While I am sure there are many out there that will join in a chorus of condemnation of Goldman Sachs, unless there is something really odd hidden in the numbers, I will not be one of them. Having banks turn decent profits under trading conditions like these is a challenge, one that Goldman’s appear to be meeting.
Having been, in essence, unwillingly forced to take taxpayers funds they were paid back at the earliest opportunity, with interest, and then continued good trading have delivered a great result. They did not join in on the rush into dodgy assets and appear to have been actively trading against the stream on these.
If more banks acted like this we may have a better system overall. That said, if more acted like this then there would be less profits for any individual player. And that would be a good thing.
The difficulty for them now is to manage the political fallout. I am glad I am not going to have to do that. Of course, with average pay per employee of about USD770,000 I would be happy to try…