Up dated 16 Jan
Goldman's back down having been savaged by the Governor!
The damage done but belatedly Goldman Sachs has scrapped plans to delay paying bonuses to its bankers in Britain to exploit an income tax cut for top earners after Bank of England Governor Mervyn King criticised the move. Or was it pressure from Therichterscale!!!
This back down may well be because of the comments made by Mr George but a contributing factor will be the press coverage and importantly the social media noise around this scam. Since the advent of Wikileaks all the big banks monitor the web for mentions and you can be sure the Goldman’s will have been unnerved by the ‘trending’ this bad decision was creating.
See below for original post!
You can’t make it up the Giant Squid a.k.a Goldman Sachs along with a number of other banks is considering delaying bonus payments until the new financial year. This would allow their UK higher rate tax payers (that’s just about everyone) to pay 45% rather than 50% income tax on earnings in excess of £150,000 p.a. This kind of financial engineering will keep these organisations firmly in the sights of the Public, Government and Regulators. With average pay of £260,000 per head and (i am guessing) 6,000 employees in the UK that about £33m of missing tax! I for one will boycott Goldman Sachs coffee from now on!!
See my post on Starbucks - http://getwd50.blogspot.co.uk/2012/12/ourbucks-your-having-latte.html#!/2012/12/ourbucks-your-having-latte.html