Goldman Sachs released their earnings early tonight after hours, instead of tomorrow morning.
Goldman solidly beat both earnings and revenue expectations, and has indicated that they intend to pay back their TARP borrowings as soon as possible.
Matt Miller of Bloomberg TV has used the term 'blowing away' their numbers at least thirty times since they announced their numbers after the close.
The major source of profit for Goldman Sachs was from speculative trading.
There will be no recovery in the real economy until the financial system is reformed and banks are restrained into productive functions within our society.
Goldman posts $1.7 billion profit, plans $5 billion offer
Monday April 13, 2009, 4:28 pm EDT
NEW YORK (Reuters) - Goldman Sachs Group Inc posted first-quarter earnings of $1.66 billion, a higher-than-expected profit helped by strong trading revenue, and said it planned to raise $5 billion of common shares.
The New York-based bank reported net income applicable to common shareholders for the quarter ended March 27 of $3.39 a share. For the quarter ended February 29, 2008, the company posted net income for common shareholders of $1.47 billion, or $3.23 a share.
Analysts had on average expected earnings of $1.49 a share, according to Reuters Estimates.
Goldman said it planned to use proceeds of its share offering plus additional funds to repay the $10 billion of capital it received from the U.S. government under the Troubled Assets Relief Program.
“A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. For the traitor appears not a traitor; he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague.” Marcus Tullius Cicero