According to seekingalpha, this morning Goldman's CFO reported crappy earnings thanks to a collapse in trading revenue
”It's very hard to quantify. And again, I don't want to sugarcoat this and say, "Oh, no big deal. We just took risk down." We underperformed in the quarter, so I don't want to sugarcoat it. Now there were reasons behind it, but we did, and I want to make sure you hear that. We did take risk down during the quarter. Hard to quantify if we had not taken risk down, what would our results have been. It's very, very hard to quantify, because it depends when and what and how, and it's impossible to go back and know that. I've mentioned every business had positive revenues. So it's not -- and that doesn't mean that on any day, we didn't have losses. We had lost days. You'll see that in the Q. It doesn't mean that certain positions didn't go the wrong way. They did. But overall, when you look over quarter, every business had positive revenues….”
Read more at http://seekingalpha.com/article/280266-the-goldman-sachs-group-management-discusses-q2-2011-results-earnings-call-transcript?part=qanda
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