Goldman posted some impressive numbers yesterday, but I wouldn’t get too excited. Let’s think about this for a second. All divisions, save FICC were weak. FICC is posting record profits on the back of a massive and unprecedented intervention in the credit markets by the Fed/Treasury. The government is doing everything in its power to help banks make money, of course they will earn profits. Goldman being Goldman, can find ways to earn in such environment. On top of that credit spreads, and in particular, IG Credit spreads are at levels not seen since Sherman McCoy and the “Masters of the Universe.” How sustainable is this? What happens when the gov. has to unplug the lifesupport and bid/ask spreads eventually come down to post-TRACE levels?
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