They Make Their Money the Old-Fashioned Way: By Government Handout
The good news this morning is that Goldman Sachs has generously deigned to remain in lower Manhattan. And it only took a bit of nudging to get the elite investment bank to stay. As the Times reports:
Under the new agreement, which still requires approval of the firm's board, the city comptroller and some state authorities, Goldman would get at least $150 million in new city and state tax credits, as well as $600 million of new Liberty Bonds to add to the $1 billion in previously issued bonds, the officials said. Liberty Bonds, which reduce private borrowing costs at government expense, are intended primarily for commercial tenants in Lower Manhattan.
Because, hey, if anyone needs $150-plus million of our tax dollars it's the i-bankers at Goldman.
