Those of us who have stood aghast and watched as Goldman Sachs seemed to sail almost unscathed through the erupting economic catastrophe of the last two years (thank you, bailout!) might stop now for a moment of pure schadenfreude, as the megabank’s profits took a precipitous dive in the second quarter of this year. –KA

Los Angeles Times:

Hit by a big government fine and difficult trading conditions, leading Wall Street bank Goldman Sachs Group Inc. has reported a sharply lower profit.

The bank announced Tuesday morning that profit in the second quarter of the year was down 86% from the first quarter of 2010 and 84% from the second quarter of 2009 to $613 million, or 0.78 cents a share.

The announcement by the company comes just days after it settled a lawsuit with the Securities and Exchange Commission, which had accused the bank of misrepresenting a deal it made during the financial crisis.

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