The stock market was poised for a sharply higher open today, thanks to the surprisingly higher profits from Goldman. The firm's stock was trading around 150 points today, up more than triple from a low of 52 points a share in November.
In this troubled economy, just how did Goldman do it?
"They've taken bets. They put their money behind those bets, and they've made a tremendous amount of profit," said Seamus McMahon, president of McMahon Advisory LLC.
CEO Lloyd Blankfein pointed to "improving financial market conditions and a deep and diverse client franchise" as a reason for the massive profits.
Investors are interested to see if massive bailouts helped banks get their finances back in order. Goldman Sachs was the first major U.S. bank to report its earnings, and will be followed by JPMorgan Chase, Bank of America and Citigroup later this week. - ABC News Story
Thanks to all of our money, Golden Sachs has turned things around. Here is a company that rightfully should have been bankrupt and gone. But, hey we loaned them Billions so that they could survive their own stupidity and they have turned it around.
The big question is, what did we get for our money? How many of the people who drove the company to bankruptcy are now living the good life thanks to us?
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