Yes, it's so they can avoid the pay restrictions. See, for them, it's all about them. Whatever is convenient for Wall Street, right? Goldman specifically was the subject of intense rumors last fall and many questioned their ability to survive the credit crisis that had taken down Lehman. They received assistance from former Goldman exec Henry Paulson and lived another day. Now that they've made it through that patch they see no need for any assistance, so no pay restrictions.
It's great to hear that they are doing well now but it's also disgusting to see them attempt to move quickly to avoid the pay restrictions. It's really time to tax these people harder so instead of them pumping up revenues on hedge fund deals where everyone barely pays taxes, let them pay taxes like other businesses or individuals. The Wall Street gamblers need to be brought in check and come back down to planet earth. They're not all that because if they were, they wouldn't have had to beg for cash. Let Wall Street start refilling the coffers so that the Treasury has sufficient funds in case of emergency. Just because Wall Street wants out doesn't mean they should get out.
Goldman Sachs Group Inc (GS.N) Chief Financial Officer David Viniar said the bank is keen to avoid restrictions it agreed to after receiving funds from the U.S. government late last year and it is looking to pay the money back as soon as possible.
The investment bank, which received a $10 billion capital injection from the U.S. Treasury's Troubled Asset Relief Program in October, is not happy with the strings that came attached to the money.
Compensation restrictions and certain capital requirements were part of the original injection, and extra limitations may be in store after U.S. President Barack Obama imposed tough new rules limiting pay for companies receiving government aid.
"We would like to get out from under that," Viniar said, adding that the bank aims to pay back the $10 billion this year.
