Goldman Sachs Likely To Post Huge Profits, Analysts Say

New York Times:

Most of Wall Street, and America, is still waiting for an economic recovery. Then there is Goldman Sachs.

Up and down Wall Street, analysts and traders are buzzing that Goldman, which only recently paid back its government bailout money, will report blowout profits from trading on Tuesday.

Read the whole story: New York Times

Comments

[robbor]

Matt, Tx for a great if not depressing article. At least this subject is clearly in the light. That's a first step. The second is to give G. Sachs daily doses of saltpeter and force them to wear an ankle bracelet.

[ChristianEcon.com]

Faraja:
"GS is a very good American company. They know how to take care their employees and clients. They always hire the best and pay those employees very well. Stop listening to people like Mike Taibbi and go read the book."

====

So GS taking care of their employees makes massive legalized theft of hardworking Americans okay how? Do you think we should have more GS people in the upper echelons of our govt.?

[rampage]

Faraja's post was wrong on so many levels. If GS was such a great company why did they
find themselves in the subprime mortgage mess? Also, I wouldn't trust a poster's claim in regards
to how GS treats it's employee's.

[tinatoledo31]

a great company is one that can find themselves in a mess from a bad decision (like sub prime) and then turn around and make record profits.

move to cuba

[IntelligentDesign]

A watched economy does not boil.

[Swatantra]

They are rolling in YOUR MONEY! Legally STOLEN FROM YOU!

[tinatoledo31]

explain please

[Earl]

you must not get out much

[anothervoice2]

Dipping into bailout funds twice (once through AIG) was perfectly legal, but that says more about the weak laws than about how successful GS really is. They have gamed the system well, but they are a pathetic example of success.

[Chazz27]

You do work for them.

[Swatantra]

Read Matt Taibbi's article in Rolling Stone. The Great American Bubble Machine.
Goldman-Sachs is a bloodsucking squid wrapped over the face of the world's financial markets. They have controlled the rise and fall of the economy since the 1940s.
Remember last year's $4.00 a gallon gas? All that money went in their pockets as they intended. I said Their profits are YOUR MONEY and I meant it. If you doubt it, then you don't get it.

[ThunderclapNewman]

That's patently false.

Goldman Sachs employs a very talented group of investment bankers, and was willing to take calculated risks in the bond market and in other areas of finance----all completely legal.

At a time when most other investment banks were shying away from risk, GS stepped in, took those risks, and profited from them.

I'm no fan of Goldman Sachs, but nothing they have done to make this profit was illegal, nor was it done with money stolen from the American people.

[Earl]

If they made a profit, what are they doing with our tax dollars?

[anothervoice2]

If they were so good why did they double dip into taxpayer money twice, once directly for a handout and once through AIG?!

[lastams]

Perhaps you should also note that Goldman Sachs was the number one corporate contributor to
the Obama for President campaign.
You know, we like to think our President was elected on the pennies of school children and unemployed waitresses, but the fact of the matter is that putting Summers and Geithner in to run the economy wasn't decided on a whim, and shows where the real agenda of this administration lies.
So far the interests of this White House has sided almost exclusively with special interests over OUR interests; it's time for us all to wake up, take off the rosy colored glasses, and inform this President that
we expect him to live up to "change we can believe in" or else all the cash on Wall Street is not going to get him re-elected.

[rampage]

GS was not the largest contributor, it was the University of California. GS was second, and Harvard University was third.

[rampage]

McCains top contributers:

Merrill Lynch $373,595
Citigroup Inc $322,051
Morgan Stanley $273,452
Goldman Sachs $230,095
JPMorgan Chase & Co $228,107
US Government $208,379
AT&T Inc $202,438
Wachovia Corp $195,063
Credit Suisse Group $183,353
UBS AG $183,079
PricewaterhouseCoopers $167,900
Bank of America $166,026
US Army $165,370
Gibson, Dunn & Crutcher $159,596
Blank Rome LLP $154,226
Greenberg Traurig LLP $146,437
US Dept of Defense $143,605
FedEx Corp $131,974
Lehman Brothers $126,057
Bear Stearns $117,498

[MNmommy]

"The fundamentals of the economy are strong"

[rampage]

Obama's top contributors:

University of California $1,564,490
Goldman Sachs $994,795
Harvard University $854,017
Microsoft Corp $833,617
Google Inc $803,436
Citigroup Inc $699,790
JPMorgan Chase & Co $695,132
Time Warner $589,334
Sidley Austin LLP $588,598
Stanford University $586,557
National Amusements Inc $550,683
UBS AG $543,219
Wilmerhale Llp $542,618
Skadden, Arps et al $530,839
IBM Corp $527,572
Columbia University $526,802
Morgan Stanley $514,881
General Electric $499,130
Latham & Watkins $493,835
US Governm

[TLV]

You are disregarding the millions who voter for him. People like me who contributed around $100 multiplied by millions. That really does top the dollar amounts per corporations listed.

