UPDATED. Golden Sacks: 23 billion in bonuses, pays only 14 million in taxes

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 So Goldman Sacks is making big fat gobs of money off the financial crisis.

It plans to give out $23 billion, yes, that’s billion with a B, in “bonuses” (hm, we used to call that “embezzlement”) for it’s beloved employees hard work in milking a failing US economy to the ridiculous benefit of The Firm.

Last year, Goldman Sacks paid only 14 million dollars in taxes.  Worldwide.    

Okay, what is wrong with this picture ….?

And why can’t the government do something about it?

Oh right.  The government is owned by Golden Sacks.   Geithner?   Nobody can get him on the phone EXCEPT for Golden Sacks.  They call him all they want, and he calls them, too.   They’re BFF’s!

How much is $23 Billion dollars?

For one thing, it’s enough to send 460,000 full paying students to Harvard University for one year, or 115,000 for four years.

It’s enough to pay the health insurance premium for the average American family ($13,375) 1.7 million times.

It’s enough to upgrade 191 million computers to Windows 7 operating system (priced at $119.99), or to buy 115 million iPhones at $199.99 (provided the recipient was willing to sign a two-year contract).

Or, apparently, it’s enough to reward the employees of Goldman Sachs for a bonanza trading year, at a firm where average employee compensation was recently $622,000 — and likely to be greater this year.

The $23 billion figure could leave some American taxpayers woozy — the US government bailed out Goldman Sachs with a multi-billion payment last year, which the firm has since repaid.

But while Goldman is likely to pay its biggest bonuses ever to employees, the firm pays very little in taxes worldwide. In 2008, the company was said to have paid just $14 million in taxes worldwide, and paid $6 billion in 2007.

The firm’s corporate tax rate? About 1 percent. According a prominent tax lawyer, “They have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.”

A 1 percent tax rate?  

This is the very epitome of “laughing all the way to the bank”.

I suppose it’s good to be King.   And the King of the world right now is Goldman Sachs.

They own the place.

UPDATED Wednesday October 14.

But wait!  There’s more!

Geithner Aides Reaped Millions Working for Banks, Hedge Funds

Oct. 14 (Bloomberg) — Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms.

No corruption there, it’s pure coincidence, nothing to see, move right along now …….

JPMorgan scores big in latest quarter

NEW YORK (CNNMoney.com) — JPMorgan Chase delivered its strongest performance since the financial crisis first took hold two years ago, as the company reported earnings on Wednesday that towered above Wall Street’s expectations.

Financial crisis?   What financial crisis?   Hey, no wonder they’re saying the recession is over.  It sure is … for THEM!

The rest of us?   We can eat cake, right?

Geithner can’t keep his story straight regarding AIG bonuses

There is no evidence US Treasury Secretary Timothy Geithner knew about tens of millions of dollars in bonuses paid to executives at insurance giant AIG before a massive bailout, an inspector general said Tuesday.

Neil Barofsky, the inspector general for the Troubled Asset Relief Program, said in a report to be presented to Congress however that the payment of the bonuses suggested poor communication.

“While (the inspector general) saw no indication that Secretary Geithner had personal knowledge of the … bonuses until March 10, 2009, three days before they were paid, this too suggests a failure of communication,” the report said.

News of some 165 million dollars in bonuses paid out by the fallen insurance giant’s Financial Products unit created an uproar, but officials said they were unable to stop the contractually mandated payments.

Geithner said he was informed by his staff about the bonuses in March and sought to halt them.

So what is it, Timmy?  Did you know, or did you not know?   I know it’s difficult to remember things when you’re in public office, SOOO many people have trouble “recalling” this or that.   But you’re supposed to be keeping track of all of this, that’s your JOB you fucking corrupt putz.

I know it’s hard to keep track of the details when Wall Street On Track To Award Record Pay.   Yes, why keep track of little details when you and your friends are swimming in money?

Major U.S. banks and securities firms are on pace to pay their employees about $140 billion this year — a record high that shows compensation is rebounding despite regulatory scrutiny of Wall Street’s pay culture.

Workers at 23 top investment banks, hedge funds, asset managers and stock and commodities exchanges can expect to earn even more than they did the peak year of 2007, according to an analysis of securities filings for the first half of 2009 and revenue estimates through year-end by The Wall Street Journal.

I’m glad they were able to make lemonade from the lemons.   That “financial crisis” really worked out rather well, didn’t it?   I’m so happy for them!  

Now they can piss on my head and tell me it’s raining and I’ll be oh-so-happy.  

Trickling down to the peasants ……..

Wait.  That’s not lemonade!

May I suggest a specially-made massage table for these people?

Is the Pony/Pie/Hide rating system too cutsie?

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    • Inky99 on October 13, 2009 at 7:48 pm

    at the same time, I think “maybe I should go to work for them”.

  1. recognition by Obama that reform is needed (altho he came out against pay caps), and it doubles!  Our government is completely crazy.  Citizens are completely crazy.  Everything is completely fucking crazy!  However, isn’t GS just a piece of the overall system run by the Fed?  Isn’t the Fed the biggest fish here?  

    • justCal on October 13, 2009 at 9:35 pm

    “Plain and fancy they.”

    They end up with billions and we get “…a dollars worth of steel holes”.  

  2. Why isn’t the US population in the streets?  Hurling & Barfing?

    • dkmich on October 14, 2009 at 12:08 am

    When I click on his diary, my explorer freezes up.   And, I just posted this question to this very spot, and it disappeared instead of posting.  Is this place for real or are you just a figment of my imagination?

    Seriously, am I the only one having problems or did ek break dd?

  3. Geithner, Summers were actually the first clues for what Obama is really about.  Well, Gates and Petraeus too.  And Dennis Ross.  Oh and Panetta and McCrystal.  Well, anyway, lots of clues.  

  4. the post on huffpost from Alan Grayson?

    Last week, Ron Paul and I sent a letter to the Senate Banking Committee about the Chairman of the Federal Reserve, Ben Bernanke.

    Before he is reconfirmed for a second term, we think the Senate and American public should know who got the $2 trillion the Federal Reserve has lent out over the last two years. Only then will the Senate be able to judge whether he should keep his job.

    He’s urging folks to go here: Unmask the Fed and urge Senators to NOT confirm Bernanke.

    Where’s Our Money?

    Chairman of the Federal Reserve, Ben Bernanke, is up for confirmation to his second term, but he has still refused to disclose where he sent $2 trillion in taxpayers’ money. Send a message to your Senators and ask them to make Bernanke come clean before his confirmation moves forward!

    Im not sure what to make of this. I mean, yay go Grayson and all, but… I guess I just find it discouraging that something like this has to even BE a big stink. wtf? Do your jobs, you clowns!

    Plus, Im a little confused, not up on the politics of this shit either.  Two House Reps are urging Senate reps to do this, because it is the Senate’s job. Okay. Fine. But why wasn’t this built in to the deal in the first place? and who’s fault was that?

    And if the pressure “works” and Bernanke fesses up, THEN they can confirm him again? Or what? are there consequences here at all?

    sorry to be obtuse.

  5. Tax Dodger Crackdown Shelved By Obama Administration

    ‘A Senate report (PDF) estimated in 2008 that “the United States loses an estimated $100 billion in tax revenues due to offshore tax abuses” every year.’

    Read more at: http://www.huffingtonpost.com/

  6. For more insight into this subject, try this book for starters: The Rise of the House of Rothschild by Count Egon Caesar Corti—-Google the title, there are download links if you look hard enough 😉

  7. Here’s another book you might want to take a look at: The Secrets of the Federal Reserve by Eustace Mullins 😉

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