Goldman Rides the Yield curve, taking 3.3 billion in Earnings

Goldman Sachs became the latest of the big banks to have "obscene" earnings.  I only say obscene earnings because these earnings are nothing more than a gift from Helicopter Ben.  The yield curve is so steep, banks can print money.  And, conventional wisdom is, when banks make money, there is a trickle down effect to the rest of  the economy. 

Hey as an aside, why don't we try broad based corporate tax cuts by cutting them from the highest in the world to say, the European average.  We can even eliminate those loopholes while we are at it. 

Via AP:
Trading helped Goldman score another impressive quarter. The banks said its first-quarter earnings almost doubled to $3.3 billion as its trading business again surpassed the rest of the financial industry.

Goldman Sachs earned $5.59 a share on revenue of $12.78 billion as bond, commodities and currency trading buoyed its profits. That was well above expectations of analysts surveyed by Thomson Reuters. It was Goldman's second most profitable quarter since going public in 1999. In the fourth quarter, Goldman Sachs earned a record $4.79 billion.


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