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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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