Goldman Sachs Proves the Golden Slacks Name (GS)

Goldman Sachs Group (NYSE: GS) has just come out with a quarter that will please everyone. Unfortunately, this was telegraphed by recent analyst calls with above-estimate forecasts. The investment banking giant, a.k.a. ‘bankless’ bank holding company, posted earnings at $4.93 EPS versus $3.54 estimates on revenues of $13.76 billion versus estimates of $10.6 billion.

The huge gain came in net revenues from trading and principal investments with a 93% gain. Investment banking was stronger than recent quarters, but down 15% from a year ago. The big drop was in financial advisory operations, which saw a 54% decline.

Another growth for the company was a large rise in net interest income. This was $2.04 billion, which compares to $1.28 billion a year ago.

The company also issued its book value as being $106.41 and tangible book value was $96.94 at the end of the quarter.

What is obvious here is that Goldman Sachs is living up to every bit of its expectations on how it is routinely and systematically taking money out of the markets in its trading activities. But this was already known based upon recent reports.

Shares closed up big on the Meredith Whitney call yesterday at $149.44, and shares are fluctuating between up and down by less than a half-percent so far in the initial reaction. The 52-week range is $47.41 to $190.04.

Great article I hope everyone reads it that is the thing they paid the smelly one plenty as a junior senator and he is now making sure they get paid back not only with tarp funds but crap and tax! Thanks if they become the carbon regulators like the obamageddon wants well we are so doomed! Hope all read this article you sent.

Also..

A failure at CIT could result in losses for Goldman Sachs and Wells Fargo. Goldman last year agreed to a $3bn secured financing facility for CIT and Wells Fargo provided $500m in secured financing.

http://www.ft.com/cms/s/0/980ffa7a-6fe3-11de-b835-00144feabdc0.html?nclick_check=1

So what is tax cheat timmy government sachs doing?

Despite the tough talk about CIT Group not being systemically important enough to be bailed out by the government, it looks like the bailout is coming.

http://www.businessinsider.com/the-cit-bailout-looms-ever-closer-2009-7

Who is really picking up the tab?

The panel, charged with determining whether taxpayers are receiving maximum benefit from the TARP, conducted its own valuation of the warrants the Treasury holds. It found that the 11 banks that have repurchased their warrants from the Treasury for a total amount that the panel estimates to be only 66 percent of current market value, shortchanging taxpayers by $10 million.

http://washington.bizjournals.com/washington/stories/2009/07/06/daily90.html

Goldman Sachs Group Inc executives sold almost $700 million worth of stock since the collapse of rival Lehman Brothers last year, the Financial Times said on Monday.

The newspaper said that most of the stock sales took place while the biggest U.S. investment bank was bailed out by the government with $10 billion of taxpayer money, according to filings with the Securities and Exchange Commission.

http://www.reuters.com/article/ousivMolt/idUSTRE56D03R20090714

http://greenhellblog.com/2009/07/08/goldman-sachs-to-be-carbon-regulator/

http://greeninc.blogs.nytimes.com/2008/11/12/goldman-sachs-buys-into-carbon-offsets/

Corruption is such an ugly thing. America has always had corrupt individuals — think “Mr Smith Goes to Washingon” made in the 30s — but I think they were relatively few and far between, especially compared with many nations where bribery and extortion are the rule.

The last decade has seen soaring corruption. But even that is nothing compared to what we are seeing from the Chicago Machine’s handling of DC with Obama.

Just ugly to see my beautiful USA becoming a socialist third-world bastion. This is really sad.

I would be worried for their future if I were you.

If I expected the future to have more freedom, less rules, more morality and less restrictions, then I would be optimistic.

I see more socialism, more regulations, more restrictions, less freedom, less morality. That is not a rosy future. I hope and pray your grandchildren create an America that is more free, more moral and less restrictive than the one I grew up in, and being born in 1958, I had it far better than young people today. At least we didn’t have the green Mafia multicultural pro-gay thought police chasing us around.

Good luck to your grandchildren. I pray we do not leave a less free America for them, but I fear we will. Not you or I of course, but the communist supporting well-intentioned liberals who are saddling us all with irreversible socialist tyranny.

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.