When do we breakout the pitchforks?

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castlewp's picture
castlewp
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When do we breakout the pitchforks?

I am stealing this line

"We are temporarily lifting the ban on profanity for the duration of the economic emergency." 

Goldman Sachs’s Tax Rate Drops to 1%, or $14 Million, for 2008 


By Christine Harper

Dec. 16 (Bloomberg) -- Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.

The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.

Goldman Sachs, which today reported its first quarterly loss since going public in 1999, lowered its rate with more tax credits as a percentage of earnings and because of “changes in geographic earnings mix,” the company said. The rate decline looks “a little extreme,” said Robert Willens, president and chief executive officer of tax and accounting advisory firm Robert Willens LLC.

“I was definitely taken aback,” Willens said. “Clearly they have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.”

In the first nine months of the fiscal year, Goldman had planned to pay taxes at a 25.1 percent rate, the company said today. A fourth-quarter tax credit of $1.48 billion was 41 percent of the company’s pretax loss in the period, higher than many analysts expected. David Trone, an analyst at Fox-Pitt Kelton Cochran Caronia Waller, expected the fourth-quarter tax credit to be 28 percent.

The tax-rate decline may raise some eyebrows because of the support the U.S. government has provided to Goldman Sachs and other companies this year, Willens said.

“It’s not very good public relations,” he said.

Nogbad's picture
Nogbad
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Re: When do we breakout the pitchforks?

I try to tell myself its all due to a kind of anti-serendipitous systemic incompetence, and not a conspiracy. The denizens of the Weimar republic had some difficulty in maintaining that opinion. When I see these things about Goldman and Rothschild, I think of the old adage that history repeats itself - first as tragedy, and then as farce.

lundsta's picture
lundsta
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Re: When do we breakout the pitchforks?

"Lower inflation data
is certainly welcome for the American people," said deputy press
secretary Tony Fratto. "The significant drop in energy prices acts like
a huge tax cut in our economy."

 from MSNBC http://www.msnbc.msn.com/id/28256475/

 I don't know how others feel, but despite the drop in prices, it does not deserve the title "tax cut". They make it seem like our household expenses should be cut in half. 

 

I understand why you prefer to think of any other cause except for conspiracy......but then I see things like this. It is a challenge and I really don't know what to do for the future. I guess that is how they want us to feel. Alone and powerless. It is easier to accept "change".  

DrKrbyLuv's picture
DrKrbyLuv
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Posts: 1995
castlewp: I'm buying a pitchfork for Christmas!

Well said, and I agree if we don't start reminding our government that they represent the people and not banking interests things will only get worse.

castlewp's picture
castlewp
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Posts: 304
Re: When do we breakout the pitchforks?
lundsta wrote:

"Lower inflation datais certainly welcome for the American people," said deputy presssecretary Tony Fratto. "The significant drop in energy prices acts likea huge tax cut in our economy."

 from MSNBC http://www.msnbc.msn.com/id/28256475/

 I don't know how others feel, but despite the drop in prices, it does not deserve the title "tax cut". They make it seem like our household expenses should be cut in half. 

 

I understand why you prefer to think of any other cause except for conspiracy......but then I see things like this. It is a challenge and I really don't know what to do for the future. I guess that is how they want us to feel. Alone and powerless. It is easier to accept "change".  

When I think of conspiracy theories I think of Bigfoot, UFO's, 19 arab men hijacking 4 planes with boxcutter's all controlled by a man in a cave in the middle east and bypassing the worlds most secure airspace etc... but when bankers steel $8.5 Trillion (with a T) of our taxpayers money in broad daylight and almost laugh about it while imploding the economy, I consider it armed robbery and nothing else.  "I AM MAD AS HELL AND I'M NOT GOING TO TAKE IT ANYMORE" 

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joe2baba
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Posts: 807
Re: When do we breakout the pitchforks?

put the pitchforks down

you may be mad as hell but you will take it. 

as a matter of fact take the blue pill it will all be fine. 

you see you can only live one life.............the one that will not believe in conspiracies,

the one that will do as it is told and believe in accidents. the one that votes the same 

people in over and over. the life that is comfortable in the box. it is ok  it will be fine just watch more football.

drink more beer

just focus on birtney, lindsey  and madonna. watch the daily show have a few laughs. hey the matrix aint so bad once you get used to it.

castlewp's picture
castlewp
Status: Gold Member (Offline)
Joined: Oct 7 2008
Posts: 304
Re: When do we breakout the pitchforks?

You're right, I got a little carried away besides Family Guy is on and I can't miss it

FNKRoue's picture
FNKRoue
Status: Bronze Member (Offline)
Joined: Oct 4 2008
Posts: 36
Re: When do we breakout the pitchforks?
castlewp wrote:

You're right, I got a little carried away besides Family Guy is on and I can't miss it

Makes me think of #9 on this list http://stewiesplayground.com/2008/05/19/the-top-ten-family-guy-political-commentary-clips/

The full version is even better with the "how much money before I feel safe again" & "See that $5 I threw that in, that's mine" 

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