When Gary Cohn left Goldman Sachs to to work for Donald Trump, he was required to sell off his Goldman Sachs stock, but he didn't have to pay capital gains tax on that sale, saving him a cool $150,000,000; a year later, he was out of the Trump administration, and he still gets to hang onto those tax-free hectabucks.
This is part of the reason so many bankers do a brief stint working for new federal administrations; it's a way officials to give their pals tens or hundreds of millions of dollars as a little thank-you gift (and that's in addition to the huge bonuses that Goldman Sachs pays to employees who leave to work for the feds).
There is no tax until the new asset is sold. With exchange traded funds (ETFs) as the major new investment, they can he held until the person’s death and then passed on with a new step-up basis, and taxes will never be paid! F.D.
Why Goldman Sachs alums go into government [John Crudele/New York Post]
(via Naked Capitalism)
(Image: Ad Meskens, CC-BY-SA)
The idea of paid protesters is a favorite of the right, though as always, the thing you accuse your opponents of inevitably turns out to be the thing you're doing yourself (Trump paid actors to cheer his presidential campaign announcement and big industry groups pay actors to protest regulations that undermine their profits).
Comments filed with the FCC by AT&T, Frontier, Windstream and Ustelcom (an industry group representing telcoms companies) have asked the FCC to change the rules for its next, $20.4 billion/10 year rural broadband subsidy fund to allow them to offer slower service than the (already low) speeds the FCC has proposed.
The Good Liars -- the comedy duo of Davram Stiefler and Jason Selvig -- redecorated a Brooklyn armed forces recruiting center with posters featuring Donald Trump Jr and the slogan, "I'm not enlisting but you should" with the strapline, "There's weak, and then there's Trump weak."
With all due respect to our vegetarian friends, there might be nothing more intrinsically linked to the 4th of July holiday than a big ole cookout. Sure, fireworks and celebrating the birth of a constitutional republic are great too, but showing off your cooking prowess with a brilliantly seared, mouth-watering slab of grade-A American beef […]
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When revved-up kids used to dribble a basketball through the kitchen or practice their footwork with a soccer ball in front of the television, exasperated parents would often just send ‘em outside to play. But these days, sending kids out might not be the best course of action. Despite all the changes, many budding young […]