When the Goldman Sachs team sits back and wonders why they’re so despised by so many, they should look at this as an example of why.
It’s only because of the generosity of the American taxpayer that Goldman and the rest of the pampered banking class still are in business, flush with money.
But that was so long ago in the minds of the greediest people on the planet. All has been forgotten, and the senior management of Goldman expect preferential treatment at every turn. Yes, their taxes are increasing — that kind of happens after we bailout you out and, rather than dying and paying no taxes (because you don’t exist anymore), you flourish.
Time after time, the bankers remind us of how poorly the 2008 bailout was implemented (from the perspective of the taxpayers). Many of these companies needed to be saved, but their million-dollar lifestyles did not need to be saved.
It’s also worth noting that the banking crisis these guys created is a major reason for the ongoing soft economy. It’s not as if they’re out of the woods yet in terms of owning the ongoing mess we’re still in. So perhaps it’s not yet time for them to celebrate by throwing their (our) cash around everywhere but the US Treasury.
So much for Goldman Sachs CEO Lloyd Blankfein’s empty words about his willingness to pay more in taxes to help address the fiscal cliff:
Goldman Sachs CEO Lloyd Blankfein wants politicians and business leaders to work together to avoid the “fiscal cliff,” even if it means the rich end up paying more in taxes.
“I believe that tax increases, especially for the wealthiest, are appropriate,” Blankfein wrote in a Wall Street Journal commentary in Wednesday’s edition.
Thanks for nothing (literally):
Goldman Sachs Group Inc. (GS) accelerated delivery of $65 million in stock awards to 10 executives, including Chief Executive Officer Lloyd C. Blankfein, helping them avoid higher tax rates that take effect this year.
The awards are restricted stock granted for years prior to 2012, according to 10 separate filings made public at about 8 p.m. New York time on Dec. 31. Each executive surrendered 45 percent to 50 percent of their awards in order to pay taxes, according to the filings. Goldman Sachs stock climbed 41 percent in 2012, its first annual gain since 2009.
Goldman Sachs, the fifth-biggest U.S. bank by assets, typically delivers executives’ restricted stock during January. The decision to speed up the delivery came as the U.S. Congress debated and ultimately passed a bill that would increase tax rates on capital gains and on individuals who make taxable income of $400,000 or more.