Whelp, big surprise today, but GS's earnings turned out much less than to be desired. Earnings slid 82% in part to one nasty little one time line item in the form of their SEC settlement & the fucking Brits (not only do they spit on our Iroquois laxbros but additionally have the gaul to slap our most noble investment bank w/ a absurd fine). Pause here, FUCK YOU ENGLAND, you've been an extra big dick to the US this week. Sorry about the tangent, where was I, yes, anyway even without $1.15 B in charge expenses, Goldman still would have seen a $2.75 EPS comp'd to a $4.93 EPS from earlier this year.
"The market environment became more difficult during the second quarter and, as a result, client activity across our businesses declined," Chairman and Chief Executive Lloyd C. Blankfein said.
It looks as if the evil empire may have gotten a little too bearish on Q1 sentiments as decrease in volatility in trading and bond underwriting left many analysts feeling the investment bank might be overexposed in uncertainty in US recovery and the potential fiscal debacle in Europe.
That's all swell and dandy but any time you shell out $1.15 B (550 & 600 MM to the SEC & Britian's bonus tax-law). in fines during a fiscal quarter it's not going to look to hot come earnings. There's nothing you can do with an expense like that. Lloyd B might as well bought a bunch of Buggati's and launched them off the Chrysler building for kicks. Probably would've been just as effective use of CAPEX (although those fines in now way were).
What fines? FSA hasn't fined Goldman Sacchs :s
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