A Christmas Tear Jerker
By Daniel at 20 December, 2008, 4:47 pm
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The decision by Goldman Sachs’ top executives to forgo bonuses in 2008 forced other investment bank bosses to follow suit. Thousands of lower-tier brokers will still collect their hefty bonuses, however, because their employers don’t want to lose their top talent. Like where are they too go! huh
Losing tax revenue from Wall St bonuses was a big hit to New York’s finances because Wall Street taxes accounted for 30% of state revenue in the last fiscal quarter. Can you believe that and you wonder where your life saving go huh ???
Jeffrey Gordon, a spokesman for the state Division of the Budget, clarified late Friday that the figure reflected an estimate of the loss of income that might be taxed, rather than the loss of tax revenue.
“Because Goldman Sach is an industry leader, this and other developments have caused us to lower our bonus projections by $1.4 billion since our last projections in October,” Gordon said. Officials now project Wall Street bonuses for the year will total only a paltry — $27.2 billion — - almost halving the roughly $50 billion handed out last year. That is soooo sad too! No Lexus for the kids this Christmas huh!
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