They're both fighting tooth and nails for the bonuses...
Thoughts?
How much of the stimulus directly benefited those firms?
How much power to protege's of (at least GS) have in Washington/NY/financial/govt's around the world?
They get richer and richer and richer seemingly no matter what else happens in the World, no matter which party is in power?
Color me not surprised.
Bonuses?
Why not? It's hard work running the World.
shouldve invested in bank stocks when they were in the s...
Somebody is going to make big $$$ with those stocks.
"Somebody is going to make big $$$ with those stocks"
Class war champion Warren Buffet bought $5B of Goldman, sold it for $8B, pays less income tax than his secretary.
How does he avoid capital gain's taxes?
I pay them on every nickel I make on investments. Do really really rich guys get a different 1040?
Ship money overseas?
I'm betting he doesn't use TurboTax like Moi; but that isn't one of the questions.
It asks: Did you sell any stocks?
I say: "Yes"
It asks: What did you sell, and how much did you sell it for?
I tell it how many shares of what I sold for how much.
It asks what I paid for it and when.
I tell it.
It calculates the tax. (if held for less than a year it's taxed as straight income, if over 12 months, as a capital gain). Maybe he didn't sell - in which case there is no tax, yet.
He's rich. Laws, taxes and all that minutiae only apply to commoners like you and me. You always suspect these guys know all the rules of the game, including how to go around them. I think the UBS case actually proves that, and we'll see how long the government cracks down on that, or if that specific case was just for show.
WB says his income tax paid is 17%, after his army of tax lawyers and accountants abuse the purposely hyper-complex tax law the way Congress intended it to be abused.
The Wealthy (oligarchs) Are Different From You And Me.
Turbotax owes me some money.
I'm doubting, however, that Buffet's secretary pays more than half a billion in taxes.
WB's secretary pays a higher tax rate than WB's 17%, was his point, not a bigger absolute number
and fund/money/equity mgrs pay capital gains rate of 15% for the fees they pocket, when they are not making capital gains, since they are investing Other People's Money, not their own.
That is some BS right there. I'm just the poor schlep sitting at the top margin, waiting for next year when it goes back up to 39.
Oh well. At least all the old farts are gonna get a $250 bonus!
If we were bent on freeing credit, I don't see why we didn't just give money to smaller, more responsible banks instead of fronting it to the assholes who put us in this mess to begin with. Great use of our money to subsidize their ing mergers and acquisitions.
Exactly. But Bush/Obama had other ideas.
how come people and moan about spending money on healthcare, but when it comes to spending money so these banks and salaries are ballooned, we hear nothing of the such with townhall meetings or outrage???
Did anyone expect anything to change when Obama brought the head of the NY Fed that oversaw Wall Street on board? Geithner's just picking up where Bernanke started in looking after their boys at the expense of the American taxpayer.
There was, and still is, plenty of outrage over the banks and all the financial sector bailouts. , AIG had to hire extra security because their employees were getting death threats. Not just the executives, the regular employees.
lol had a friend who worked for them, lol all us tried to get cheap manutd jerseys through her see if they get any employee discounts, didnt get
i remember laughing at my friends who worked in banks getting share options for their salary package, how it tumbled to below what they were earning per hour, now its all recovered and growth is damn strong.
The agg actually has got a point here.
What I was reading is that a bunch of these banks returned the TARP billions they received from the government when they started cashing in the insurance money from AIG for all those defaulted notes. And we all know where that AIG money came from.
So basically, they avoided all the extra penalties of the TARP program, and still got bailed out with taxpayer money, not to mention they got extra perks in the process, like an increase of FDIC insurance for deposits now up to 250K...
You don't think the bailouts pissed those people off?
You're out of your mind; Bush/Paulson, then Obama/Geithner got the whole ball rolling; but you can't stop what's already happened - so your try to keep the NEXT dominoe from falling.
Still tough sledding for BofA. They just announced a loss of $1B.
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