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Tax Goldman debate heats up

July 17, 2009

The idea of taxing Goldman Sachs and other banks that engage in prop trading is heating up.

I fully endorsed the idea in a column on Thursday. (i amended my thoughts a bit from earlier in the week). FDIC Chairman Sheila Bair seems to be talking about a similar bailout tax concept. And we may hear more from Bair on the subject next Thursday when she is set to testify before the Senate Banking Committee.

The Wall Street Journal editorial page earlier this week also lobbied for some form of bailout tax–one related to firms that rely on high-levels of leverage. John Carney at Clusterstock is on board.

And now it appears the folks at Baseline and Abnormal Returns like the idea of some sort of tax on financial firms that make big profits from trading with the implicit backing of the US government.

Anyone else want to jump on board the tax Goldman train?

Comments

They should be taxed and it is also time for Goldman to do the right thing and at a minimum offer the taxpayer a fair price for the warrants the government holds. And show some gratitude for being saved from the abyss. There is a related post at http://iamsoannoyed.com/?page_id=588

Posted by carly | Report as abusive
 

Criminals! They all tout each other’s genius all the while leveraging the public’s money. And couldn’t we have guessed that Jim Cramer’s #1 stock has been Goldman Sachs (GS) for the last 4 years. A chart of his Goldman Sachs (GS) stock picks
http://www.stocktagger.com/2007/09/jim-c ramer-calls-goldman-sachs-gs-best.html

 

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