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Tuesday, April 14, 2009

Goldman Sachs results are kind of tough to believe

Would Goldman Sachs deliberately manipulate results to make them cosmetically pleasing at a time when the market and administration are desperate to give people something to believe in right in front of a 5 billion dollar stock offering?


Converting to a bank holding company allowed Goldman to report December in a vacuum – a loss of over a billion dollars in write-downs.  It would seem to me the more accurate way for Goldman to have reported was for the 4 months instead of the 3 months.  I think reporting it as they have is deliberately deceptive and makes proper analysis of the quarter impossible.

I need to mention that I have a GS short on, particularly since that link is outrageously biased.  I also would disagree with the author’s allegation that Goldman Sachs is the devil, though I am certain they have banked for a number of his minions.

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