Goldman Sachs earnings call

July 14, 2009

Goldman Sachs had a blowout second quarter, exceeding high expectations on its strong trading gains.

At a time when much of the financial industry is still struggling with the legacies of debt and leverage, the success of Goldman is riveting.  Yet as Matthew Goldstein has written, exactly how Goldman makes its huge gains remains largely a mystery.   Maybe, just maybe, some light will be shed when the firm holds a conference call on the results at 11 a.m. today.  Reuters columnists will be live blogging the call here.

Member of the public can listen in by 1-888-281-7154 (sorry, I earlier gave the replay number).

And the fascination with Goldman is also about the role the firm plays in the mind of the public — as emblematic of all that is successful, powerful and suspicious about Wall Street.  Indeed as Felix Salmon noted the other day, thanks to Matt Taibbi’s Rolling Stone article,  “It’s pretty much impossible now to talk or even think about Goldman without a squid springing to mind.”

 Think squid.

7 comments

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Viniar is reading…this is boring

Posted by Agnesc | Report as abusive

How did Goldman make all those trading profits? Maybe they used Madoff’s sophisticated trading model. That, or they got the government to make whole debts that they had already written down.

Posted by KenG | Report as abusive

The [plunge protection team] can make all they money they whant. Who’s watching, or trying to stop them?

[...] (GS) posted a loss of $500 million on its “real estate principal investments”. On the conference call, CFO David Viniar said that was based on a loan book of about $6.4 billion, which is now being [...]

Gerard,

You ask who’s watching them? Corporate Accountability International is– Goldman Sachs, among other abuse transnationals are on the 2009 Corporate Hall of Shame lineup. I voted for Goldman Sachs, but Exxon-Mobil was a personal runner up for me this year!

You guys should weigh in your two cents as well!
http://stopcorporateabuse.org/hall-shame -campaign

Posted by Gloria | Report as abusive

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