Goldman to make record bonus payout

By the way whoever is "starring" all these posts with misinformation is equally misinformed and I would ask they join the conversation before adding to the misinformation on this thread

GBM:

At a casino you dont even have to report anything under a certain # - so the casino is A BETTER DEAL.. you are quite misinformed.. and when you sell something then the taxes occur as you can see in the quarterly statements from GS I posted above..

I live in Las Vegas, so I do know a little bit about gambling, at least the laws here. Now, I have been gone for the better part of ten years, but I just asked a couple of people and as far as they know the law hasn't changed in that time. If it has, I doubt the $ amount that you get taxed on has changed that much.

You can win $1199 and not get taxed. One more dollar, you do get taxed. So, $1200 is the #. Now, I will admit this thread has largely gone over my head(god how I hate money and how it works) but I don't see how that is a better deal. If you can explain in littl itty-bitty tiny words that this layman can understand then I'll see your point. I probably won't understand so explaining it is futile, but you can always try.

The way I see money: If you have it, you have it. If you don't then you work for it. All this BS stock market crap is exactly that - crap, IMO. I think the whole system should be trashed. Get up off your lazy ass - not meaning you GBM, in general - and DO something instead of making money off the backs of little people like me who actually go out and do physical labor and get paid beans for it.

I had a few paragraphs more but I scratched them. Not sure if I was on topic or not and I really don't want to get into a argument here. I'm just another person trying to figure all this crap out and I see no rhyme or reason to it all, except that capitalism as it is practiced nowadays doesn't help the human race, it only helps those at the top. Since I am at the bottom, I am pissed, like millions of others. I see now way up. The system is rigged.

That's the way I see it. I may be wrong, I may be right. I don't know anymore.

reply to post by TheLoony


because dude let me lay it out for you

if you gain 1 dollar in the market, you are taxed on it

if you gain 1 dollar in the casino you are not taxed

ok?

$1200 untaxed dollars is no big deal in today's world. I see no difference in either gambling or the market, both peoples who gain from it are mostly worthless, greedy people who help society and humankind not at all. Sorry, I just don't see this your way. We can agree to disagree, doesn't bother me at all.

To be honest, I think money should be abolished. Whoever said money is the root of all evil surely knew what he was talking about, IMO.

reply to post by TheLoony


Thats cool man.

The point that was being made though previously that brought this up was about taxation of earnings.

I think it is up to 10,000 though in a casino.. is that correct?

If it is 10,000, I would actually have to say that is a good amt. of money and not too many daytraders make that in a month that are retail

GBM, you ever played video poker? If it's not on a progressive jackpot, meaning it's hooked up to a bunch of machines and every time a coin(credit nowadays) is played the jackpot goes up. A regular Royal Flush - jackpot - is $1000 not on progressive. A progressive machine starts at $1000 and goes up until it is hit. I have spent thousands of hours in the bars here, being the massive drunk I used to be - and know damned well if you hit a thousand dollar - regular - jackpot - you don't pay taxes. If it is $1200 or more, when the payout happens you are given a tax form to sign so that you have to pay taxes at the end of the year - I believe that is how it works since I've never hit a progressive jackpot. Only a couple times did I ever hit it, full money played, to get the thousand. Since it's never much more than a few hundred over the limit, they don't take the taxes then. At least I've never seen them take the tax at the moment so I am assuming that it gets payed at tax time.

See, the bar, unless they own the machines and most don't - doesn't pay out the jackpot BECAUSE they don't own the machine. They have to call the company that services it and have them bring out the money and they do the tax forms at that time.

Maybe with table games it's different. I don't know since I never gambled that way. the Satan in a box that is video poker took enough of my money over the years I felt there was no reason to lose more on a table game. The house ALWAYS wins.

So, there's that overly elucidated tidbit that means nothing at all. Could I be more verbose to say nothing of real import?

EDIT: I wanted to add that there is a lot of gambling going on in this town that is not in casinos. I almost never played the games in casinos as most people who live here don't go to casinos unless they work in them. Those that do are mostly sports betters. So now that I think about it I don't know how the casinos handle it and this post was really just me babbling. It didn't occur to me until after re-reading you last post that the rules are probably different from the bars to the casinos.

[edit on 6/23/2009 by TheLoony]

Originally posted by TheLoony
GBM, you ever played video poker? If it's not on a progressive jackpot, meaning it's hooked up to a bunch of machines and every time a coin(credit nowadays) is played the jackpot goes up. A regular Royal Flush - jackpot - is $1000 not on progressive.

Unfortunately, yes, I used to live in SD where they had gaming in gas stations and that also stole my money.. they are dirty aren't they? lol Along with my other addictions, that one is just as terrible as any.

A progressive machine starts at $1000 and goes up until it is hit. I have spent thousands of hours in the bars here, being the massive drunk I used to be - and know damned well if you hit a thousand dollar - regular - jackpot - you don't pay taxes. If it is $1200 or more, when the payout happens you are given a tax form to sign so that you have to pay taxes at the end of the year - I believe that is how it works since I've never hit a progressive jackpot. Only a couple times did I ever hit it, full money played, to get the thousand. Since it's never much more than a few hundred over the limit, they don't take the taxes then. At least I've never seen them take the tax at the moment so I am assuming that it gets payed at tax time.

Ok, so it is 1200 dollars? I was thinking 10,000... either way I guess the only point I was making is that at a casino winnings under that amt. are not taxed and any amt. in the market is

See, the bar, unless they own the machines and most don't - doesn't pay out the jackpot BECAUSE they don't own the machine. They have to call the company that services it and have them bring out the money and they do the tax forms at that time.

Cool, I didnt know that, and I never ever hit a jackpot either though hahaa..

