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Old 04-15-2009, 09:23 AM   #461
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Calculated Risk had a story a few days ago how GS changed their accounting and financial reporting time frames. they changed the time frame for the fiscal year. as part of this they are not reporting anything for December 2008, which is why they reported a profit.
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Old 04-15-2009, 11:01 AM   #462
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Suspicions confirmed:

Quote Barry Ritholtz:Goldman’s 2008 fiscal year ended Nov. 30. This year the company is switching to a calendar year. The leaves December as an orphan month, one that will be largely ignored. In Goldman’s news release, and in most of the news reports, the quarter ended March 31 is compared to the quarter last year that ending in February.

The orphan month featured — surprise — lots of writeoffs. The pre-tax loss was $1.3 billion, and the after-tax loss was $780 million.

Would the firm have had a profit if it stuck to its old calendar, and had to include December and exclude March?

The Case of the Missing Month


GS Press Release wrote:Net loss for December is 1.028 billion, or -2.15 / share. Reported quarterly net earnings were 1.659 billion.

Adding the two numbers, GS really netted 631 million. So the surprise good earnings of $3.39/share (consensus $1.64) is only $1.24 for the 4 months ending March 31. To normalize to 3 months, it would be only 1.24x3/4=0.93!

Reported 3.39, good accounting representation 0.93 EPS.
Who is buying those shares being offered? Maybe their symbol should be BS?
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Old 04-15-2009, 11:23 AM   #463
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Reported 3.39, good accounting representation 0.93 EPS.
Who is buying those shares being offered? Maybe their symbol should be BS?
BS? Wasn't that Bear Sterns' symbol?
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Old 04-15-2009, 11:26 AM   #464
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thx

i read CR and TBP and sometimes forget where i read a story
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Old 04-15-2009, 05:20 PM   #465
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BS? Wasn't that Bear Sterns' symbol?

I think you were just joking but it was BSC.
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Old 04-15-2009, 07:30 PM   #466
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I think you were just joking but it was BSC.
Yes, it was an attempt at a joke.
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Old 05-09-2009, 12:44 PM   #467
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So Maurice, did you cash out and take some profits off the table? I'm still holding on to my C but I've had it for years and I'm holding for the long, long ride. Looks like your play has turned real good for you, for now.
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Old 05-14-2009, 04:25 PM   #468
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My banks stocks are up about 250%, but that's not saying much, they're down about 70% from my peak in 2007.
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Old 05-14-2009, 07:54 PM   #469
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So Maurice, did you cash out and take some profits off the table? I'm still holding on to my C but I've had it for years and I'm holding for the long, long ride. Looks like your play has turned real good for you, for now.

Nope, I'm holding both until the crisis is behind us. Maybe for years if need be.
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Old 05-18-2009, 02:33 PM   #470
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Welllll - given Warren Buffett's track record vs the Norwegian widow - she is thinking of dumping her BAC, C, UBS, JPM and putting it all on red - er ah WFC or maybe some also on US Bancorp for seasoning.

Of course I may hurry up and wait till football season.

heh heh heh - note to self - quit watching so much Yahoo Finance - go outside and garden/ do yard stuff. .
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