Skip to comments.Anger and Panic At Goldman Sachs Over 90% Tax
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 wouldnt be clawed-back. At least one Goldman trader called his lawyer to see what legal protections might be available
(So, lads and lasses, heres your reassurance. If this bill becomes law, last years bonuses wont fall under the 90% tax. It only applies to bonuses paid after December 31st. So youll have till the end of the year to figure out some way around this thing. Were 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 wouldnt 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.
I understand..it was a choice between really bad (ears) and really bad (but not as much as ears)..
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.
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.
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!
I doubt it, according to polls, 0 still has at 54% approval raing.
Not to metion, McCain would have bailed them out anyway.
Smart, learned, and wise. What this class of libs are missing is wisdom.
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.
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..”
Im sure most of you saw this on Drudge:
If not just check the above link. We the People have elected a bunch of morons.
The only advice I can give to Goldman employees is that those bonuses will hurt less if they use a little Vaseline.
B I N G O in Communism there are only two classes, the government elite and the lowly workers and welfare class. Now if Bernanke bought 300 billion in Treasury notes, and 750 in Toxic Mortgage Securities as he said this week, and he only had about 45 Billion on hand at FDIC, then he printed over a Trillion Dollars this week alone.
Sheila Bair told the banks that they must pay those new higher prices to FDIC, or they could go bankrupt this year...hmmm if all banks went down would 45 Billion or even 145 billion cover the promises of $250,000 pr money market, CD and savings??? NO WAY HOZO What a way to level the playing field. If a new global currency comes in, as other countries are crying for, then that money in mattress is worthless (like confederate money after civil war), if gov’t doesn’t buy it back.
Now I’m not a conspiracy theorists or militia person as Missouri defines those who believe in New World Order or vote 3rd party with bumper stickers on my car (I held my nose for McCain/Palin). However when Kissinger went to Russia to push Obama plan, it should have been clear to all, since Kissinger was at last 30 yrs of Bildeberger mtgs, and with the Obamas 05/06. Bush, Clintons, and others too...HUMMMM You decide.
I refuse to believe his numbers are that high..I think they are being massaged by pollsters to give us the numbers they want us to see in an attempt to lead us to believe he has more support than he actually has. His policies are pi**ing off a lot of people..
It is not what the poll numbers say, it is who counts the poll numbers..
They at least got the government THEY (not us) deserve.
Going to be very interesting in 2010.
“Wait until Monday morning and the rumors start flying about Drudges reports that the One has decided to personally review and manage ALL bank and other Wall Street salaries”
Yeah, that will make them REAL happy.
This kind of thing may fly in a country that is historically semi-socialist and impoverished, but I don’t think it will fly here; most of Obozo’s supporters are still capitalists at heart.
[The catch is, if they had of elected someone who hadnt of bailed them out, theyd all be unemployed anyway right now.]
Actuallu the Fed Gov’t forced banks to take bailout cash WHETHER THEY NEEDED IT OR NOT! They forced healthy banks to take bailout cash.
And on the other hand, I'm fed up with the government targeting a small group with massive benefits. The incest between government and business was going to blow up eventually. Now we're paying the ugly price.
Thomas Sowell recently asked an interviewer to name one thing that Obama has ever said that would make anyone think he was anything but an extreme leftist. Obama always came on as a radical leftist, but the Wall Street Dems heard what they wanted to hear.
Preach it brother, your airplane.
You know, I wish I could mount empathy for the WS banker... but they did ask for it... so maybe they do need to get it for awhile, then we can correct course, provided it isn’t too late.
[. . .has many at Goldman feeling betrayed, fearful and angry. . .]
When the mob is at your gate they won’t ask who you voted for. They will ask how much you will pay them not to ransack your house and burn it.
TS you fools. Walk it off, son.
I definitely don’t disagree with you about poll numbers. I have an apolitical coworker that commented she is furious with our governor (raising taxes stealthily by raising car registration fees) and she wasn’t really impressed with 0 either.
BUT, at the same time, I read a comment on a local news site today blaming the bail out and bonus debacle on republicans. There will always be a fairly large % of Americans that can’t see or hear the truth.
