Wednesday, April 15, 2009

Goldman Q&A

Q: What did Goldman do in FICC for the quarter?

A: Net revenues in FICC were $6.56 billion, more than double the amount in the first quarter of 2008, and this quarter also included $800 million of writedowns. Without the writedown Goldman was up to $7.37 billion in FICC, after writing down over $2.6 billion in FICC in December alone.

Q: What was Goldman's best quarter ever in FICC as a public company?

A: Q3 in 2007, when FICC did $4.9 billion. Thus, in the world's toughest environment, Goldman made billions more this quarter, than at anytime in it's history. We however, want the street to believe it was our trading prowess, and not the largess from the taxpayer via AIG that helped our numbers.

Q: How did FICC do in the missing month of December?

A: We lost $320 million and that included $1 billion writedown of non-investment grade originations and a $625 million commercial mortgage writedown, and an additional $1 billion writedown in real estate, so FICC for December alone had $2.65+ billion of writedowns.

FICC (Fixed Income, Commodities & Currencies) is where Goldman's clarity, is in fact, the Government's charity!

Any story, other than that, quite simply is Goldman Sachs prevaricating.

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