Goldman Sachs Reports Earnings Per Common Share of $4.47 for 2008, Fourth Quarter Loss Per Common Share Was $4.97 (Market Watch)

Goldman Sachs today reported net revenues of $22.22 billion and net earnings of $2.32 billion for the year ended November 28, 2008. Diluted earnings per common share were $4.47 compared with $24.73 for the year ended November 30, 2007. Return on average tangible common shareholders' equity (1) (ROTE) was 5.5% and return on average common shareholders' equity (ROE) was 4.9% for 2008.
Goldman Sachs reported fourth quarter negative net revenues of $1.58 billion and a net loss of $2.12 billion. The diluted loss per common share was $4.97 compared with diluted earnings per common share of $7.01 for the fourth quarter of 2007 and $1.81 for the third quarter of 2008.

Full results from GS after the jump.
Heading For Zero (Reuters)
Bald has had a tough couple of months, and it doesn't look like it's getting any easier for the little fella: the Fed is looking to lower interest rates today, which means money is getting dangerously close to free. Free isn't often something the Fed endorses: the last time the discount rate and fed funds rate were this low was 2001/2002 - before that there had been 30 years of numbers considerably higher.
"Economists expect the central bank to lower its target for benchmark overnight rates by at least a half-percentage point, to 0.5 percent, and clearly state it will aggressively use unconventional measures to restore growth."
Bank Of America To $9? (Reuters)
"Bank of America Corp ... was rated underperform by Friedman, Billings, Ramsey Group Inc analyst Paul Miller in a note, citing the bank's "thin tangible common equity" as a chief concern."
Shorting of coming out with the news that Pandit is taking over the Charlotte giant, Bank of America is going to stay stable. Though, in my most humble of opinions, if required to take ownership or possession of anything called a "spirit point" I would suggest rioting.

National Lampoon Chief Faces Charges (NYT)
While the movies of recent have by and large inspired spontaneous suicide, this is the company that helped bring you the "Vacation" movies and "Animal House." For Christ's sake people: Animal House.
Apparently Laikin (CEO) was charged with Securities Fraud on Monday as he and his cronies (in Pennsylvania none the less) sought to artificially inflate equity prices. Trading was halted on Monday at 9:30 @ $.73 a share.
Merrill Oil Analyst Trying To Piss Off OPEC (Bloomberg)
Famed ML analyst Francisco Blanch lets it be known that he's calling for $25 barrels in 2009, but cautions that if shit takes off too fast we'll see prices in the $150's. Blanch is best known for calling the oil high at $147.25, and has since then been revered for his magic powers. Like that little Leprechaun.

Russia Slowly Devalues Currency: Second Announcement This Week (NYT)
This is actually a pretty decent plan, despite its coming from the Soviet Bloc: they're devaluing their currency slowly so as to avoid a flight to safety. What's not working about this is that they're doing it in too many steps, too slowly.
Since connecting all the pieces isn't the strength of many, I'm going to spell this out for you: Russian Hookers *cough* wives are cheaper, people. Order up. Fed Ex away.
GS Annual and Fourth Quarter 2008 Results [PDF]
--William Richards