Goldman Sachs released its 3rd quarter results yesterday. The press release is a classic of elevator accounting -- lots of numbers going up and down, but not a shred of analysis as to why. A New York Times article on the same issue concludes --
The lack of detail about the trading decline disappointed some analysts. “More disclosure would be better,” said Michael Mayo, a bank analyst at CLSA. “This is one reason that there is concern about large financial firms,” he said. “There is a lack of transparency in the areas that matter the most.”
The US government is providing large amounts of explicit and implicit insurance to a very large investment bank that can't or won't explain to people shifts of billions of dollars in its revenues.
The financial crisis changed nothing.
The lack of detail about the trading decline disappointed some analysts. “More disclosure would be better,” said Michael Mayo, a bank analyst at CLSA. “This is one reason that there is concern about large financial firms,” he said. “There is a lack of transparency in the areas that matter the most.”
The US government is providing large amounts of explicit and implicit insurance to a very large investment bank that can't or won't explain to people shifts of billions of dollars in its revenues.
The financial crisis changed nothing.