Goldman Sachs Faces $2 Billion Loss, Says ‘Journal’


The Journal, citing “industry insiders,” is reporting that Goldman Sachs will post a $2 billion loss, or $5 a share, for the quarter ending November 28 — which is five times the current analyst projection. “One problem: Investors and financial firms had assumed the $700 billion Troubled Asset Relief Program would establish a buyer of last resort for banks’ toxic assets. When the buyer disappeared, as the U.S. Treasury changed its rescue strategy to one of direct cash injections, values of many assets fell.” [WSJ]