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Monday, December 21, 2009

Goldman Threatens to Move Employees to Spain

Goldman Sachs said that it may move up to 20% of its 5,000-employee London workforce to Spain in light of the UK's decision for a massive incremental tax on bankers.

I hope Goldman does it - it will provide a valuable lesson to governments that there is always a tipping point when tax increases provide less revenue. I think we're going to be there in the U.S during Obama's term. If people don't leave the country, they will change compensation structures or simply quit working altogether.