The second time was immediately after the August solar eclipse, when Lloyd Blankfein said: "Wish the moon wasn't the only thing casting a shadow across the country. We got through one, we'll get through the other."
And now, third time may or may not be the charm for the CEO of Goldman Sachs, because in response to shitholegate, Blankfein just tweeted the following view from his building which "reminds me that despite all the sh*t, American values will shine through."
Goldman Sachs has paid out its top executives over $100 million before the end of the year, just to help them pay less in taxes under President Trump's tax reform plan.
Goldman Sachs has accelerated nearly $100 million in stock awards to top executives before the end of the year in order to avoid unfavorable changes in the new tax code, according to public filings posted Friday.
The most sweeping overhaul of U.S. tax code in 30 years includes a provision which caps a corporate deduction for executive pay; under current law, corporations can deduct up to $1 million per executive's base salary, however there's no cap on deductions for performance-based pay, such as bonuses.
Under the new provisions, both base salary and performance bonuses count towards to $1 million cap - which is why Goldman accelerated $94.8 million in bonuses originally scheduled for January, 2018. By paying the bonuses early, the bank will save money on its own tax bill.
Most of Goldman's executives received early payouts - including of course, CEO Lloyd Blankfein.
n a similar move, Netflix also announced it would change its executive compensation plan for 2018 in response to the new Tax Law. The company said in a public filing posted Thursday that it's going to start paying some of its top executives higher salaries, and tie less of their compensation to performance, citing the law change.
Accelerated bonuses aren't the only thing at least temporarily grinding Goldman's gears about the new tax code. As we discussed yesterday, in a Friday 8-K filing with the SEC, Trump's "repatriation tax" is going to knock approximately $5 billion off the company's profits in Q4 2017 in the form of a one-time repatriation charge.
Read more: (Link: www.zerohedge.com)
What do you think? Are these companies hypocritical to oppose Trump's tax reform, then do their best to duck it? Leave your thoughts in the comments!
This was also posted about 229 days ago.
SAD: Goldman CEO Tweets For First Time Ever, And (Of Course) It's About The Climate Accord
Goldman Sachs CEO Lloyd Blankfein has tweeted for the first time ever, expressing his disdain with President Trump pulling out of the Paris accord.
Goldman CEO Lloyd Blankfein joined Twitter 6 years ago, in June 2011, and throughout that time he tweeted exactly zero times. He changed that today, when for the first time he took to twitter to slam Trump's decision to pull the United States out of the Paris climate change agreement, which he called “a setback for the environment and for the U.S.'s leadership position in the world.”
Blankfein joined Elon Musk, Jeff Immelt and the broader tech and corporate community, as well as global politicians, Democrats and mayors in slamming the climate call. Ironically, it is none other than Blankfein's former right hand man, Gary Cohn, who is Trump's chief economic advisors which begs the question: is Blankfein's critique just more carefully staged theater, meant to elevate the CEO of the "vampire squid" in the eyes of the general public and shape him into a kind, caring, nurturing idealist ready to carry the ideals of progressives everywhere, or is Trump's decision proof that the grip of the "Goldman cicle" is finally easing on Trump. It is notable that during today's ceremony, Cohn was part of a "stay-in" camp that included Trump's daughter Ivanka.
And speaking of "vampire squids", before Blankfein is raised on a progressive pedestal, in case someone is confused just who stood to benefit the most from the continuation of the "green" agenda, we urge you to reread Matt Taibbi's 2010 masterpiece, "The Great American Bubble Machine." Spoiler alert: it's Goldman Sachs.
Read more: (Link: www.zerohedge.com)