Outstanding clip. Blankfein speaks at the 2:45 mark.
Bill Moyers explains how the fiscal cliff deal gives tens of billions in tax breaks to banks and corporations (especially Goldman). Even the Wall Street Journal called it a "crony capitalist blowout."
---
More details from Matt Stoller:
Eight Subsidies in the Fiscal Cliff Bill, From Goldman Sachs to Disney to NASCAR
Subsidies for Goldman Sachs Headquarters – Sec. 328 extends “tax exempt financing for York Liberty Zone,” which was a program to provide post-9/11 recovery funds. Rather than going to small businesses affected, however, this was, according to Bloomberg, “little more than a subsidy for fancy Manhattan apartments and office towers for Goldman Sachs and Bank of America Corp.”
Michael Bloomberg himself actually thought the program was excessive, so that’s saying something. According to David Cay Johnston, Goldman got $1.6 billion in tax free financing for its new massive headquarters through Liberty Bonds.
