As if billions in cash and government guarantees wasn’t enough, it turns out investment bank Goldman Sachs will also be sucking on the taxpayers’ teat when employees move into their slick new digs at the corner of West and Vesey in Manhattan next year.
The New Goldman Sachs World Headquarters — a 43-story office tower next to the World Trade Center site — is being built with the help of millions of dollars from taxpayers, Bloomberg news service reports.
The company that has been the focus of populist anger since the TARP bailout last year took advantage of programs the government set up to revitalize lower Manhattan after the 9/11 attacks. Setting up shop next to the WTC qualified Goldman Sachs for $49 million in “job-grant funds, tax exemptions and energy discounts,” Bloomberg’s Christine Harper reported.
Additionally, because then-Goldman Sachs CEO Hank Paulson raised concerns about security at the site, the city and state gave the construction project an additional $66 million in benefits. And the investment bank was also allowed to sell tax-free some $1.6 billion of Liberty Bonds — bonds created to fund the effort to rebuild lower Manhattan. That allowed Goldman Sachs to avoid taking out a commercial loan for that amount of money, saving it an additional $175 million over 30 years, according to the Bloomberg report.
The New York Daily News reported earlier this month that the city of New York forgave Goldman Sachs about $161 million in lease payments the company would have had to make on the land where the new 43-story office tower sits. Under the agreement between the city and the company, Goldman doesn’t have to pay the lease if Ground Zero remains empty.
Bloomberg reports that Goldman Sachs in on track to make $11.4 billion in profit this year, nearly tying its all-time record of $11.6 billion in 2007. In last year’s bailout, the company received $10 billion in cash, had $30 billion of loans guaranteed by the government, and was re-classified as a bank holding company, which allows it to borrow cheaply from the Federal Reserve.
The new Goldman Sachs tower has been a headache — and a hazard — for New Yorkers. In December 2007, an architect was paralyzed when seven tons of steel fell off the building. Late last month, glass falling off the building shattered in the streets below and snarled traffic for hours.
Giuliani’s public invitation to Ukraine to interfere in US elections opened the door for other countries to run to Trump
President Donald Trump's attorney Rudy Giuliani turned heads with his bizarre, unhinged rant on national television that effectively urged Ukraine to continue trying to gather dirt on former Vice President Joe Biden — and for news outlets to take whatever they find seriously.
As Casey Michel wrote in The Daily Beast, even if this effort ultimately fails to turn up useful opposition research against Biden, this is a profoundly dangerous development for American democracy.
Trump whistleblower needs to go directly to FBI because Bill Barr can’t be trusted: Ex-FBI director
Appearing on MSNBC with host Alex Witt, former FBI Assistant Director for Counterintelligence Frank Figliuzzi blew up Donald Trump's claim that he is the victim of a "Ukraine Witchhunt."
He then added that the whistleblower who went to the inspector general with a serious charge against the president should take what he has and go to the FBI within a week if nothing happens.
"We've got to get to the bottom of this, and we can't rely on leaks and certain reporters getting certain tidbits of information," the ex-FBI man explained. "This needs to be explored and it's likely this could end up in a criminal investigation."
California finally has a progressive government. Here’s how it’s changing the game.
Democrats won supermajorities in both houses of the California legislature in 2006. They have dominated Golden State politics ever since, defying conservative expectations. Instead of sinking into deficits and collapsing, California is running a budget surplus, and has become the world’s 5th largest economy.
However, tensions between the Democratic establishment and grassroots activists have continued – until now. In 2019, reams of progressive legislation are finally becoming law after years of resistance from centrist forces within the party, a barrier that only dissolved after the 2018 elections. Put simply, now that a truly progressive majority has taken power, the people of California can at last have nice things.