Where does the Goldman Sachs money go??
 

On Sun, 25 Apr 2010 21:16:15 -0400, wrote:

My real problem is, this will put
us past the evil $250k mark if I try to roll it all at once and the
IRS will come after me.

I'm probably missing something here but I believe you should be able
to roll over any amount of 401 money into an IRA without any tax
liability.

Where does the Goldman Sachs money go??
 

On Apr 25, 9:56*am, bpuharic wrote:
On Sun, 25 Apr 2010 10:24:19 -0400, John H
wrote:

http://www.opensecrets.org/orgs/summ...?id=d000000085

Goldman Sachs

Goldman Sachs, one of Wall Street’s most prestigious investment banks, was also
among the many banks in 2008 and 2009 to receive billions of dollars in taxpayer
money to help it stay afloat. Like others in the securities industry, Goldman
Sachs advises and invests in nearly every industry affected by federal
legislation. The firm closely monitors issues including economic policy, trade
and nearly all legislation that governs the financial sector. It has been a
major proponent of privatizing Social Security as well as legislation that would
essentially deregulate the investment banking/securities industry. The firm
tends to give most of its money to Democrats.

they used to. not anymore. the NY times reported yesterday that, since
the begiining of the year, 2/3 of all bribes from the financial sector
now go to the GOP.

Good! Where's my dividend check!

?;^ )

Where does the Goldman Sachs money go??
 

On 25/04/2010 7:16 PM, wrote:
On Sun, 25 Apr 2010 13:26:08 -0700, "nom=de=plume"
wrote:

I suspect the result will be companies like Goldman will be split into
two companies (like they had to be before the Clinton administration).
There will be a brokerage company and a trading company, not one
company doing both..


I think what they did is illegal, but time will tell. Seemsl like splitting
it up wouldn't be such a terrible thing.

--

I think that is a good idea too. I would feel better knowing my broker
was not selling me advice and then profiting by betting against what
he sold me.
I don't really trust any of them so I don't pay for their advice. I am
somewhat depending on them because my pension is an annuity but they
are planning it such that I get paid a specific amount and they still
make a profit. I am not doing something like a 401k where they can
lose my money and still make a profit. I do plan on rolling my 401k
over when I think the market is in a bit better shape. I the magic 59
1/2 but I stalled until the market was in decline, and it was really
too late so I rode it down. I reallocated into the secure package and
then rolled it back into the equities last year. That is probably why
I am not crying like BP. I did lock in most of that 2007 money and
then got to ride the market back up. My real problem is, this will put
us past the evil $250k mark if I try to roll it all at once and the
IRS will come after me.

Pray tell what is the $250K mark? Some penalties? And roll it into
what? IRA? Capital gains amount??

--
Socialism and statism are great as long as someone else pays for it.

Where does the Goldman Sachs money go??
 

On 25/04/2010 7:18 PM, wrote:
On Sun, 25 Apr 2010 17:01:19 -0600,
wrote:

That might not be a bad idea to split them. But make no mistake, Obama
is trying to scape goat them. Wants to look tough going into Novemeber
for the PR of it.

I only hope the PR drives their stock down so I can get some cheap.
$10 would do it, $5 would be great.

Come on baby, papa needs a new boat!

Hahaha, you have the right idea. To steal the phrase, "That baby has to
pay daddy!"

Think, if you bought GS when Obama got elected, you would be up 300%.

Heck, if it drops to $100 just might. But somehow don't think we will
see $5/share.

--
Socialism and statism are great as long as someone else pays for it.

Where does the Goldman Sachs money go??
 

On 25/04/2010 11:18 PM, wrote:
On Sun, 25 Apr 2010 21:34:40 -0600,
wrote:

On 25/04/2010 7:18 PM, wrote:
On Sun, 25 Apr 2010 17:01:19 -0600,
wrote:

That might not be a bad idea to split them. But make no mistake, Obama
is trying to scape goat them. Wants to look tough going into Novemeber
for the PR of it.

I only hope the PR drives their stock down so I can get some cheap.
$10 would do it, $5 would be great.

Come on baby, papa needs a new boat!

Hahaha, you have the right idea. To steal the phrase, "That baby has to
pay daddy!"

Think, if you bought GS when Obama got elected, you would be up 300%.

Heck, if it drops to $100 just might. But somehow don't think we will
see $5/share.


GS-A was $20.90 Friday, down about $2 in 2 days. It had been a $25
stock before the crash and dropped like a stone a couple years ago
with everything else. It recovered to $20-22 range. There is no reason
to believe it won't be back again as long as nothing serious happens
to Goldman and I don't expect it to.

Those are depositary shares. The common is GS. Don't know enough to
comment on depositary shares. But a quick look shows they might be
interesting if your after foreign content. But much would depend what
companies it represents and the details as I like a certain amount of
foreign content these days. If the Chinese ever let the Yuan float, the
USD would fall.

--
Socialism and statism are great as long as someone else pays for it.

