Thursday, October 15, 2009

Goldman Sachs Profits Jump to $3.2 Billion

Goldman Sachs reported better-than-expected third quarter profits.

Net income at Goldman Sachs was $3.19bn, or $5.25 a share, compared with $845m, or $1.81 in the same quarter a year ago. Analysts were anticipating profits of $4.24.

“Although the world continues to face serious economic challenges, we are seeing improving conditions and evidence of stabilization, even growth, across a number of sectors,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer

Blankfein also had the balls to put this lying statement in the earnings release:
On July 22, 2009, the firm repurchased the warrant issued to the U.S. Treasury pursuant to the Treasury’s TARP Capital Purchase Program for $1.1 billion. The U.S. taxpayers’ annualized return on their total investment in the firm was approximately 23%
Return to taxpayers 23%, yeah right. I didn't see any of it, Llloyd. I am taxpayer, should I stop by your office to pick up a check for my share? Further, Lloyd you can look at one side of the transaction without looking at the otherside, just how many billions did Goldman get by buying on the cheap AIG assets and then liquidating them at full price--with the taxpayer picking up the tab--and, yeah, Lloyd, I did have to pick up part of the check there.

I notice in your earnings release you state: revenues in principal strategies improved significantly compared with a difficult third quarter of 2008.
Is this the Fed shoveling more money to you?

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