Sunday, November 22, 2009
The New York Times makes a funny
A NY Times editorial today slams Goldmine Sachs and CEO Lloyd Blankfuck's non apology for their role in the Great Wall St Recession that led to the Great Bush Depression across the rest of the country. The NYT gets it right and then makes a funny that must have had Blankfuck spitting coffee every time he looked at the paper.
On the day of Mr. Blankfein’s non-apology, Goldman pledged $500 million over five years — crumbs from its table — to help 10,000 small businesses. It is hard to take seriously Goldman’s claim that the program was not motivated by its public relations problems. The money will be welcomed by the recipients, but if Goldman wants to make a meaningful contribution, it would have to be in the billions and aimed more directly at taxpayers.Fortunately Mr Blankfuck has enough menials to clean up whatever mess he made in the dining room.
So, here’s a thought: A multibillion-dollar gift to the federal Bureau of the Public Debt, which accepts tax-deductible donations to reduce the national debt. The donation can come from the bonuses; that way, it would not harm shareholders, because they only get their cut after the bonuses are paid. Goldman’s tax savings from the donation could help finance the small-business initiative.
And a contribution might help Goldman ward off the alternative: serious calls for a windfall tax on bonuses, which would be justified since the profits they are based on are in large part the result of government efforts. One way or another, the taxpayers will demand their due, and one way or another, they just might get it.
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