Banksters at "Work"
Simple, you ignore the losses from December and report on the 3 months (January, February, and March 2009) for which you had profits. Here is the report from the New York Times and a similar report from The DOW Jones Report.
How this legal scam works is simple. The 2008 Fiscal Year 2008 for Goldman-Sachs Fiscal ran from December 2007 to November 2008. Goldman-Sachs changed its fiscal years to now coincide with the calendar year. Because of the change the fiscal year 2009 for Goldman-Sachs will runs from January 2009 through December 2009. Notice December 2008 is in neither fiscal year. This makes December 2008 a "stub month" and is not reported within either fiscal year. Most likely the results for December 2008 will appear in a footnote of the consolidated finacial reports.
In simpler terms:
- Move all your losses to a single month; December 2008
- Change the definition of your fiscal year to so no fiscal year includes the month with all the losses.
- Vacuum up billions of bailout money through the bankster money conduit known as AIG via (arguably fraudulent) credit default swap (CDS) contracts.
- Report that you "beat your numbers in a spectacular way" and offer to sell more than $5 billion of stock to the unsuspecting public.
Good thing the US Treasury department is full of ex-Goldman-Sachs Boyz (eGSB'z). So rest assured, there will be no heavy handed investigation of Goldman-Sachs cooking their books, ripping off US taxpayer via the Government laundering money through AIG, and no firing of executives at Goldman-Sachs by Obama, the Blessed.
H/T to George Washington's Blog