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In the Media

article imageGoldman Sachs has perfect first quarter, profits made every day

article:291868:9::0
By Andrew Moran
May 11, 2010 in Business
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New York - It was released this week that Goldman Sachs made money every day during the last quarter, which is something the global investment giant has never done before, despite its criminal allegations and investigations.
If you’re an employee of Goldman Sachs then you must be happy about the latest report, which showed the investment firm made money every single day during the first quarter, according to Wall Street Oasis.
At the end of each trading session, traders didn’t lose any money, which is the very first time the international banking giant has ever accomplished such a feat. The company usually loses funds on numerous days during any quarter.
“This is the first time we have reported zero trading loss days in a quarter. We believe it shows the strength of our customer franchise and risk management,” said Goldman Sachs spokesperson, Samuel Robinson.
Business Week reports that Goldman Sachs traders generated more than $100 million daily for 35 days and made no less than $25 million during the other days during the rest of the three-month period. The results were made public after a regulatory filing.
Longtime rival Morgan Stanley did not perform as well as Goldman Sachs, reports the Wall Street Journal. Morgan Stanley lost as much as $30 million per day on four days during the first quarter, raked in between $60 million and $90 million on each of the sixteen days and garnered between $210 million and $240 million on one day.
Goldman Sachs is currently the subject of a federal criminal probe over allegations that they did not disclose certain aspects of a 2007 investment vehicle. This has prompted the company’s stock to drop 22 per cent and clearing out more than $20 billion in shareholder value.
article:291868:9::0
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