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TARP Recipient Goldman Sachs’ Tax Rate Falls to 1%; Gephardt is Firm’s Lobbyist | Missouri Political News Service

TARP Recipient Goldman Sachs’ Tax Rate Falls to 1%; Gephardt is Firm’s Lobbyist

July 16th, 2009 by MarkTwain · No Comments

Bill O’Reilly, of The O’Reilly Factor on Fox News Channel. was touting last night on his TV show that TARP bailout firm Goldman Sachs had paid no corporate income taxes last year. Well, that’s not quite correct according to Bloomberg News:

“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.” Read more…

Now you may be asking, what does this have to do with Missouri Political News? That great Communist liberal investigative journal Mother Jones gives us a clue:

At least one former lawmaker has also gotten in on the action. Goldman Sachs, which has more than 30 ex-government officials registered to lobby on its behalf, tapped one-time House Majority Leader Richard Gephardt (D-Mo.) to lobby his former colleagues in Congress on issues related to the Treasury Department’s Troubled Assets Relief Program. Goldman, which paid Gephardt’s firm $70,000 in the last quarter of 2008, received $10 billion in TARP funds. (As a counterparty to AIG’s disastrous credit default swaps, Goldman pocketed an additional $12.9 billion in bailout money given to the insurance firm.) Read more…

Dick Gephardt (son of a milk truck driver) is doing quite well for himself after a long career in Congress, isn’t he?


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