Soon former Goldmanite Mark Carney will be joining the elite group at that depressed bank.
Goldman Sachs' Bankers Bonus Tax Dodge 'Depressing' -- BofE's Mervyn King
By Shane Croucher -IBTimes
Goldman Sachs bankers delaying their bonus payments to avoid higher income tax rates have been condemned by Bank of England Governor Sir Mervyn King.
King lashed out at the unconfirmed plans by Goldman in an appearance at the House of Commons Treasury Select Committee alongside other senior BoE staff.
"I find it a bit depressing that people who earn so much find it would be even more exciting to adjust their payouts to benefit from the tax rate, knowing that this must have an impact of the rest of society, which is suffering most from the consequences of the financial crisis," King told MPs at the hearing.
"I think it would be a rather clumsy and lacking in care and attention to how other people might react, and in the long run financial institutions do depend on goodwill from society."
In his last Budget, Chancellor George Osborne slashed the top rate of income tax to 45 percent on the basis that it would generate more revenue and that the current 50 percent rate was unfair and generated little additional benefit for the Treasury.
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