Goldman -70% profits

Goldman's profits are stumbled and the stock, in pre-session, is showing a -20%.

Long article in the FT about the end of the broker dealer model. The radical ideas of Roubini a few month ago seem like foregone conclusions today. I hope GS will remain independent but hope is not a strategy.

On the upside, they may merge with Paribas.

Comments

pcleddy said…
I was waiting for the excuses to start to roll in, the Logic, and here is the first big one.

Sure, it was all an accident, driven by optimal, self-motivational forces. I can believe that. I can believe anything. It's magic! It's ill-lu-sion. Don Henning style.

Meanwhile, somebody's got a huge pile of cash, and we are all going to pay for it.

The closest I could find, sigh: http://www.youtube.com/watch?v=CdfYex14XXA
September 16, 2008 at 8:55:00 AM PDT
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