Goldman cheated heavily on its first quarter earnings

Goldman manipulated the earnings report besides internal factors we do not discuss for now the threw out December where they claim to have lost the round number of 1 billion ( strange). So all the media hype about beating the estimates is not true as they just swapped back a loss of 1 bil. into Dec otherwise the 1.8 bil. profit they claimed would be reduced by at least half -* actually rather more as March was a positive month and would not be in the equation. All comparisons to the quarter a year ago are bogus and this kind of media misinformation is a typical unethical and imprudent way of them to deal with the public.
Returning TARP should actually include returning the 18 bil. of taxpayer money they received through AIG - imagine their losses without them since AIG was bankrupt and could not fulfill their payments. Others have to write off their receivables from Lehman completely.
The European Central Bank has roughly 8 bil receivables from Lehman which they never will get - that was also an amzing press conference as Trichet presented last years results claiming profits of 18 bil. and a random sentence at the nd he mentioned the small but important fact thet they have close to 10 bil receivables from Lehman and Island. In my book thats only a 8 bil profit to regular accounting standards - even the ECB is ob the bubble up your numbers ethics.

We can expect a similar event by Morgan Stanley

http://news.yahoo.com/s/ap/20090413/ap_on_bi_ge/earns_goldman_sachs

When Goldman became a bank holding company last fall amid the mushrooming credit crisis, it switched its reporting cycle so its fiscal quarters were in line with calendar quarters beginning Jan. 1. To adjust its reporting schedule, Goldman began fiscal 2009 on Jan. 1 instead of Dec. 1 of last year. The bank said for the month of December, which fell between the change in reporting cycles, it lost $1 billion, or $2.15 per share.