Jul 14, 2009

Profit for Goldman Sachs may not be good news for the rest of us

Goldman Sachs will report what is expected to be a near boom like second quarter profit tonight. Back to square one.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

Goldman Sachs is expected to report a near boom second quarter profit tonight, a prospect that helped send Wall Street higher and shook off a slowly developing fear that the economy and financial markets were not improving.

Goldman Sachs will be the first of four major banks to report this week (Bank of America, Citi and JPMorgan are the other) but filings with the US markets regulator have shown the grubby side of Goldman and the US banking industry.

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