Top Leaderboard, Site wide
September 23, 2014
Truthdig: Drilling Beneath the Headlines
Help us grow by sharing
and liking Truthdig:
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed


sign up to get updates

Why Are We Bombing Syria?
The Mideast Horrors Grow

A Chronicle of Echoes

Truthdig Bazaar
Beyond Bogotá

Beyond Bogotá

By Garry Leech

more items

Ear to the Ground

Goldman Sachs Sags in Third Quarter

Email this item Email    Print this item Print    Share this item... Share

Posted on Oct 18, 2011
AP / Mark Lennihan

New Yorkers walk to work outside the Goldman Sachs mothership in Manhattan.

Even bad news has a way of turning around fast for Goldman Sachs. The financial giant was forced to concede Tuesday that it did not, for once, defy the laws of market physics as it has done even in the throes of the ongoing recession (you can keep your sketchy recession timeline, New York Times), and that it had actually taken a heavy hit in the third quarter.

In fact, Goldman, that prized incubator of our nation’s treasury secretaries, lost more than a third of a billion dollars in Q3—more precisely, $393 million, or 84 cents per share, by the Los Angeles Times’ count. This is not a time for swilling Champagne, or pouring it on “dumb non tax paying hippies,” in this corner of Wall Street.

But lo, hope springs anew, as it always does for Goldman Sachs. News of the loss mysteriously inspired investors to put their money on a comeback, which Bloomberg registered later that day. “Goldman Sachs Group Inc. (GS) rose as much as 5.5 percent in New York trading as investors looked past a third-quarter loss and focused on gains in trading revenue and prospects for a rebound in underwriting and takeovers,” said the MSM mouthpiece that Mayor Mike built. Think positive!

To add more maddening context to the mix, several news outlets pointed out that this is the first quarterly setback the firm has suffered since the start of the current economic crisis (again, read: ongoing recession). The BBC reached back even farther to note that the loss “was only its second since the bank’s flotation in 1999.” That said, the blow has registered within Goldman’s walls, as the corporation’s employment figures dropped by 1,300 during those troubled three months, the L.A. Times reported.  —Kasia Anderson

More Below the Ad


Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

Right 1, Site wide - BlogAds Premium
Right 2, Site wide - Blogads
Join the Liberal Blog Advertising Network
Right Skyscraper, Site Wide
Join the Liberal Blog Advertising Network

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.