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Non-Tech : Goldman Sachs Group Inc. NYSE:GS
GS 785.52-0.5%Nov 3 9:30 AM EST
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From: Don Green3/21/2009 9:27:19 AM
   of 411
 
Anger and Panic At Goldman Sachs Over 90% Tax
from Clusterstock by John Carney

Goldman Sachs was solidly behind Barack Obama. Indeed, Goldman Sachs has long had the reputation as the investment banks with the most Democratic supporters on Wall Street.

But the vote earlier this week to impose a 90 percent tax on bonuses at TARP supported banks has many at Goldman feeling betrayed, fearful and angry. On Thursday and Friday, the trading floor at Goldman echoed with brokers and traders cursing the lawmakers who passed the bill and seeking reassurance from their fellow employees that their bonuses wouldnt be clawed-back. At least one Goldman trader called his lawyer to see what legal protections might be available

(So, lads and lasses, heres your reassurance. If this bill becomes law, last years bonuses wont fall under the 90% tax. It only applies to bonuses paid after December 31st. So youll have till the end of the year to figure out some way around this thing. Were sure you can do it. Now back to the story.)

F**k Obama, one person said aloud on the floor, giving voice to the feeling of political betrayal.

Word spread quickly that because the bonus tax only applies to TARP recipients, foreign banks wouldnt be covered. At least a few people at Goldman Sachs have already called recruiters. And recruiters have stepped up efforts to poach Goldman employees offering jobs safe from the TARP bonus tax.
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