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Ash4781

Us Mortgage Woes Hit Goldman Sachs

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http://business.timesonline.co.uk/tol/busi...icle1933270.ece

The woes of the American housing market took a huge bite out of Goldman Sachs today as Wall Street’s most profitable bank reported a 27 per cent slide in second quarter revenues at its division that trades mortgages.

The slide in revenues at the fixed income, commodities and currency division to $3.37 billion over the three months to the end of May, compared with $4.6 billion the previous quarter. Goldman said that this was due principally to “weak results” trading mortgages.

It took the shine off record quarterly after-tax profits, which rose 1 per cent above the figure for the first three months of the year, to $2.33 billion, driven by highly profitable underwriting of equity and bond sales.

The bank pointed directly at sub-prime mortgages, which are lent to consumers with patchy credit records.

Edited by Ash4781

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This is a bank that drew a short against the uk economy.

Citing the fragile housing market as the reasons for its concerns

Goldman Sachs have gained their reputation by never being wrong, ever.

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This is a bank that drew a short against the uk economy.

Citing the fragile housing market as the reasons for its concerns

Goldman Sachs have gained their reputation by never being wrong, ever.

It's a bit worrying when the so called 'financial smart set' are not able to read the US sub prime and act like lemmings in such a precarious market. This is not hindsight.....look at the market and players!

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You've got to be dumb as **** to be a bank and left holding the bag. The whole point of the shell game was to pass the liability onto some other unsuspecting mug.

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