Goldman Sachs outrage increases, tax evader crackdown cancelled?

[Craig234]

I'm just going to quote the Thom Hartmann e-mail I got today since he lays it out:

Democratic Underground is reporting that Goldman Sachs has a bonus bonanza - $23 billion in 2009 - double the bonus pool paid to employees in 2008. How much is $23 billion? It could have paid for 460,000 full paying students to Harvard University for one year, or 115,000 for four years. It could have paid health insurance for an American family 1.7 million times. As Goldman pays it's biggest bonuses ever to employees it won't pay much in taxes either - only 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." It's time that corporations start paying their fair share in taxes and we roll back the Reagan tax cuts so the wealthy can pay their fair share and help bring back the middle class by rewarding people who actually make things instead of these obscene pay packages for people who make absolutely nothing but only move money around.

In May, President Obama announced the Federal Government would increase tax revenue $210 billion over the next ten years by cracking down on tax havens used around the world by U.S. corporations to avoid paying US taxes on money they earn selling things to you and me. Now The Wall Street Journal reports that the Obama administration has set aside this plan due to intense pressure. Drip Drip Drip on the middle class - trickle down economics is still with us, and still creating a nation of peons.

I'm already a strong opponent of Goldma-achs as they continue their egregious corrupt practices that harm our nation for their enrichment.

2009 bonuses double those in 2008, and the all time highest. Any on the right getting the message yet in this current economy that Sachs had a big role in harming?

On my limited list of things Obama has done that I'm very pleased about, an item high on it was his pursuit of the tax evasion schemes for the most rich in overseas havens.

Now that the WSJ reports hes shelved this under pressure - what do people need to get the idea that our democracy has been hijacked?

Harvey has his song, but the quote I like to pull out for this issue is:

Politicians have to LOOK good to voters, but DO good for donors.

As the most wealthy continue to skyrocket their share of the nation's wealth at the expense of the rest of the nation - not in exchange for increased prosperity - are the American people going to get a clue and form a political movement to protect their own interests - against Republicans and all too many corporate Democrats?

The one faction, as I've long said, that stands for the people in this is the progressive wing of the Democrats. Are people too propagandized to consider backing that wing?

Today's news is a cause for increased outrage.

 

[EagleKeeper]

Get off your soapbox

The company has the right to pay its employees what it is felt they deserve.

The government has not say in it - GS has paid back any funds borrowed.

If the government wants to soak the rich as punishment; where will it stop.
Obama's administration has the ability to place controls on companies via regulations if they choose to. They chose not to. Blame them for allowing the situation to continue.



And answer the NAACP question

 

[Ausm]

Goldman Sax came out smelling like a rose because they were hedged against the garbage they were pushing. They were really the only ones out there that realized the whole economic system was going to collapse.

 

[VashHT]

Originally posted by: Common Courtesy
Get off your soapbox

The company has the right to pay its employees what it is felt they deserve.

The government has not say in it - GS has paid back any funds borrowed.

If the government wants to soak the rich as punishment; where will it stop.
Obama's administration has the ability to place controls on companies via regulations if they choose to. They chose not to. Blame them for allowing the situation to continue.



And answer the NAACP question

Good to see some people enjoy being treated like shit.

 

[Kirby]

Originally posted by: Common Courtesy
And answer the NAACP question

 

[Special K]

What I find amazing is that a company can go from being on the verge of collapse to record profits in less than a year. It seems that even JPM, BOA, and C haven't made nearly the turnaround that GS has.

 

[bfdd]

Originally posted by: VashHT

Originally posted by: Common Courtesy
Get off your soapbox

The company has the right to pay its employees what it is felt they deserve.

The government has not say in it - GS has paid back any funds borrowed.

If the government wants to soak the rich as punishment; where will it stop.
Obama's administration has the ability to place controls on companies via regulations if they choose to. They chose not to. Blame them for allowing the situation to continue.



And answer the NAACP question

Good to see some people enjoy being treated like shit.

How is Common Courtesy being treated like shit?

 

[Craig234]

Originally posted by: Common Courtesy
Get off your soapbox

The company has the right to pay its employees what it is felt they deserve.

The government has not say in it - GS has paid back any funds borrowed.

If the government wants to soak the rich as punishment; where will it stop.
Obama's administration has the ability to place controls on companies via regulations if they choose to. They chose not to. Blame them for allowing the situation to continue.



And answer the NAACP question

I was considering adding a point to the OP that you need to be stated, so I'll just add it as a reply to you.

Our economy should reward things that are good for the nation. Build a car that helps people, get a priofit for doing it.

It should not allow itself to get dominated by interests who profit from HURTING the country, as Goldman-Sachs and many schemes by similar groups do.

It's not about being rich - being rich for the right reason is great. It's about leeching to get rich, getting rich in a way that harms others, harms the nation.

Don't try to misrepresent the issue as just being 'anti-rich', a straw man.

They are parasites who weaken if not kill their host. That's not what economics is about. You simplistically assume that all profit is equally reflective of contributing to the country.

Wrong.

 

[Ausm]

Originally posted by: bfdd

Originally posted by: VashHT

Originally posted by: Common Courtesy
Get off your soapbox

The company has the right to pay its employees what it is felt they deserve.

The government has not say in it - GS has paid back any funds borrowed.

If the government wants to soak the rich as punishment; where will it stop.
Obama's administration has the ability to place controls on companies via regulations if they choose to. They chose not to. Blame them for allowing the situation to continue.



And answer the NAACP question

Good to see some people enjoy being treated like shit.

How is Common Courtesy being treated like shit?

The way I read it is the poster was saying Common Courtesy was treating the OP like shit.

