Goldman Sachs to unveil $3bn writedown - UK paper

[Joanne98]

Source: Reuters

Investment bank Goldman Sachs (GS.N: Quote, Profile, Research) will announce asset writedowns of $3 billion when it posts earnings on Tuesday, Britain's Sunday Telegraph newspaper reported, without naming sources.

The company will report a fall of about 50 percent in first-quarter earnings, the newspaper said.

Goldman Sachs was not immediately available for comment.

Goldman will take a hit of around $1.6 billion in its leveraged loan business, $1.1 billion in connection with assets owned by its private equity arm and will have to writedown the value of its stake in Industrial & Commercial Bank of China (ICBC) (601398.SS: Quote, Profile, Research), the story said.


Read more: http://www.reuters.com/article/etfNews/idUSL161463220080316

[jpak]

1. shit meet fan

Do the Fed has enough cheezeburger for GS too???

[SpiralHawk]

"They are doing a heckuva job in this republicon recession. Smirk." - Commander AWOL

"Allow me to repeat the republicon truth (smirk) I uttered last Friday (smirk): America's republicon-inspired-and-guided economy is the envy (smirk) of the world (smirk)."

- Commander AWOL

[CatholicEdHead]

2. Is anyone still solvent anymore?

[SoCalDem]

3. John Q. Citizens all over should just "do a writedown" too and start fresh

Dear Capitol One,

I am doing a writedown.. don't bother to go after my house.. it's been foreclosed.. don't bother to garnish my wages,... my job was outsourced..want my car?.. repo-ed.. want my bank account?..$2.48 balance

You've probably collected more in finance charges than what I owed you to start with, so consider us even...

What's in MY wallet?...nothing but lint

Sincerely,

John Q Public

[Joanne98]

5. LOL

[C_U_L8R]

4. Just wait.

In 4 years their gonna be blaming this big fat mess on the Democrats.
They probably already are.