Goldman Tops Forecast, With $3.46 Billion in Earnings

[ixion]

Source: New York Times

Beset by accusations of securities fraud, Goldman Sachs nevertheless showed Tuesday that it was still very good at what it does best: making money.

...

In referring to the recent lawsuit by the S.E.C., Mr. Blankfein said, “In light of recent events involving the firm, we appreciate the support of our clients and shareholders, and the dedication and commitment of our people.”


...

With its results, Goldman became the fourth major bank to report this quarter, all benefiting from hefty trading profits. JPMorgan reported a profit of $3.3 billion, Bank of America earned $4.2 billion and Citigroup $4.4 billion. Morgan Stanley reports results on Wednesday.

Read more: http://www.nytimes.com/2010/04/21/business/21goldman.html?src=busln

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You know, it's very easy to beat earnings estimates when:

a) You have a direct line to the Uncle Fed, who's always happy to send you a few palettes of taxpayer cash.

and;

b) You game the market and defraud your investors.


And isn't it just ducky to see all these insolvent, poorly-managed, borderline criminal corporations doing so well in the worst economy since the 1930's? Isn't that just great? :sarcasm:

[choie]

1. well ain't that a kick in the head

crime pays - rat bastards

[Newsjock]

2. Sounds like their fine should be about $3.46 billion

Ill-gotten gains.

[No Elephants]

3. Depends upon what your definition of "earnings" is.

[BR_Parkway]

11. Thanks for pointing that out - I've gotten kind of sick of seeing that word

used in conjunction with all this 'high finance' - nobody's been "earning" anything around there it seems, just massive frauds = massive payouts

[notesdev]

4. Insider trading

it does a corporate body good!

[Heywood J]

5. This just goes to prove that in the financial sector,

the earnings figures are complete shit. Every bank listed in the article is either complicit, on corporate welfare, or running some kind of scam. We need a nationalized bank alternative, the way every other country has, to give us an alternative.

[TheWebHead]

6. not sure this is something to be angry about

I'd rather they make money than lose it, as they paid $1.7 billion in corporate taxes in the quarter and it reflects a wealth effect in the economy with rising asset prices.

[OhioChick]

7. K&R n/t

[aquart]

8. Dismantle them, stick by stick and dick by dick.

Sow legislative salt in the ground where they grew.

[breadandwine]

9. People should stop picking on corporations. They're PEOPLE. See this song ---

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8181493

[anigbrowl]

10. It wouldn't surprise me if the SEC chose to file suit last week precisely because this 8k was due

They know quite well that it underlines the significance of their action. I'd do the same.