Just one big happy company trading in favors

According to 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."

Ho, Ho, Ho. Merry Christmas. So we taxpayers, many of whom are now applying for unemployment checks or standing in a line of 937 for 10 jobs waiting tables, passed the hat for Goldman Sachs Christmas bonuses, which I'm sure were part of "compensation and benefits." Were no guidelines written into this give away package? The $18 billion bonus fund was set aside in 2007. Why didn't they use their own money for the bailout?

Couldn't Congress see this coming? Their own stimulus package so they can pay the mortgage on the multi-million dollar home and the 3rd Mercedes lease. Normally, I don't worry myself about bonuses, perks and salaries--unless I've loaned the company money or own stock in it. And I think I'm now an owner and should have a say in this one. What do you think?

Henry Paulson, the architect of these bailouts, and currently king of the world, is a former employee of Goldman Sachs and a partner with Al Gore in the next great ponzi scheme, cap and trade, a multi-million dollar business called, Generation Investment Management (GIM).

Al Gore might have invented the internet and a new religion, but he's not smart like Hank in money matters. GIM is part of the major carbon-credit trading firms that currently exist: the U.S. Chicago Climate Exchange (CCX) and the Carbon Neutral Company (CNC) in Great Britain. The CCX, is a regulated exchange whose members are committed to cutting their emissions (all the big players are in it--Ted Turner, Kofi Annan, Gore's former chief of staff, Peter Knight, Canadian industrialist Maurice Strong). It is the only cap-and-trade system in North America for six greenhouse gases. Last September, Goldman Sachs bought 10% of CCX shares for $23 million. CCX owns half the ECX (European Climate Exchange), so Goldman Sachs has a stake there as well. See how neatly this works--and it is so bi-partisan, Republicans, Democrats, Americans, Canadians, Brits, Socialists and little 3rd world U.N. tyrants all working together, singing Kum-ba-ya around a non-polluting campfire.

Another former Goldman employee--18 years--is Obama's choice for a "sweeping overhaul" of the Commodity Futures Trading Commission, Gary Gensler. He probably had his cap set (no pun intended) on the SEC but has lost out the Mary Schapiro, head of FINRA, which was asleep at the switch in catching Bernie Madoff.

When Paulson was appointed in 2006 apparently two things on his side (to assure confirmation) was that 1) like most Goldman Sach CEOs he was "insanely wealthy", and 2) a committed environmentalist. Something for everyone.

For information on CCX, ECX, GIM, Hank and Al, see here, and here.