Goldman Sachs rang in the new year by helping 10 executives
dodge the fiscal cliff, paying out their stock awards before the beginning of
2013, meaning they avoided an automatic tax rate increase. The bank accelerated delivery of $US65
million ($61.9 million) in stock awards, including those for CEO Blankfein.
The awards are restricted stock granted for years before
2012, according to 10 separate filings made public about 8pm New York time on
December 31. Each executive surrendered
45 per cent to 50 per cent of their awards in order to pay taxes, according to
the filings.
Goldman Sachs, the fifth-biggest US bank by assets,
typically delivers executives' restricted stock during January. The decision to
speed up the delivery came as the US Congress debated and ultimately passed a
bill that would increase tax rates on capital gains and on individuals who make
taxable income of $US400,000 or more.....
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