Monday, December 15, 2008
More Pain at Goldman and Morgan Stanley
In the midst of this financial crisis and recession, the banks have undoubtedly been hit the hardest so far by the problem. Even with their federal aid and the gigantic bailout they received from the government this quarter does not bode well for banks. For the first time in its history of being a publicly traded company, Goldman Sachs will announce a quarterly loss. They are logging a $3.50 loss per share but insiders are saying it will be closer to $5, which means upwards of a $2 billion loss. Morgan Stanley isn't having the best quarter ever and will most likely lose about 37 cents per share, which isn't as bad as Goldman, but all losses are bad. How many more banks and investment firms will report losses in the next quarter?
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2 comments:
I really wish banks would stop complaining. They got themselves into this situation. They should be the ones taking care of it instead of destroying our free market system.
Things are not looking good for the investment banks, and it won't start improving until people start spending.
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