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WEDNESDAY, NOVEMBER 25, 2009
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$1.8B Goldman Sachs Profit Shocks Wall St.

Bank plans $5B stock offering to start repaying TARP loan

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(Newser) – Goldman Sachs shocked analysts today by announcing a $1.81 billion profit for the first quarter of 2009, the Wall Street Journal reports. “Given the difficult market conditions, we are pleased,” CEO Lloyd Blankfein said. Goldman also announced plans for a $5 billion stock offering that would help the company repay a $10 billion TARP loan if federal regulators allow them.

Goldman recovered from a dismal last quarter with today's results, which overcame losses in investment banking and asset management with more than $13 billion from fixed income business, trading, and principal investment revenue, Fortune reports. Goldman shares, which have been surging, dipped slightly in after-hours trading but rose about 4.7% on the day.

A man walks out of Goldman Sachs headquarters.
A man walks out of Goldman Sachs headquarters.   (AP Photo)
The building on Broad Street in New York's Financial District that houses brokerage firm Goldman Sachs.
The building on Broad Street in New York's Financial District that houses brokerage firm Goldman Sachs.   (AP Photo)
Lloyd C. Blankfein, CEO of Goldman Sachs.
Lloyd C. Blankfein, CEO of Goldman Sachs.   (AP Photo)
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3 comments
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Robert_Dada
Apr 13, 09 5:28 PM CDT
Sure...and we all fall down on our knees and suck their dicks as we chant in unison..."We believe you". Reply
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divetrader
Apr 13, 09 5:54 PM CDT
It was good business to have their former CEO as Bushes Treasury Secretary. It was also nice of him to give them money through the backdoor from AIG to guarantee their profits. Hell, I could have posted a profit with money coming in from all directions with those connections. Add the TARP funds and lets celebrate! Reply
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TerrifiedCitizen
Apr 13, 09 9:06 PM CDT
Not only the 'illicit' funds they were gifted, but retail sales for them seem to indicate the wealthier consumer may be shedding their black and once again walking right in the midst of us... Reply
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