Where does the Goldman Sachs money go??
 

On 25/04/2010 11:10 PM, wrote:
On Sun, 25 Apr 2010 21:18:39 -0600,
wrote:

On 25/04/2010 7:16 PM, wrote:
My real problem is, this will put
us past the evil $250k mark if I try to roll it all at once and the
IRS will come after me.

Pray tell what is the $250K mark? Some penalties? And roll it into
what? IRA? Capital gains amount??

If you make over $250k the Obama tax increases really smack you.

Rolling it to a IRA shouldn't be a big deal but my roll over wasn't over
$250K so I didn't go there. But I don't remember any such limit. The
key is making sure the money shows up in the IRA promptly.

If you have a tax pre person, this is a 1 minute question, I would ask.
I suspect you can roll it over without issue.

Also need to consider vesting if some of it isn't yet vested. In which
case just roll over the vested part.

--
Socialism and statism are great as long as someone else pays for it.

Where does the Goldman Sachs money go??
 

wrote in message
...
On Sun, 25 Apr 2010 13:26:08 -0700, "nom=de=plume"
wrote:

I suspect the result will be companies like Goldman will be split into
two companies (like they had to be before the Clinton administration).
There will be a brokerage company and a trading company, not one
company doing both..


I think what they did is illegal, but time will tell. Seemsl like
splitting
it up wouldn't be such a terrible thing.

--

I think that is a good idea too. I would feel better knowing my broker
was not selling me advice and then profiting by betting against what
he sold me.

It burns me up that any supposed reputable company would do this and have it
be condoned at the highest levels.

I don't really trust any of them so I don't pay for their advice. I am
somewhat depending on them because my pension is an annuity but they
are planning it such that I get paid a specific amount and they still
make a profit. I am not doing something like a 401k where they can
lose my money and still make a profit. I do plan on rolling my 401k
over when I think the market is in a bit better shape. I the magic 59
1/2 but I stalled until the market was in decline, and it was really
too late so I rode it down. I reallocated into the secure package and
then rolled it back into the equities last year. That is probably why
I am not crying like BP. I did lock in most of that 2007 money and
then got to ride the market back up. My real problem is, this will put
us past the evil $250k mark if I try to roll it all at once and the
IRS will come after me.

I mostly follow my own advice for investments. Fidelity and Vanguard don't
get a commission on trades, but I still do my own research.

--
Nom=de=Plume

Where does the Goldman Sachs money go??
 

wrote in message
...
On Sun, 25 Apr 2010 21:25:42 -0400, Wayne.B
wrote:

On Sun, 25 Apr 2010 21:16:15 -0400, wrote:

My real problem is, this will put
us past the evil $250k mark if I try to roll it all at once and the
IRS will come after me.

I'm probably missing something here but I believe you should be able
to roll over any amount of 401 money into an IRA without any tax
liability.

I would want it out and pay the taxes now before the rates really go
up.
Maybe a Roth but I am thinking I will just run t myself.
One of these days somebody is going to decide the deficit is important
and that tax deferred money is just way too attractive.


There are no tax consequences... you have 60 days to roll it to an IRA.
Withdrawing money from an IRA incurs a tax liability at whatever rate you're
at. A ROTH is taxed initially, then tax free when you take out the money.

--
Nom=de=Plume

Where does the Goldman Sachs money go??
 

wrote in message
...
On Sun, 25 Apr 2010 21:18:39 -0600, Canuck57
wrote:

On 25/04/2010 7:16 PM, wrote:
My real problem is, this will put
us past the evil $250k mark if I try to roll it all at once and the
IRS will come after me.

Pray tell what is the $250K mark? Some penalties? And roll it into
what? IRA? Capital gains amount??

If you make over $250k the Obama tax increases really smack you.


Untrue. It's a small increase. Those over $250K hardly care. At least that's
my reaction anyway.

--
Nom=de=Plume

Where does the Goldman Sachs money go??
 

"Canuck57" wrote in message
...
On 25/04/2010 11:10 PM, wrote:
On Sun, 25 Apr 2010 21:18:39 -0600,
wrote:

On 25/04/2010 7:16 PM, wrote:
My real problem is, this will put
us past the evil $250k mark if I try to roll it all at once and the
IRS will come after me.

Pray tell what is the $250K mark? Some penalties? And roll it into
what? IRA? Capital gains amount??

If you make over $250k the Obama tax increases really smack you.

Rolling it to a IRA shouldn't be a big deal but my roll over wasn't over
$250K so I didn't go there. But I don't remember any such limit. The key
is making sure the money shows up in the IRA promptly.

If you have a tax pre person, this is a 1 minute question, I would ask. I
suspect you can roll it over without issue.

Also need to consider vesting if some of it isn't yet vested. In which
case just roll over the vested part.

--
Socialism and statism are great as long as someone else pays for it.


Vesting? That only happens if the company does a match of some of the money.
Some companies have instant vesting of 401K money. Others require some sort
of wait.

--
Nom=de=Plume