Goldman's Big Earnings and Orphaned Losses

More

I have been in meetings today but want to quickly post the PDF to Goldman's first-quarter earnings report:

goldman Q1 earnings.pdf

There has been some fuss over the fact that Goldman made December -- a month in which they had huge losses -- "disappear" (Paul Krugman's word) by switching to an annual calendar from an accounting calendar that ended in November. (In other words, its 2008 fourth quarter ended in late November and its 2009 first quarter started in January -- making December an "orphan month.") But it now seems to be the case that this was just required when the company became a bank holding company.

Floyd Norris dings Goldman for not publicizing the losses anyway, since regulators that required the calendar switch didn't "force Goldman to avoid any mention of the December orphan month in the text of its earnings release." But it's not really a surprise that the bank would avoid trumpeting its own losses. That's journalism's job! And the December losses are right there on page 10 of the document above.

Jump to comments
Presented by

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism. He was previously a fellow at The Atlantic and an editor at The Guardian. More

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism, an economics blog that was recently published in book form by Simon and Schuster. He was previously a fellow at The Atlantic and an editor at The Guardian. He is also on Twitter.
Get Today's Top Stories in Your Inbox (preview)

Why Did I Study Physics?

In this hand-drawn animation, a college graduate explains why she chose her major—and what it taught her about herself.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Why Did I Study Physics?

Using hand-drawn cartoons to explain an academic passion

Video

What If Emoji Lived Among Us?

A whimsical ad imagines what life would be like if emoji were real.

Video

Living Alone on a Sailboat

"If you think I'm a dirtbag, then you don't understand the lifestyle."

Video

How Is Social Media Changing Journalism?

How new platforms are transforming radio, TV, print, and digital

Video

The Place Where Silent Movies Sing

How an antique, wind-powered pipe organ brings films to life

Feature

The Future of Iced Coffee

Are artisan businesses like Blue Bottle doomed to fail when they go mainstream?

Writers

Up
Down

More in Politics

Just In