Remember last year when the Internal Revenue Service went after assets of U.S. citizens held in Swiss bank accounts? Why isn’t the IRS going after accounts in the Cayman Islands held by the likes of Goldman Sachs? Oh, I almost forgot, the IRS is the collections branch of the New York Federal Reserve, of which Goldman Sachs is one of the most powerful members!
Gotta love the expression “changes in our geographic earnings mix,” which really means “moving money to offshore tax havens.”
“After being granted TARP bailout funds from good friend and former boss Hank Paulson, Secretary of the Treasury, it turns out Goldman Sachs is paying a whopping 1% on $2.3BB in profits for 2009, down from a more respectable 39% in 2008.
“Although earnings were down and losses up in the end of 2008, Goldman sources reported that the astonishing tax windfall was more due to ‘changes in our geographic earnings mix.‘”
Read more at Open Salon.