Reply #5: For Goldman, a Swift Return to Lofty Profits [View All]

[ozymandius]

Most of Wall Street, and America, is still waiting for an economic recovery. Then there is Goldman Sachs.

Up and down Wall Street, analysts and traders are buzzing that Goldman, which only recently paid back its government bailout money, will report blowout profits from trading on Tuesday.

....

Startling, too, is how much of its revenue Goldman is expected to share with its employees. Analysts estimate that the bank will set aside enough money to pay a total of $18 billion in compensation and benefits this year to its 28,000 employees, or more than $600,000 an employee. Top producers stand to earn millions.

....

Goldman Sachs is betting on the markets, but the markets are also betting on Goldman: Its share price has soared 68 percent this year, closing at $141.87 on Friday. The stock is still well off its record high of $250.70, reached in 2007.

http://www.nytimes.com/2009/07/13/business/13goldman.html

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This is a fairly stupid and breathless, tail wagging article about GS. Conspiracy theories notwithstanding - the article does not even venture close to any analysis of GS's success. Instead, it just hops along with a bubble-headed "magic of the marketplace" dizziness.