Goldman posts bigger-than-expected profit

[sabra]

Source: MSNBC/Reuters

Goldman Sachs sets aside $6.65 billion for salary, bonuses and benefits

NEW YORK - Goldman Sachs Group Inc said quarterly earnings surged 33 percent on blowout trading results, trouncing expectations and putting the bank on pace for windfall bonuses that could draw more unwanted public scrutiny.

The results continued Goldman's extraordinary rebound from the near meltdown of the U.S. banking industry last fall.

Just nine months after the U.S. Treasury bailed out the nation's largest banks with $125 billion of taxpayer money, Wall Street's biggest surviving securities firm topped forecasts as improving markets fueled trading profits.

Goldman also blew the lid off compensation. It set aside $6.65 billion for salary, bonuses and benefits in the quarter, up by nearly half from the quarter ended in May last year.

Read more: http://www.msnbc.msn.com/id/31903716/ns/business-earnings/

[GodlessBiker]

1. Goldman is the new GM. What's good for Goldman is good for the country, I guess.

[Vidar]

2. That should make Obama, Geithner & Rahm happy.

[sjdnb]

3. Except we lose ...

http://finance.yahoo.com/tech-ticker/article/279232/Round-1:-Goldman-Wins,-Taxpayers-Lose

$600k for every GS employee, while they fight the government hoping to only pay a fraction of what the US taxpayers/US Government lent them so they would not implode.

http://www.nytimes.com/2009/07/10/business/10tarp.html

Their type of greed makes me sick.