Although one time at a real table, I hit a royal flush (diamonds) in Piagow Poker with a 5 dollar bonus.. first time i ever played in my life (indian casino in Iowa) then went right to the roulette table and lost it all putting 10 dollars in every # except for the ones that won hahahahahaha

Maybe with table games it's different. I don't know since I never gambled that way. the Satan in a box that is video poker took enough of my money over the years I felt there was no reason to lose more on a table game. The house ALWAYS wins.

So, there's that overly elucidated tidbit that means nothing at all. Could I be more verbose to say nothing of real import?

EDIT: I wanted to add that there is a lot of gambling going on in this town that is not in casinos. I almost never played the games in casinos as most people who live here don't go to casinos unless they work in them. Those that do are mostly sports betters. So now that I think about it I don't know how the casinos handle it and this post was really just me babbling. It didn't occur to me until after re-reading you last post that the rules are probably different from the bars to the casinos.

I would assume that as well.. why would anyone that lived there want the headache? Yeah, I totally see that brother. I think we would have a good time in vegas though together and if I ever make it I will look you up. Would be nice to have some "connected" friends lol!!

[edit on 6/23/2009 by TheLoony]

[edit on 23-6-2009 by GreenBicMan]

GreenBicMan

Very interesting stuff. It however does not warrant your defense of GS.
Your signature line was very informative, and had I bothered to read it on your first post
I wouldn't of wasted my time wading through your foolishness.
Ref; second sentence.
Cheers

Originally posted by TheLoony
$1200 untaxed dollars is no big deal in today's world. I see no difference in either gambling or the market, both peoples who gain from it are mostly worthless, greedy people who help society and humankind not at all. Sorry, I just don't see this your way. We can agree to disagree, doesn't bother me at all.

To be honest, I think money should be abolished. Whoever said money is the root of all evil surely knew what he was talking about, IMO.

You have to understand that investors do serve a purpose and the stock exchange does serve a purpose. It allows companies to raise enough cash to make a difference and it is supposed to value the company in case there is to be mergers or buy outs. Traders...yes they don't really serve much of a purpose. Unfortunately, right now, there is so much corruption and manipulation in the markets that you can only be a trader right now. But if you love a company, you like its financial statements and management-buying it to be part of it is very different than a casino and this was really the original purpose for the exchange but it has moved very far away from this. I trade forex mostly now because it isn't manipulated like the equities are, and they can't be (unless you are a central bank or government).

reply to post by RetinoidReceptor


See, this is where I have a problem - I am totally against the corporation. I'm sure there are a couple out there doing good, but all I see is the evil side of them. It an evil institution, IMO. BUt this thread has been really derailed and I'm a gonna stop now.

GBM, check yer messages.

reply to post by dazbog


No, its not meant to throw you off, but I was getting a lot of flack for posting my analysis of intraday moves in the stock market and i put that disclaimer on there just incase anyone would come back at me etc..

What I say is the truth..

reply to post by TheLoony


If you are referring to the market being like that, its not at all. Some people would like to make it seem that way bc they have been burned, so obviously they couldn't be wrong? right?

But seriously, if it is something you have never been in i can see where it could be intimidating, and actually it really can be, if you let it.. but its just really all about math IMO

Originally posted by GreenBicMan
reply to post by Maxmars

 

That is why you DO NOT want to trade EURO overnight when the japan markets are open because you will get crunched by the whipsaw of japanese markets and only want to trade them while the london trading period is open..

These are very advanced topics and are hard to explain as well

I think you are trading a different Euro to me ....

Originally posted by GreenBicMan

I dont trade right now because of $ problems (i used to daytrade for a living at 18)

I guess with all your expertise and knowlege you still weren't so successful at your craft, if you've been trading for so long and now have $ problems. Sorry to make such a blind and possibly crass statement.

Maybe your admiration for the big boys is because they are able to accomplish something you never figured out how to do?

Of course, without the billions of 'free' money, the high leverage contacts and the policy makers in your pocket, it's not possible to do what the big boys are doing.

Sorry bro', I can see you are doing your best to add value to the thread and counter the 'misinformation', but you appear to be getting nailed to the wall, probably for your apparent 'big money apologism (?)'

Most people want life to be fair and just, with the same rules for everyone, and this thread highlights the opposite of those virtues in the Banking world.

Govt and the banking system have been robbing the people blind for decades, and are most certainly in collusion, IMHO. You'll have an uphill battle trying to convince people on this site otherwise.

Originally posted by TheLoonyWhoever said money is the root of all evil surely knew what he was talking about, IMO.

Actually, the original quote is 'the love of money is the root of all evil'

makes a difference, no?

reply to post by RogerT


you have no idea what i have been up to pal.. and it had nothing to do with losing the money - even though i did lose close to 98% in buyx back in late 2000 lol

i cant trade right now as i said anyways bc of FINRA regulations, but nice try, i am currently trying to market my formulas to managed futures hedge funds.. but anyways, you are still wrong

reply to post by RogerT


I guess you have the balls to trade the eur in the overnight japanese daytime session you are a real pro, hats off to you..

reply to post by RogerT


and yes, of course i need the 9-1 leverage, how else would you trade a futures contract in the first place?

you think anyone puts up 40,000 (8,000 estimated djia lets say * 5 multiplier) for the YM contract?

you arent that bright

reply to post by RogerT


oh btw, where have i been "getting nailed to the wall"

i think i have been correct in every scenario that hasnt been based solely on a misinformed opinion..

Sorry bro', I have offended you, that wasn't my ultimate intention.

I said 'high leverage CONTACTS' not high leverage 'CONTRACTS'

See what I mean about your experience clouding your perception?