 

[bfdd]

Originally posted by: Ausm

Originally posted by: bfdd

Originally posted by: VashHT

Originally posted by: Common Courtesy
Get off your soapbox

The company has the right to pay its employees what it is felt they deserve.

The government has not say in it - GS has paid back any funds borrowed.

If the government wants to soak the rich as punishment; where will it stop.
Obama's administration has the ability to place controls on companies via regulations if they choose to. They chose not to. Blame them for allowing the situation to continue.



And answer the NAACP question

Good to see some people enjoy being treated like shit.

How is Common Courtesy being treated like shit?

The way I read it is the poster was saying Common Courtesy was treating the OP like shit.

ah ok that would make sense and i retract my original post if that's the case.

 

[TheSkinsFan]

Banking and investment compensation packages are determined through global competition in the banking and investment industries. Such bonuses are common and expected in those professions everywhere in the world.

As long as the companies that received funds from the U.S. Government fulfill their payments and other obligations, in accordance with all agreed upon terms, they are otherwise absolutely free to do what they want with the remainder of their budgets and profits within the limits of the law.

You do want the U.S. banks and investment houses to remain competitive with their counterparts throughout the world, don't you Craig? That was one of the goals of the bailouts, wasn't it?

If you're upset that Congress failed to impose any type of new and more stringent regulations on U.S. banking practices, then I think you know who to blame, right? (Hint: it ain't the banks).

We're already having a very thorough discussion of the recent bonus issues here on the front page:
http://forums.anandtech.com/me...=2342164&enterthread=y

On another note, we also have a very lively discussion going on regarding Baltimore's mayoral situation. We were all just discussing Craig's brilliant contributions to that thread and would very much appreciate it if he rejoins the discussion right away:
http://forums.anandtech.com/me...=2341987&enterthread=y

 

[teddyv]

The greatest deception the Dems ever won was convincing America that it was the Republicans who were the tools of the rich (and for the record, Goldman owns the Dems and the biggest players in big-money politics are not big multinational corporations but the Unions -- and Goldman LoL.)

 

[miniMUNCH]

Originally posted by: teddyv
The greatest deception the Dems ever won was convincing America that it was the Republicans who were the tools of the rich (and for the record, Goldman owns the Dems and the biggest players in big-money politics are not big multinational corporations but the Unions -- and Goldman LoL.)

This.

 

[FuzzyBee]

Originally posted by: Craig234

Our economy should reward things that are good for the nation. Build a car that helps people, get a priofit for doing it.

Wow. I was going to put the "shocked" emoticon, but considering the OP, I guess I'm not.

 

[imported_Lothar]

Originally posted by: Special K
What I find amazing is that a company can go from being on the verge of collapse to record profits in less than a year. It seems that even JPM, BOA, and C haven't made nearly the turnaround that GS has.

GS wasn't anywhere near being on the verge of collapse.

 

[Special K]

Originally posted by: Lothar

Originally posted by: Special K
What I find amazing is that a company can go from being on the verge of collapse to record profits in less than a year. It seems that even JPM, BOA, and C haven't made nearly the turnaround that GS has.

GS wasn't anywhere near being on the verge of collapse.

I thought they would have gone under if the Fed hadn't given AIG its emergency loan, which allowed GS to collect on the bets it made with AIG?

 

[PokerGuy]

Still waiting on that answer to the NAACP question.

This is just more of the usual drivel from the usual idiots. They can pay out as much in bonuses as they want. GS paid back the "bailout" money. Why should they not be able to pay out whatever bonuses they want, just like any other company in the country? They can pay bonuses any way they want to, something that just doesn't sit well with the socialist crowd.....

 

[rudder]

Originally posted by: miniMUNCH

Originally posted by: teddyv
The greatest deception the Dems ever won was convincing America that it was the Republicans who were the tools of the rich (and for the record, Goldman owns the Dems and the biggest players in big-money politics are not big multinational corporations but the Unions -- and Goldman LoL.)

This.

This and how can you justify cracking down on tax evaders when there are so many working for the Federal Government. Charles Rengel is probably very busy taking notes.

 

[ayabe]

Originally posted by: Special K

Originally posted by: Lothar

Originally posted by: Special K
What I find amazing is that a company can go from being on the verge of collapse to record profits in less than a year. It seems that even JPM, BOA, and C haven't made nearly the turnaround that GS has.

GS wasn't anywhere near being on the verge of collapse.

I thought they would have gone under if the Fed hadn't given AIG its emergency loan, which allowed GS to collect on the bets it made with AIG?

They probably wouldn't have folded, but they were basically shielded from losses by that little tap dance.

 

[piasabird]

We should worry more about controlling spending by the federal government.

 

[Darwin333]

I would be satisfied with an investigation or two into the many cases of probable front running and fraud but we don't get upset about that. Now if those bastards get a fat bonus from said allegations, oooh boy do we get pissed.

Correct me if I am wrong, but can't Obama order an investigation into GS alleged criminal activity with a phone call? If so, why do you suppose he doesn't?

 

[CPA]

Is Goldman Sachs currently holding bailout funds? no. Then take your sob story elsewhere. I like how your looter tries to play on the heartstrings of his readers by throwing a strawman argument in there about healthcare.

 

[CPA]

Originally posted by: Craig234


Our economy should reward things that are good for the nation. Build a car that helps people, get a priofit for doing it.

I thought cars caused global warming, how is that helping people?

 

[ElFenix]

corporations don't pay taxes anyway and levying taxes on them just makes the tax scheme that much more complicated and ultimately dicks over the middle class.

 

[teddyv]

We should worry more about controlling spending by the federal government.

Yup