Goldman Sachs (GS) executives would like people to think that they're a bunch of humble bankers who have done well by sheer pluck and energy. Their new PR efforts will likely be about humility in some sense. But when they're convinced they've been wronged, they will act. And so it has come to pass that the bank is taking on the U.K.'s new tax on bonuses--a draconian 50 percent.

The Independent reports that Goldman Sachs has threatened the UK Treasury with moving up to 20 percent of its London-based staff to Spain. It's no doubt reminding regulators that it was among the biggest contributors to Britain's tax haul last year. Many have warned that financial talent will flee the city. Which may happen. Of course, other countries may also impose such a tax. You certainly don't want to play musical cubicles across Europe.

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