Goldman Sachs posts a loss (only its second time in history), and BofA swings to profit. wtf
From Goldman Sachs, Bank of America Report
Goldman Sachs' $428 million dollar loss and Bank of America's slip into number two among U.S. banks ranked by assets, behind JPMorgan
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Not surprising
If you hadn't noticed, loan origination, consumer, and commercial businesses are thriving relative to investment banking
Dipping into loss reserves is the new killing it.
C) Both of the above
I called this in a post a week or two ago. Goldman is no longer best of breed. Some of there top talent has left for HF's in response to the new regulatory environment. BofA was always overblown.
What sort of fuckery was that BAC release? Somewhere Dick Fuld is wringing his hands and saying, "Why didn't I think of that???"
As for Goldman:
BWAHAHAHAHAHAHAHA!
Like someone said on Twitter: Goldman's so smart they even know when to lose money.
Timing is sure convenient haha. The frontpage loss # was -$428mm but they booked a $2.5bn paper loss in PIA, including -$1bn on the value of their stake in ICBC alone.
I like how GS posts its second quarterly loss since '99 and the stock swings up 3%
wtf. i think people just buy random stocks
.
Goldman's core businesses actually did quite well. They took a huge hit in their PE portfolio marking it to market since the equity markets shit the bed this quarter. Business is fine, its all on paper.
Yea, if you look at the numbers it doesn't nearly sound as bad. Goldman has always aggressively marked to market which I think is great. I still don't want anything to do with them until they restructure in response to Volcker Rule etc. The announced a 1,300 reduction in headcount due to the prevailing environment, 500 or something due to a unit sale. Their price to tangible book is quite low, but I think they are riding on BofA's coattails today. The CFO remarks on liquidity in response to their CDS spread might have actually helped as well I guess.
Tomorrow is more so what I am interested in. Hearing from MS should be quite interesting. That should give us an idea of what the market really thinks.
Or maybe you just meant that BofA is the winner this quarter?
This of it thins way. They had a paper loss of $2.5bn, how much will that be worth to OWS? I'd say a lot more to their shareholders. lol
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I was suggesting the movements today is likely because of better than expected news out of BofA, not that they are superior to Goldman. Holding everything else equal, I don't think GS would be reacting as it is now without that warm tingly feeling coming from elsewhere.
JPMorgan is my pick for Best in Show. Best management without a doubt and the business model isn't overly centralized in certain areas like some others.
No chance in hell. I'd be happy to go all in on that bet.
short ms will be enron jr
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