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.
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 Drudge’s 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 hadn’t of bailed them out, they’d 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.
Good luck!
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.
Cheers!
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