Incidentally, my elderly mother sent Obama a contribution close to the November election date and it was returned to her because, although they were grateful for her generosity, they said they had enough. When has that ever happened before?

[rampage]

I mean frankly if GS disappeared tomorrow who would care on mainstreet?

[tinatoledo31]

so why does that matter?

[ThunderclapNewman]

The millions of people who are employed in the businesses GS helped raise capital to continue employing those people, to start with.

Goldman Sachs is not the enemy here.

[DFL]

Huge profits = another Obama bounce, good times only happen under the dems, now hopefully these good times will come to main street also.

[rollingdivision]

So the argument by Demos is it's good for Obama to be owned by Goldman Sachs is "Well Bush was owned by Goldman Sachs too!".

[rampage]

I'm not a dem but your post is really st00pid as well as completely false

[lastams]

Depends on which Democrats you are talking to.
Contrary to popular myth they are not a cohesive group at all.
Look up the Democratic Leadership Council if you want to see what really is going on.
This handful of pro-business, pro-nafta, anti-union Senators, which include Baucus at Finance,
have held up every piece of genuine reform since the 2006 elections.
For even more enlightenment, look up the "Family", a neo-Christian quasi Fascist group to which
the DLC have close ties, and then tell me about how those "liberals" just can't seem to get anything done.

[robjh1]

C'mon. If you were able to move our toxic assets wouldn't you too look like you made a profit?? Duh.

"and we are not saved..."

[LooktotheLeft]

Let's raise a glass for a smooth confirmation of our next great Supreme Court Justice, Sonia Sotomayor....and another glass for a severe case of laryngitis for Sen. Sessions

[DestinationsUnknown]

The games

This is the new mono 'ploy' game

Recall when Goldman bonus was paid to one person at Goldman because of the foresight with low income mortgages and the risk involved- thus Goldman was the only winner.

What was the ‘Administration-wide effort to bring 'new tools and resources' to would-be homeowners…’ after June 13, 2003?

National Homeownership Month, 2003
Office of the Press Secretary
June 13, 2003

By the National Homeownership Month, 2003
Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. (Cont.)

Phil Gramm lost his position as the co-chairman of John McCain's presidential campaign when he blamed the recession not on the banking deregulation he championed but rather the people of the United States, which he described as a \"nation of whiners.\"

But that was a sideshow compared with the serious charges now swirling around UBS, charges that may finally prove to be Gramm's undoing.
http://www.thenation.com/doc/20090427/scheer?rel=emailNation
Wendy Gramm joined Enron's board...
2003-SEC Settles Enforcement Proceedings against J.P. Morgan Chase and Citigroup
J.P. Morgan Chase Agrees to Pay $135 Million to Settle SEC Allegations that It Helped Enron Commit Fraud

Citigroup Agrees to Pay $120 Million to Settle SEC Allegations that It Helped Enron and Dynegy Commit Fraud

[DestinationsUnknown]

2002-Federal Agents and FBI raid the largest ‘private’ financial investment firm, National Century Financial Enterprises, Inc. (NCFE) in Dublin, Ohio.

This case has been dubbed the ‘Largest’ private fraud case in financial industry.
JP Morgan Chase, Citigroup, paid settlements regarding lack of oversight when transferring funds.

JPMorgan will not disclose their disbursements of their loans to healthcare companies and non- profit companies but will not release names.

2002-NCFE files for Bankruptcy

2007-2008 Twelve executives were on trial, eleven found guilty and sentenced.
The 12th and the last executive to go to trial was James K Happ. December 2008, James K Happ was acquitted.

[MNmommy]

Scrubbing Beatles lyrics, really? Seriously?

pshhh....

[LooktotheLeft]

I posted Revolution when the Iranian thing first started and they scrubbed that too. Scubbing has reached an insufferable level at HP the last month or so which is what has so torqued off ladybastet and others

[samjung23]

So, the word is these are fake profits? This should get interesting in a few months then.

[Earl]

Fake profits are considered to be honest accounting these days.

[abby4ever]

It was a suggestion, not a certainty, that they are fake.

[lightningbolt]

There are always huge profits at the beginning of a bubble.

[mikekc]

No doubt the legislators and both political party officials are already on the phone to GS soliciting their own version of "TARP payback" out of that 2 billion. This is only the beginning of a new era of government backed dominance of the large banks. Deregulation is passe and has given way to government guarantee of the firm's riskiest investments.