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The Honorable Way Out

From the Economist:

Signing Hank Paulson, chief executive of Goldman Sachs, as America's treasury secretary was a coup for George Bush. The mystery was why Mr Paulson wanted the job. At Goldman, he probably had as much impact on the global economy as he will have in his new job. He certainly had less bureaucracy to put up with and was paid more.

When his appointment was announced, Mr Paulson explained that he was motivated by the “honour” of service. Doubtless he was, but the price of honour looked pretty high. His pay would drop from around $40m a year to $183,500 and he would have to sell his $700m-worth of Goldman shares—meaning, on the face of it, a gigantic bill for capital-gains tax.

Ouch. Which hurts more? Find out by reading the article, here. Here's a hint: The story ends with the line, At least someone in Washington understands the link between taxes and employment.