Goldman Sachs reported QE June 2012 financial results on Tuesday, July 17
Goldman Sachs comes now before us, The World's Most Hated Bankers led by CEO Lloyd Blankfein who is not only the World's Most Corrupt Banker but possibly now the most inept. By inept, I mean year over year decreases in earnings per share 3 of the past 4 quarters and 8 of the past 11 quarters.
Apparently Blankfein is very smart even though inept in his current CEO position: to lead an investment banking house that is criminally insane, helped themselves to American taxpayers' money, ripped off the entire world with fraudulent securitizations, traded against positions recommended to clients, and doesn't make much money - but yet he keeps his job! Bravo for him but not for the shareholders, clients, and future unsuspecting victims...
Financial position is marginal and questionable without the $166.99 billion in unsecured long-term borrowings being counted as capital. The earnings reports are veiled. Goldman Sachs dispenses only the information they feel the mighty GS should allow commoners, shareholders, and clients, known internally as "muppets", to see.
Metric, QoQ Change, YoY Change:
Net Revenues: $6.63 billion, -33%, -9%
Net Income: $962 million, -54%, -12%
Earnings per Share: $1.78, -55%, -4%
I have not rated Goldman Sachs at the current QE 6-30-12 due to insufficient data and will rate at a later date. At QE 3-31-12, I have rated Goldman Sachs a "G+" on a scale of A+ to G-. The median rating is "D" and the average rating was "C". Financial position strength is weighted more than financial performance. The bank ratings review is here.
News Flash! Latest Goldman Sachs' Propaganda: “During the second quarter, market conditions deteriorated and activity levels for both corporate and investing clients were lower given continued instability in Europe and concerns about global growth,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “Still, we remain focused on meeting our clients’ needs, while prudently managing our capital, liquidity and risk.”
$GS $XLF
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