Big Money for Goldman Sachs
Posted on Jul 14, 2009
Fresh off the bailout, Goldman Sachs raked in $3.44 billion in net profit this quarter, beating analysts’ already high expectations, and the firm’s success will pay off for employees in the form of generous bonuses. Not surprisingly, pro-Goldman types think this is all good news.
Some have raised questions over whether it is right that a bank make such profits and pay hefty bonuses so soon after receiving government loans.
But analyst William Smith, of Smith Asset Management said: “Goldman should be celebrated, not demonised.”
“Things are very fragile but they manage to make money in all environments, which is what you’re supposed to do,” he added.
Goldman’s chief financial officer David Viniar said: “We are helping the economy to recover”.