Don't Ask Goldman Sachs About Its 4th Quarter

$5 billion legal bills will get you every time.
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Expect a lot of this look.

Damn you, pre-crisis mortgage-bond sales practices! Damn you to hell.

The New York-based bank said its fourth-quarter net income fell to $765 million, or $1.27 a share, from $2.17 billion, or $4.38 a share, a year earlier. The decline was mostly the result of a $5 billion settlement Goldman announced last week with the Justice Department and other law enforcement authorities over the firm’s mortgage-bond sales practices leading up to the financial crisis….

Goldman turned in its lowest quarterly profit since it posted a rare loss in the third quarter of 2011. The Wall Street firm’s revenue dropped about 5% to $7.27 billion from $7.69 billion, but beat analysts’ estimates.

Goldman Sachs Profit Drops on Massive Legal Bill, Trading Woes [WSJ]

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