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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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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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To: doc

I understand..it was a choice between really bad (ears) and really bad (but not as much as ears)..


51 posted on 03/21/2009 2:45:02 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: Lazamataz
The guy is a f***ing fascist. It's time to oust the bastard.

Very well said. But, we are not organized to do anything about it. In contrast, government funded ACORN has organized bus tours of Fairfield to intimidate AIG bonus recipients at their homes.

52 posted on 03/21/2009 2:45:27 PM PDT by balls (I have seen the enemy and it is Hussein 0)
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To: Behind Liberal Lines

Don’t worry, GS, I am sure 0 & Co. will write language into the bill protecting your company, specifically. Then, in a few weeks, they will feign ignorance, shock, outrage.


53 posted on 03/21/2009 2:46:29 PM PDT by ican'tbelieveit ((Join FreeRepublic's Folding@Home team (Team# 36120), KW:Folding))
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To: HEY4QDEMS

Just check out how many former Goldman employees from CEO’s to presidents to VP’s are now in this menstration. How much AIG money went to GS? AIG is the scapesheep for what is coming. This next week will be interesting. Class warfare to the ninth degree is what we’re seeing. Time to put a stop to it. Why would anyone in their right mind want to excell in their field only to be targeted with a 90% tax? This is UNCONSTITUTIONAL! And hardly a sheep will bitch. THAT is our biggest problem. APATHY!


54 posted on 03/21/2009 2:46:33 PM PDT by hkp123
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To: GeorgiaDawg32

I doubt it, according to polls, 0 still has at 54% approval raing.

Not to metion, McCain would have bailed them out anyway.


55 posted on 03/21/2009 2:47:48 PM PDT by ican'tbelieveit ((Join FreeRepublic's Folding@Home team (Team# 36120), KW:Folding))
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To: GOP Golfer

Smart, learned, and wise. What this class of libs are missing is wisdom.


56 posted on 03/21/2009 2:49:33 PM PDT by uncommonsense
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To: Behind Liberal Lines

These people may make a lot of money, but by having voted for obama last November, they prove how some high-income earners can be nitwits.


57 posted on 03/21/2009 2:50:38 PM PDT by Vision Thing
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To: ican'tbelieveit

Wall Street people were “useful idiots” to O, as Stalin said. Their votes are irrelevant to O: They live in NY or CT and there are only maybe 50,000 of them anyway (and probably 30% votes republicans). However, their donations were important in 2007 and 2008. Now O does not really need that money anymore so WS people can be thrown under the bus.

I don’t feel bad for them, but the precedence is dangerous for the country. Remember, “first they came for WS bankers, but I did not care because I was not a WS banker..”


58 posted on 03/21/2009 2:51:58 PM PDT by heiss
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To: Behind Liberal Lines

I’m sure most of you saw this on Drudge:

http://www.ft.com/cms/s/0/4ff2f77e-1584-11de-b9a9-0000779fd2ac.html

If not just check the above link. We the People have elected a bunch of morons.


59 posted on 03/21/2009 2:52:30 PM PDT by Chgogal (Don't look at me, Comrade. You elected them! Hail to our very own President Mugabe!)
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To: hkp123
If they were smart, they would take their portfolios and relocate to Hong Kong or Switzerland but they voted for Barry Obous so they obviously are not smart.

The only advice I can give to Goldman employees is that those bonuses will hurt less if they use a little Vaseline.

60 posted on 03/21/2009 2:53:01 PM PDT by HEY4QDEMS
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