Tuesday, October 20, 2009

Goldman Sachs Employees Thank Taxpayers for Their Obscene Compensation

The post title, of course, is a joke. No Goldman Sachs employees did any such thing.

This is not very polite, as Goldman (a large investment bank) is preparing to split up a $23 billion bonus pool among it's employees.

How did they make all this money?

Well, if you're a taxpayer, then you lent Goldman money to gamble with (at 0% interest), and paid its debts. This gamble turned out well (because the government killed off its competitors), and now they're keeping all the money. If they had lost, you would have been the one paying the bill (again).

And if you are not a taxpayer, well, then, you have one thing in common with Goldman, which paid a corporate tax rate of only 1%.

But don't feel bad for them having to pay that 1%. They have figured out how to make it back by imposing a private tax on all of your personal stock trades, and the trades that are done for your 401K/mutual/pension fund.

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