I work at one of the firms that was forced to take TARP money but didn’t want it. I (mostly) held my tongue as others around me talked up the 0 all through October and November, insisting that “he’s going to govern like a centrist, technocrat”.
On Friday morning, I was going through opensecrets.org, noting which of my jack@ss colleagues donated money to this charlatan, and considering asking them if they thought they got their money’s worth.
But then I decided that if they’re going to take my bonus, I need to at least keep my job to have a salary.
A couple of thoughts:
1) Some of the banks were forced to take the TARP so the others wouldn't look too weak competitively. Those employees are hosed for the greater good.
2) Some may have come on board to help clean things up and may have specialized IT / math skills. Their comp may have a higher variable component weighted toward attainment of personal goals so the company can maintain capital reserves. They won't be happy campers.
3) The cap is based on family AGI. So someone who's spouse makes a reasonable wage elsewhere will have their bonus confiscated, even if they make $50K.
Liberals love liberalism until it affects them. It couldn’t happen to a nicer group of people.
I still can’t imagine what made them think Bambi would be a “centrist,” but I even heard Freepers saying that, so I guess he played a good game with somebody’s head. Hillary probably would have been a centrist or a “center leftist,” and I think that Wall Street just assumed that one Dem candidate was like another. Big mistake.
...and within the next two DAYS his personal records broken into and leaked...
I love it! Everyone of those nitwits who thought they were being the smart sophisticated elitist and supported the Kenyan Socialist nitwit deserve what they get - BUT the only problem with that - in the end
“WE ALL SUFFER” !
This reminds me of what happened in Spain when the voters, reeling from the terror attack, went to the polls and voted without thinking. Now the Leftists have taken over the culture and the Church is on the run. Logic is necessary for freedom.
Another nail in the coffins of these TARP firms. I hope they all die quickly.
Of course it’s unconstitutional. It is both ex post facto and a bill of attainder. It is also a useful smokescreen to keep the public from focusing on the fact that hundreds of billions of U.S. taxpayer dollars are going to rescue foreign banks.
I don’t believe this because they are part of Obama’s money laundering team.
So Commander Zero didn’t even wait two months before throwing his biggest class of financial backers to the wolves. The GS guys, so f’ing smart you needed shades while speaking to them on the phone, thought CZ would rape everyone but them. Schmucks.
Another amateur constitutional lawyer. Bills of attainder are criminal, NOT tax laws.
So? Obama has a history of throwing his own people, even friends and relatives, under the bus when its convenient: Rev. Wright, Joe Biden, even his "racist white" grandmother and his Kenyan brother.
Oddly enough, the only person he's never, to my knowledge, thrown under that bus was Bill Ayers. Wonder why?
I bet they donated big money to put commies in office. Karma.
The problem with this new “law” when it passes is that a lot of Repubs voted for it as well.
So the blame will go both ways, but the media will do everything in their power to say it was a Repub bill.
Well, at least this should serve as an abrupt wake-up call to those people foolish enough to vote for the Kenyan Clown.
He's a radical leftist: his history shows nothing else, and he has done nothing in his first 60 days of office except publicly re-affirm his commitment to "spreading the wealth."
Yep. It just reinforces my belief that he knows he is a one term President and therefore has nothing to loose. He will do as much damage as possible and then blame the Republicans for being partisan when he is rendered useless in the 2010 elections. The communists will wail and moan about the evil Republicans that destroyed their hard work at creating the perfect socialist, er
Has Warren Buffett complained lately that he doesn’t pay enough taxes?
You’ve got that right. Before doing business with any financial institution you should check their political donations and see if they have any brains at all.
Damn right. This is why most white people voted for him - Bambi was the “in” thing and probably made them all feel good about themselves to boot. Hardly anybody who voted for him voted for sOcialism, they voted for him because they treated the election like American Idol. That’s the part that pisses me off the most.
YOU VOTED FOR THE THUG. ENJOY THE FRUITS OF YOUR LABOR AND GIVE IT TO HIM!!!! You got what you voted for pal. Suck it up and kiss his skinny @$$. He took you to the tank.