the brim pulled way down low
Ain’t no sound but the sound of his feet,
Registration card ready to go
Are you ready, Are you ready for this
Are you hanging on the edge of your seat
Into the ballots the levers trip
Voting to the sound of the beat
Chorus

Another one under the bus
Another one under the bus
And another one gone, and another one gone
Another one under the bus
Hey, I voted for him too!
Another one under the bus

How do you think I’m going to get along,
Without you, when you’re gone
You took me for everything that I had,
And kicked me out on my own

Are you happy, are you satisfied
How long can you stand the heat
Into the ballots the levers trip
Voting to the sound of the beat
Chorus

Another one under the bus
Another one under the bus
Another one under the bus
Another one under the bus
There are plenty of ways you can hurt a man
And bring him to the ground
You can beat him
You can cheat him
You can treat him bad and leave him
When he’s down
But I’m ready, yes I’m ready for you
I’m standing on my own two feet
Into the ballots the levers trip
Voting to the sound of the beat


35 posted on 03/21/2009 2:27:53 PM PDT by GraceG
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To: jimbo123

“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+.”

This is incorrect hogwash.

1: If the spouse has even $1 worth of any income (or WS worker has some other income, as most do), that would be subject to 90% tax.
3: No, anybody who has family (married filing jointly) income more than 250k after bonuses will be hit.

For example, say, a Wall Street mid-level IT manager makes $150k and spouse makes $100k. If the IT manager (or spouse) gets $15k bonus, it will be taxed at 90% (actually more because of state taxes).

Making loans is irrelevant. If it is forgiven, it is income.


36 posted on 03/21/2009 2:28:03 PM PDT by heiss
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To: GeorgiaDawg32

The catch is, if they had of elected someone who hadn’t of bailed them out, they’d all be unemployed anyway right now. Nearly all of these places would have gone under. They were F’d no matter what happened.


37 posted on 03/21/2009 2:29:04 PM PDT by OH4life
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To: jimbo123

Are you sure it is salary of $250K or AGI?


38 posted on 03/21/2009 2:29:08 PM PDT by uncommonsense
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To: GeorgiaDawg32

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

I’m sorry but one of the greatest threats to our country is illegal immigration of which McAmnesty falls on the wrong side of this issue.


39 posted on 03/21/2009 2:31:07 PM PDT by doc
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To: Behind Liberal Lines
There are several rather important pieces of information here:
  1. The extent of cluelessless among those who supported Obama and/or the Democrats. Apparently, they actually didn't know many important facets of the policies of those they've been supporting.
  2. The Democrats are repeating the mistakes of the early Clinton administration—but on a far grander scale. They've misinterpreted the rejection of Bush as a mandate for collectivism/socialism.
  3. There is great potential for some enterprising political party (other than the Democrats) to capure the disaffected/betrayed as new supporters—but any such party would have to have the intelligence and courage to take advantage of the situation. The only question is whether there is any such alternative party...

40 posted on 03/21/2009 2:33:37 PM PDT by sourcery (Obama Lied. The Economy Died!)
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