Goldman Sachs sees huge profit

[dmc444]

US bank Goldman Sachs reported a net profit of $3.44bn (£2.1bn) for April to June, beating analysts' forecasts.

Less volatility in stock markets, rises in global share prices and involvement in many firms' rights issues and takeovers had boosted profits, it said.

The bank said it had set aside $6.65bn for pay and bonuses in the quarter - an average of $226,000 per employee.

Goldman has recently paid off $10bn of government loans it had taken as part of a government bail-out programme.

BBC NEWS | Business | Goldman Sachs sees bumper profit

[toughbutfair]

good news.

Hopefully the other U.S financial institutions will also show good figures.

[jpc]

The stimulus is going to its rightful owners then.

[Jock_the_Waster]

These are the master manipulators, they make on the up and they make on the down because they are the 'market makers'

they effectively direct US market polices

no surprise

[Middleaged]

These are the master manipulators, they make on the up and they make on the down because they are the 'market makers'

they effectively direct US market polices

no surprise

Both CNBC and Bloomberg gave been like flies over shyte on this for the last 2 days..

Why the figures are known on the street since last Friday, this is manipulation.

[birthday]

'Suds' will be lighting another cigar!

[rhonda15]

On July 4th, Bloomberg News reported:

“Sergey Aleynikov, an ex-Goldman Sachs computer programmer, was arrested July 3 after arriving at Liberty International Airport in Newark, New Jersey, U.S. officials said. Aleynikov, 39, who has dual American and Russian citizenship, is charged in a criminal complaint with stealing the trading software. At a court appearance July 4 in Manhattan, Assistant U.S. Attorney Joseph Facciponti told a federal judge that Aleynikov’s alleged theft poses a risk to U.S. markets. Aleynikov transferred the code, which is worth millions of dollars, to a computer server in Germany, and others may have had access to it, Facciponti said, adding that New York-based Goldman Sachs may be harmed if the software is disseminated.”

The next sentence is particularly eye-opening: “The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said.”

J.S. Kim who runs an independent investment research and wealth consultancy firm commented on the financial site, Seeking Alpha:

“It’s curious to note that Goldman Sachs has admitted that it has developed trading software that could be used to, in their own words, “manipulate markets in unfair ways”, yet nobody in the mainstream media has questioned whether Goldman Sachs was / and is using its proprietary trading platform to manipulate markets in unfair ways. Only extremely naive investors with zero understanding of how global stock markets operate would deny that there has been continual and excessive intervention into US stock markets to prop them up over the past several months.”


************************* : Information Clearing House - ICH

[ame=http://www.youtube.com/watch?v=rtIEGvtwHFI]YouTube - On the Edge with Max Keiser - 10 July 2009 (pt1 of 3)[/ame]

part 2 gets into the meat of program trading:

[ame="http://www.youtube.com/watch?v=iDzjxV8JUzQ&feature=channel_page"]YouTube - On the Edge with Max Keiser - 10 July 2009 (pt2 of 3)[/ame]

[InReality]

I find the sums amazing : 3.5 in profit and have already paid back 10 to the US govt.
So were they under any real risk at all ?

[fergalr]

These are the master manipulators, they make on the up and they make on the down because they are the 'market makers'

My concern is that they're fudging the numbers.

[darkhorse]

Does it mean that Lehman might also have returned to profit if it was given similar levels of support?