Q: Everyone seems agog about the recent profits of Goldman Sachs How much was the number in dollars? Was it really too much?
A: Just the facts. In ninety-one days (from March 28 to June 26), Goldman Sachs made more than $3.4 billion dollars. It is the most the company has ever earned in a quarter.
The figure translates into $1.6 million per hour, $117,000 per employee.
Goldman Sachs has paid back, with interest, the $10 billion that American taxpayers gave the company back in October 2008 under the presidency of George W. Bush.
Why were Goldman Sachs profits so high? Among the reasons cited:
1. Many of its competitors are gone because of the financial crisis.
2. Goldman Sachs did a better job of guiding itself through the crisis.
3. It took great risks, and with great risks come great rewards.