GS had a TERRIBLE quarter, dont buy the phony accounting

Goldman said Monday it swung to a profit in the first-quarter compared to the prior period, and announced it has commenced a public offering of $5 billion of its common stock. Goldman Sachs said net earnings for the period ended in March were $1.8 billion, or $3.39 a share, compared to $1.5 billion, or $3.23 a share in the same period a year earlier. Analysts had been anticipating earnings of $1.64 a share, according to Thomson Reuters data. Meanwhile revenue net of interest expense rose to $9.4 billion from $8.3 billion. Goldman Sachs said in a statement that it intends to use proceeds of the $5 billion offering to help redeem "all of the TARP capital."
 
HOW MANY times did we see financial companies doing 2 or 3 stock offerings only to see their stock price collapse even further.
 
Other Balance Sheet and Liquidity Metrics

* Total assets (9) were $925 billion as of March 27, 2009, up 5% from November 28, 2008.
* Level 3 assets (10) were approximately $59 billion as of March 27, 2009 (down from $66 billion as of November 28, 2008) and represented 6.4% of total assets.
* Average global core excess (4) liquidity was $163.74 billion for the first quarter of 2009, up from $111.43 billion for the fourth quarter of 2008.
 
Conference Call

A conference call to discuss the firm’s results, outlook and related matters will be held Tuesday, April 14, 2009 at 7:00 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-888-281-7154 (U.S. domestic) or 1-706-679-5627 (international). The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s web site, www.gs.com/shareholders. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s web site or by dialing 1-800-642-1687 (U.S. domestic) or 1-706-645-9291 (international) passcode number 91133807, beginning approximately two hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.
 
Quote from ASusilovic:

Conference Call

A conference call to discuss the firm’s results, outlook and related matters will be held Tuesday, April 14, 2009 at 7:00 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-888-281-7154 (U.S. domestic) or 1-706-679-5627 (international). The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s web site, www.gs.com/shareholders. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s web site or by dialing 1-800-642-1687 (U.S. domestic) or 1-706-645-9291 (international) passcode number 91133807, beginning approximately two hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.
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I will be calling and will try to put a question. "How come when it comes to bad stuff management is eager to give earnings 'ex-onetime items' but when its good you guys just lump it all in the gaap figure?Or are you guys really expecting uncle sam to hand you $12b gifts every quarter?", I bet they will say they had 'trouble hearing' this one :D
 
Quote from shortie:

the market decided to ignore GS earnings. i have expected some sort of sell-off in financials after the news.
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i'm thinking the same. if the mkt shrugs off the GS earnings as priced in and GS corrects, should be a good tell for whether this rally will sputter or continue.
 
Quote from Daal:

I will be calling and will try to put a question. "How come when it comes to bad stuff management is eager to give earnings 'ex-onetime items' but when its good you guys just lump it all in the gaap figure?Or are you guys really expecting uncle sam to hand you $12b gifts every quarter?", I bet they will say they had 'trouble hearing' this one :D
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Goldman Sachs has been working for months to overcome U.S. restrictions on executive pay for TARP recipients. Managers have a big incentive: Last year, 953 Goldman employees were paid in excess of $1 million apiece.

953...
 
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