What is wrong with the financial media? Goldman posts flat earnings and no apologies? We're the first to admit that one quarter of flat earnings isn't apocalyptic, especially for an outperformer like Goldman, but figuring Goldman's media pedestal we expected some turd polish. The problem with Goldman, clearly, is that it's set the bar too high for too long. Eventually, you can't keep beating your own records, or something, and Goldman is still in the best position out of any other bank, and look at how crappy some of these other earnings were (cough...Bear), and Goldman did come down with a nasty flu last quarter. After much distraction, here's the Financial Times' take:
But if you keep raising the bar, you eventually come in below it. And the hit to revenues from a slump in subprime mortgages is a reminder that, however good your traders, revenues come under pressure in tough markets.
Here's the Financial Times reaching out to Goldman, saying repeatedly, "It's not your fault, it's not your fault," then, after a long embrace, singing a heartfelt a cappella version of "You're the Best" from the Karate Kid II soundtrack.
Goldman Sachs (A bank so important it needs no headline modifiers) [Financial Times]