From MarketWatch: Goldman Sachs swings to profit, plans $5 billion offering
Goldman Sachs Group Inc. said Monday it swung to a profit in the first-quarter, and announced it has commenced a public offering of $5 billion of its common stock. Goldman Sachs said net earnings for the period ended in March were $1.8 billion … compared to a loss of $2.1 billion … in the same period a year earlier.
The $5 billion will be used to repay the TARP money Goldman received last year.
Or, in other words, if we hadn’t bailed their loser-asses out, they’ve have lost $3.2 billion this quarter.
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