Goldman Sachs Group Inc. (GS) reported its second quarterly loss in 12 years as a public company as the value of the firmâs investments declined. The third-quarter loss of $393 million, or 84 cents per share, compared with a profit of $1.9 billion, or $2.98, a year earlier, the New York-based company said today in a statement. The average estimate of 26 analysts surveyed by Bloomberg was for an 11-cent loss per share, with estimates ranging from a $1.02 loss to a $1.22 profit. Chairman and Chief Executive Officer Lloyd C. Blankfein, 57, has tied Goldman Sachsâs fortunes to trading, which accounted for 53 percent of first-half revenue, and gains on the firmâs stakes in companies and real estate, which made up 20 percent. Declines in assets ranging from equities to mortgage- backed bonds in the third quarter led to lower trading volume and markdowns of the firmâs own investments. http://www.bloomberg.com/news/2011-10-18/goldman-sachs-posts-third-quarter-loss.html Goldman Sachs, loss? Ay, ay, ay. Is this sort of a "fabricated loss" before the justice department is finalizing its inquiries? ;=)
GS prop trading division: loss $2.5B perhaps global warming tax could help the GS profits? the public should laugh at GS and their management. i'm sure the Yes Men group will be more active in this department.
without the insider information and client flow, this company has probably zero competence in making pure trading profits. who cares, when thousands of HNWI and large firms are willing to be screwed by the company, just because it has long history of operation.
Paulson is down 47% for the year. Seems like he really is a professional manager. Who cares about diversification, risk, clients, reputation, etc. And of course, he can be trusted due to his university education. bravo!
I'm always amazed why people tend to think that large institutions are professional, solid, trustworthy, etc. When in fact, the opposite is true. There are only few exceptions: Winton, Bridgewater and couple of others.