By Anthony M. Freed

After being granted TARP bailout funds from good friend and former boss Hank Paulson, Secretary of the Treasury, it turns out Goldman Sachs is paying a whopping 1% on $2.3BB in profits for 2009, down from a more respectable 39% in 2008.

Although earnings were down and losses up in the end of 2008, Goldman sources reported that the astonishing tax windfall was more due to “changes in our geographic earnings mix.”

When I heard “changes in our geographic earnings mix,”  I immediately thought of a document that a friend had sent me a while back, with a rather long list of off-shore hedge funds and other tax-evading rackets located in the Cayman Islands, Bermuda, Mauritius, and the British Virgin Islands - all infamous for their anti-American tax havens utilized by US corporations to evade their legal dues - all of which are owned in one way or another by Goldman Sachs.

It kills me to think Goldman probably spends millions of dollars in order to avoid billions of dollars in taxes, and then turns around and asks the American people for a handout.

Oh, and then here come the layoffs…

Hopefully the Democraticly led Congress will get to the bottom of some of the illicit relationships between regulators like Paulson and their Wall Street connections, unless they are too scared they will have to accept responsibility for some of the Fannie and Freddie mess.

How can we continue to subsidize tax evasion by our largest corporations while the nation is in an economic tailspin, and people are being thrown out on the streets?

It’s like asking the American Taxpayer to dig their own grave. It’s criminal!

The List:

Scadbury Funding Limited, Cayman Islands

Scadbury II Assets Limited, Cayman Islands

GS Killingholme Cayman Investments Ltd., Cayman Islands

GS Killingholme Cayman Investments II Ltd, Cayman Islands

Forres Investments Limited, Cayman Islands

GS Funding Management Limited (1), Cayman Islands

GS Capital Funding (Cayman) Limited, Cayman Islands

Goldman Sachs Investments (Mauritius) I Limited, Mauritius

Goldman Sachs LLC, Mauritius

Tiger Strategic Investments LTD, Mauritius

MLT Investments LTD., Mauritius

JLQ LLC Cayman Islands,

Goldman Sachs (Japan) Ltd., British Virgin Islands

GSEM Bermuda Holdings, L.P. Bermuda

GS Equity Markets, L.P. Bermuda

Goldman Sachs (Cayman) Holding Company, Cayman Islands

Linden Wood, LTD., Cayman Islands

Goldman Sachs Credit Partners L.P,. Bermuda

Goldman Sachs Specialty Lending CLO-I, LTD., Cayman Islands

Amagansett Funding Limited, Cayman Islands

Amagansett II Assets Limited, Cayman Islands

GS European Funding I LTD,. Cayman Islands

GS Funding Europe II Ltd., Cayman Islands

Sources:

http://sec.edgar-online.com/2008/01/29/0000950123-08-000857/Section57.asp

http://www2.goldmansachs.com/worldwide/cayman-islands/index.html