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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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1 posted on 03/21/2009 2:05:23 PM PDT by Behind Liberal Lines
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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.)
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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)
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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
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To: icwhatudo

Really, what the F did they expect.


5 posted on 03/21/2009 2:10:58 PM PDT by traderrob6
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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.)
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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.)
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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
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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")
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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)
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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.)
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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
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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)
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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
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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)
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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
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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.)
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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.)
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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!!!)
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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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Comment #41 Removed by Moderator

To: Jeff Chandler
"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"

"The One" keepin' 'em in their place. Stockholm Syndrome I suppose...?

42 posted on 03/21/2009 2:38:07 PM PDT by uncommonsense
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To: Behind Liberal Lines

Couldn’t happen to a more deserving bunch. Goldman Sachs has played both sides of every market to their own advantage. They wanted the big 0. It is only fitting they should pay the price. Unfortunately, its all the US taxPAYERS that are getting the REAL screwing in all of this. Goldman Sachs executives and ‘players’ already have their money and will NOT be giving it back. Most of them will just walk with their money intact.


43 posted on 03/21/2009 2:38:15 PM PDT by NHResident
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To: uncommonsense

I was wrong. It’s $250k in AGI.

Here’s the law:

http://www.businessinsider.com/full-text-of-the-90-bonus-tax-bill-2009-3


44 posted on 03/21/2009 2:38:36 PM PDT by jimbo123
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To: Lazamataz
It's time to oust the bastard. For real.

I agree. In a post on an earlier thread I said it's Obama's resignation we the people should be demanding rather than geitner's

45 posted on 03/21/2009 2:39:37 PM PDT by jersey117
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To: Behind Liberal Lines

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

I don’t see any betrayal at all. Obama promised to screw them and that is just what he is doing. The Bama supporters should be applauding.


46 posted on 03/21/2009 2:39:53 PM PDT by FastCoyote (I am intolerant of the intolerable.)
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To: Behind Liberal Lines

Couldn’t happen to a more deserving bunch. Goldman Sachs has played both sides of every market to their own advantage. They wanted the big 0. It is only fitting they should pay the price. Unfortunately, its all the US taxPAYERS that are getting the REAL screwing in all of this. Goldman Sachs executives and ‘players’ already have their money and will NOT be giving it back. Most of them will just walk with their money intact.


47 posted on 03/21/2009 2:41:01 PM PDT by NHResident
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To: Behind Liberal Lines

Too bad McCain didn’t see the train wreck coming. Because he decided to “enjoy” Bush’s “round table” ... way back last October. And, he canceled his first debate “just to go and sit around the White House table. Then? 40 minutes later he burst out the door, after not saying a word. But claiming “Obama just took over.” Well, that was prescient!

But where the democrats are now very alert; has to do with the economic meltdown. Heck, Goldman could’a really felt the wrath. Except Bush & Company didn’t listen.

Now? You bet the democrats are gonna squeeze blood out of the Wall Street charlatans. It’s not just a “blame” thing, anymore. It’s like seeing Bernie Madoff sent to jail.


48 posted on 03/21/2009 2:41:18 PM PDT by hihoherman
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To: heiss

Here’s the text of the law. You make some good points.

http://www.businessinsider.com/full-text-of-the-90-bonus-tax-bill-2009-3


49 posted on 03/21/2009 2:44:17 PM PDT by jimbo123
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To: Behind Liberal Lines

Don’t worry, you GS boys. You are all democrat hacks, so the legislation won’t apply to you.


50 posted on 03/21/2009 2:44:47 PM PDT by pissant (THE Conservative party: www.falconparty.com)
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