$550 million looked like pocket change until Goldman Sachs earnings were announced today.
Today's numbers, which missed analyst expectations, actually makes one think that Goldman is paying the price for last week's SEC action. Of course, their win was avoiding criminal action and other SEC regulatory activities as a result of the disastrous subprime mortgage placements.
Goldman's numbers today were less disappointing than it might first appear.
Results were hurt by the one time charges (hopefully) of $550 million dollars for the SEC fine and an United Kingdom $600 million dollar special tax assessment. Still trading revenues and profits were down compared to the incredible previous quarter and results like this have not been seen since the depths of the financial crisis.
But despite today's soft earnings announcement, Goldman appears ready to move forward after a cloudy period in the firm's history. And leadership seems eager to try to restore the firms reputation as not only a profitable firm but one that is respected by Main Street as well.