News & Politics

Second Quarter Drop in Goldman Earnings Makes Billionaires Into Mere Millionaires

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Ouch. It’s a hard day for Goldman Sachs, once king of the world, now merely the king of the world’s wealthy but underperforming derelict nephew. Second quarter earnings at the bank were 83 percent less than they were in the first, which in monetary terms means they got shanked. The markets, the SEC, and the haters can now bask briefly aglow in the news that Goldman’s net income went from $3.43 billion in the quarter a year ago to $613 million this quarter, with [correction!] earnings per share at just $0.78. But, since Goldman is still making at least millions while the rest of us bring in five figures on a good year, this dip is hardly a death knell. Which means we don’t even have to feel bad about mocking them. [via New York Times]