The earnings release is pretty amusing considering the dichotomy between Goldman and everyone else. It currently seems that most large companies can only make a profit by dramatically reducing costs and capital expenditures.
Goldman on the other hand has set aside enough compensation in Q1 and Q2 to pay every one of its 29,000 employees $773K on an annualized basis.
I have known a lot of smart people in my life and I believe that very smart people can do quite well when they put their abilities to the test. I also know that no single person or single organization is smarter than everyone else (e.g. LTCM). For one organization to do incredibly well while the world struggles raises a red flag in my mind.
“Behind every great fortune is a great crime”
