Even Wall Street was stunned this week when Goldman Sachs announced record quarterly profits — more than it earned in all of last year — with the prospect of bonuses that could match or exceed what executives were paid during the boom before the recession. Net income for the second quarter was $3.4 billion -- 65% higher than last year, just one month after the bank repaid $10 billion in taxpayer bailout money. Today, JP Morgan also announced big earnings, but Goldman Sachs remains in a class by itself. With former executives pulling strings in both the Bush and Obama Administrations, it's the most influential bank in America.
Has Goldman Sachs Gone Back to the Good Old Days?
Credits
Guests:
- Richard Bove - Rochdale Securities - @DickBoveSays
- Matt Taibbi - Contributing Editor, Rolling Stone - @mtaibbi
- Peter Cohan - President, Peter S. Cohan and Associates
- William Gruver - former General Partner, Goldman Sachs