Banking, finance, and taxes
Goldman Sachs (GS) Hits The Cover Off The Ball
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Maybe the recovery of the major banks and investment houses is not a mirage. Maybe it is the real deal.
Goldman Sachs (GS) reported net revenues of $9.43 billion and net earnings of $1.81 billion for its first quarter ended March 27, 2009. Diluted earnings per common share were $3.39 compared with $3.23 for the first quarter ended February 29, 2008 and a diluted loss per common share of $4.97 for the fourth quarter ended November 28, 2008.
The big money came from its fixed income, currency and commodities which generated record quarterly net revenues of $6.56 billion, 34% higher than its previous record.
According to MarketWatch, “Analysts had been anticipating earnings of $1.64 a share, according to Thomson Reuters data.”
Goldman also said it would raise that beginning a public offering of $5 billion of its common stock for sale to the public. Goldman, Sachs & Co. will serve as the sole underwriter for the transaction.
Goldman Sachs said in a statement that it intends to use proceeds of the $5 billion offering to help redeem “all of the TARP capital.”
Douglas A. McIntyre
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