Goldman Sachs Posts Profit of $4.95 Billion, Still Not Good Enough

In what is bound to anger a bunch of people for a variety of reasons, Goldman posted one heck of a profitable quarter. First of all, the investment bank's profit of $4.95 billion, or $8.20 per share makes the guys at Morgan Stanley look like a bunch of losers (of money, as well as sissies who wouldn't understand a steep yield curve if it hit them in the head.) Then, of course, there are all of those folks in government (the few that never worked for Goldman) who have to fire up better versions of their "evil bankers who steal from the poor and uninsured" speeches before the next election or face the fate of Martha Coakley. Let's not forget the hapless employees of Goldman Sachs, some of whom have been rumored in the press to be unhappy with having to accept compensation in any form that is not their well-deserved cold hard unrestricted cash. I don't even have to mention what Rolling Stone readers must be thinking...

I will give the guys at Goldman a big gold star because investors so far are not that impressed (the stock is only up 1% currently.) That bank knows how to make money. Government subsidies, zero interest rates, once-in-a-lifetime opportunities in fixed income trading, raging commodities bull markets, massive volatility in equities, WHATEVER. The bank is not afraid to take those opportunities, pile on the risk (which Mr. Blankfein will tell you they are masters at managing) and knocking the ball out of the park. Sure it was bailed out last year, but so was Morgan Stanley and it still lost money in 2009. That preposterous sounding vampire squid analogy appears more apt with every passing day.