In today's earnings report:
The effective income tax rate was approximately 1% for 2008, down from 25.1% for the first nine months of 2008 and down from 34.1% for fiscal year 2007. The decreases in the effective income tax rate were primarily due to an increase in permanent benefits as a percentage of lower earnings and changes in geographic earnings mix.
What I said yesterday:
At least there will some good news tomorrow. We won't have to worry about the discrepancy between actual tax payments to the IRS, and those that Goldman reports to investors.
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