Money Talks: Goldman Sags
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 2 February 2023
⏱️ 40 minutes
🧾️ Download transcript
Summary
Goldman once dominated Wall Street. In 2009, after the financial crisis, when most financial institutions were left reeling, Goldman had its best year ever. It appeared an apex-predator, one that could outsmart its rivals in even the toughest environments. But the last decade has been humbling for Goldman.
On this week’s podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird ask what is going wrong with Goldman Sachs. We hear how the bank grew from a basement office selling promissory notes in downtown Manhattan to become the most revered name on Wall Street. Analyst Steven Chubak tells us when things changed for Goldman, and how it is trying to adapt. And The Economist's Patrick Foulis says the bank’s mystique is at odds with its “mediocre, pedestrian and humdrum” valuation.
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Transcript
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| 0:00.0 | Money talks from the economist is sponsored by Invest Puerto Rico. |
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| 0:26.0 | Gamechangers, welcome home. |
| 0:30.0 | In 1999, Goldman Sachs, the most revered firm on Wall Street, went public. |
| 0:41.0 | And almost immediately, it started impressing investors. |
| 0:48.0 | The last record was set in the second quarter of the year 2000, |
| 0:51.0 | which is we all remember was right, women asked how kid it's peak and then crashed. |
| 0:56.0 | A decade later, not only did Goldman survive the financial crisis, |
| 1:00.0 | it thrived in its week. |
| 1:03.0 | In 2009, the year after rival's bear sturns and layman brothers collapsed into insolvency, |
| 1:10.0 | Goldman posted its largest ever profit. |
| 1:15.0 | Just one month after paying back $10 billion in federal bailout, |
| 1:18.0 | Money Goldman Sachs reports a blow-out quarter seen him money.com's Poppy Harlow |
| 1:23.0 | is joining his life from New York with the latest. |
| 1:25.0 | Impressive, right? |
| 1:26.0 | I mean, $3.4 billion, nothing to laugh at. |
| 1:29.0 | I mean, serious profit here for Goldman Sachs in the second quarter, |
| 1:33.0 | on revenue of $13.8 billion in numbers better than... |
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