How does Goldman Sachs repay us for bailing them out to the tune of $10 billion? Of course, by moving all their money overseas so they wouldn’t have to pay taxes on it. They managed to get their effective tax rate for 2008 down to below 1% (it was over 34% in 2007). As Congressman Lloyd Doggett put it:
With the right hand out begging for bailout money, the left is hiding it offshore.
They tried to bury this small change in their earnings report, calling it “changes in geographic earnings mix”, but Bloomberg News noticed it.
Here’s Rachel Maddow with the details: