Goldman Sachs profit doubles on investment gains, lower tax rate

Comments (22)
JoeObserver wrote:

Wallstreet banks profits rising, thanks to Fed supplied cheap money. But there is a flop side to it, although official figures show CPI is over 2%, the real inflation stands at 5% or more if you include food and gas prices.

Jul 16, 2013 8:42am EDT  --  Report as abuse
SanPa wrote:

Not surprising. GS snapped up homes lost by individuals, and benefited from Big Ben’s Bonanza of mortgage purchases. Like shooting the proverbial fish in a confined space.

Jul 16, 2013 10:20am EDT  --  Report as abuse
SanPa wrote:

Not surprising. GS snapped up homes lost by individuals, and benefited from Big Ben’s Bonanza of mortgage purchases. Like shooting the proverbial fish in a confined space.

Jul 16, 2013 10:20am EDT  --  Report as abuse
tmc wrote:

TO big to fail, to big to prosecute, to big to leave anything for the little guy. Break them up or they will destroy our economy. They can’t help it, it’s a game of monopoly and they are a player and the banker. They can’t help but win and we all will lose. We must start a new game.

Jul 16, 2013 10:25am EDT  --  Report as abuse
ChangeWhat wrote:

Oh this is FANTASTIC NEWS!!!!!!!!!!! Now you can give those doubled profits directly back to every American that bailed your company out. Need my address? Or want me to come in and pick it up?

Jul 16, 2013 10:36am EDT  --  Report as abuse
DougAnderson wrote:

Reuters comments section:
“Oh boo hoo. A company is making money. Why don’t they write a cheque to me? I want to spend the rest of my life whining on the internet.”

Jul 16, 2013 11:03am EDT  --  Report as abuse
MikeyLikesIt wrote:

@JoeObserver

Not to mention the elderly and savers that are getting bled dry by the artificially low interest rates. While Wall Street parties, main street suffers.

And guess who is going to be the hardest hit when this house of cards comes crashing down???

Jul 16, 2013 11:04am EDT  --  Report as abuse
ChangeWhat wrote:

@DougAnderson

An excerpt from you and your meeting with the top 1%:

“OOoooo yes yes baby, mmmmm yea baby government, oh yea wall street, mmmmmmm yes yes yes that’t the spot!!! You hit it!! Please rape me some more I haven’t had enough yet!!! Come on who’s next, i’m ready for more!”

Jul 16, 2013 11:09am EDT  --  Report as abuse
Obsilutely wrote:

@ChangeWhat – Exactly. I’m going to assume Doug Anderson is a foreigner. The word “cheque” is written “check” in this country.

It’s nice to see this one company is doing so well with our tax dollars and stimulus money. It’s too bad the government is so willing to give all of our money to them.

‘murka…what a joke.

Jul 16, 2013 11:23am EDT  --  Report as abuse
crittertron wrote:

“MOAR” (sogy chewing of human flesh continues)

Jul 16, 2013 11:32am EDT  --  Report as abuse
cautious123 wrote:

Yes, that’s what happens when you have friends in Congress and the WH.

Jul 16, 2013 11:37am EDT  --  Report as abuse
TastySalmon wrote:

Thank god GS and Citi are recording massive profits. I’m sure their steadily growing companies will improve our economy… right? I mean, making massive profits on an invisible commodity is good for everyone… right?

This most excellent news should pull our country out of this depression.

Jul 16, 2013 11:55am EDT  --  Report as abuse
AlkalineState wrote:

“Goldman steals more money from own depositors than previously thought possible. Shares rise.”

Jul 16, 2013 5:38pm EDT  --  Report as abuse
dencal26 wrote:

Goldman Sachs. Largest contributors to the Obama campaign

Jul 16, 2013 6:40pm EDT  --  Report as abuse
jaycee13 wrote:

im just a dumb baker, but isnt accounting supposed to be pretty accurate? they doubled the profits they projected? if its not supposed to be pretty accurate, whats the point of it all, but if it is supposed to be, why so far off and couldnt this have easily gone the other way? when i took my few low level accounting classes i realized just how much smoke and mirrors accounting really is.

Jul 16, 2013 7:49pm EDT  --  Report as abuse
MonkeyDoodle wrote:

You sure have reigned those guys in, Mister President.

Jul 16, 2013 8:13pm EDT  --  Report as abuse
Ms.Morales wrote:

Goldman Sachs, quite f’ing with us. Where are these profits coming from? Outer space? You people are cleaning up in a miserable economy and I demand to know how? Your not generating this form any country or industry so whose GIVING you our money Wall Street? Keep this chit up and you, the citizens of this country keep sucking this up as fact. We have become a nation of complete idiots.

Jul 16, 2013 8:23pm EDT  --  Report as abuse
Ms.Morales wrote:

Goldman Sachs, quite f’ing with us. Where are these profits coming from? Outer space? You people are cleaning up in a miserable economy and I demand to know how? Your not generating this form any country or industry so whose GIVING you our money Wall Street? Keep this chit up and you, the citizens of this country keep sucking this up as fact. We have become a nation of complete idiots.

Jul 16, 2013 8:23pm EDT  --  Report as abuse
Ms.Morales wrote:

Doesn’t work for me SanPa and I’m a forensic economist. There is no rhyme or reason for these profits other than Wall Street backing up their flatbeds to pick up newly minted cash with this administrations blessing.

Jul 16, 2013 8:26pm EDT  --  Report as abuse

@dencal Don’t forget they were also in the top 5 contributors to Mittens. It’s so funny how nobody sees the banks supporting both parties and people still think there’s a difference between the average republican and democrat on the hill /sigh.

Jul 16, 2013 8:27pm EDT  --  Report as abuse

Goldman Sachs contributed more money to the Obama campaign in 2008 than any other contributor other than the total contributions of the unions. It was a huge sum of money that installed their man Odumbo into office. Now they have been profiting handsomely for their “investment” in Odumbo.

Jul 17, 2013 1:21am EDT  --  Report as abuse
accbar wrote:

The above article describes a textbook example of crony capitalism.
Yet we are so beyond this small example to a much heavier tome.
For we have a banking system that is not anchored to America, is indeed a consortium of plutocrats worldwide. The barnacle in this flow of electronic promises found here is our own Federal Reserve bank which has been given license to flood our savings with faux value. They are whipping up bits and bytes to “buy” assets, that is the wealth of nations, with this fiat “currency” that is stealing the savings of the people and transferring (see the stock market and buy down of real estate by the banks and their cronies) this wealth into fewer pockets.
There is a way a truth and a life that is our gift from God to see these corruptions clearly.
Now, what are we to do?

Jul 17, 2013 11:38am EDT  --  Report as abuse
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