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Goldman Sachs | I Am So Annoyed

I Am So Annoyed

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When it rains it pours

Saturday, January 2nd, 2010   4:03 pm | Author: Jerry | Money | Add Comment
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It seems that no matter what Wall Street firms do they win.

 

First they are on the brink of disaster, or so we are told and the government bails them out with taxpayer money. No problem as long as the economy doesn’t collapse.

 

The economy doesn’t collapse although many individual investors lose much of their net worth. But not these firms.

 

The firms (Goldman Sachs, JP Morgan, etc.) wind up raking it from various fees, including fees charged to the government.

 

In fact the Wall Street firms did so well that they are handing out $200 billion in bonuses for 2009.

 

And to add insult to injury the compensation packages, including bonuses that the firms have given their employees will wind up saving the top three firms a fortune in taxes.

 

The NYT reports that “Many American banks already pay minuscule federal income taxes, because of various deductions and clever tax planning; the payout-related breaks will ..continue reading

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Wall Street nails taxpayers again

Sunday, November 22nd, 2009   8:45 am | Author: Jerry | Economy, Money, Politics/Government | Add Comment
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An article in this week’s BusinessWeek titled “Wall Street Plays Hardball” makes it clear that the taxpayers are taking a hit, again.

 

“Wall Street targeted cities big and small with risky financial products that promised to save them money or boost returns. Investment bankers sold exotic derivatives designed to help municipalities cut borrowing costs. Banks and insurance companies constructed complicated tax deals that allowed public utilities, transit authorities, and other nonprofit organizations to extract cash immediately from their long-term assets. Private equity firms, pointing to stellar historical gains, persuaded big public pension funds to plow billions of dollars into high-cost investments at the peak of the market. Many of the transactions shared a striking similarity: provisions that protected the banks from big losses and left the customers on the hook for huge payouts.”

 

“Now, as many of those deals sour, Wall Street is ramping up its efforts to collect ..continue reading

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