Goldman Sachs reported earnings this morning.
Net earnings for the quarter were $2.718 billion.
That's after $6.649 billion went to Compensation and Benefits.
Q2 last year saw $2.051 billion in earnings, after $4.522 and compensation and benefits. This quarter also beats $2.3 billion in earnings in both Q2 2006 and Q2 2007, and Compensation and Benefits of $5.1 billion in '06 and $4.9 billion in '07.
Net Revenues were $13.761 billion, up from $9.422 billion in Q2 2008. Trading and principal investments provided $9.322 billion of that. Fixed Income, Currencies and Commodities (FICC) was the biggest earner in that group, but Equities Trading did well too.
Earnings from actual Investment Banking were down. Equities Commissions were down. Asset management fees were down. Essentially the main actual work and value they were supposed to be providing to the country was all down. But at least their trading and principal investments did well on paper. They also raised $5.75 billion in a public stock offering, almost enough to cover compensation.
They entered the quarter with $35 billion in cash, and paid back the $10 billion they owed the government.
Apparently GS execs feel especially proud of their efforts this past quarter and decided they deserve even bigger bonuses. Or perhaps they took larger bonuses as a way of lowering earnings to hide how well the company was doing while the rest of the country was struggling. Whatever the reasoning, this was clearly a great quarter for company management.