ポールセンのメンタル・アカウンティング？

ポールセンの損得勘定（エコノミスト誌）

Hank Paulson
Riddle solved（謎は解けた）

Jun 15th 2006 | NEW YORK
From The Economist print edition

Why it pays to become America's treasury secretary
ゴールドマンのCEO、ハンク・ポールセンは４０百万ドルの年収を捨てて、年間2０

百万円で嘘つきブッシュの財務長官になります。

利に聡いインベストメント・バンカーが、名誉や権勢を求めて決断をしたという話は誰も信じません。そこで、皮肉屋エコノミスト誌の推測です・・・・・。

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.

Happily, this is not so. It turns out that for someone, like Mr Paulson, who has lots of shares in one company, becoming treasury secretary comes with a whopper of a tax benefit. Possession of a stack of shares in Goldman Sachs is hardly a cause for pity, but even so it is a bit of a financial albatross for the company's chief executive. Selling is next to impossible—not only because of the capital-gains tax, which for Mr Paulson could have exceeded $200m, but also because holding the shares expresses the boss's confidence in the firm better than words ever can. Mr Paulson often made a point of noting that he had kept every share he had ever received.　（後略）

独断的コメント：

イエローカード2枚でも退場しようとしない中銀総裁もいますが、民間人が公職に着くときは利害相反を避けるため、資産の整理と申告が必要というのは先進国の常識です。

米国では、出身母体の株式を処分して、他の投資に振り替えなければなりませんが、その際生じるキャピタル・ゲインは繰り延べできるという便宜が図られています。

ポールセンの資産のほとんどはゴールドマンの株式7億ドルと見られていますが、巨額の税金を繰り延べしながら卵をひとつの籠に入れている状態から分散投資に移行できるというメリットは大変貴重ではないか、とエコノミストは指摘しています。

加えて、活況を呈しているIB業界もピークアウトしつつあるとすれば、丁度売り抜けの機会でもあるわけです。

更に興味のある方は、　　　　　　↓

http://www.economist.com/finance/PrinterFriendly.cfm?story_id=7065901

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