Associated Press | Goldman Sachs Group Inc. says its
first-quarter earnings almost doubled to $3.3 billion as its trading
business again surpassed the rest of the financial industry. It was a
bit of good news for the bank as it faces a government civil fraud
charge.
The company says it set aside 43 percent of revenue in the first three
months of the year to pay employee salaries and bonuses, down from 50
percent for the same period last year.
Goldman Sachs earned $5.59 a share on revenue of $12.78 billion as bond, commodities and currency trading buoyed its profits for yet another quarter. That was well above expectations of analysts surveyed by Reuters Thomson.
Goldman Sachs also reported sharply higher fees from underwriting stock and debt offerings.
The bank’s stock rose more than 1 percent in pre-opening trading.
How exactly does a company that had to take a taxpayer funded bailout now have a profit of over $3 billion? It looks like all the big banks and investment firms made huge profits the first quarter – very interesting!
How does a company on the verge of BR earn over 3 billion? Taxpayer funded welfare in the form of .25% loans from the federal reserve. Use the borrowed money to buy treasury bonds paying 4%. An idiot could make this scam work! Nothing has changed under the Barak O’bush regieme.