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Goldman Sachs Says Quarterly Profits Nearly Doubled
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STEVE INSKEEP, Host:
The Wall Street bank may be facing government fraud charges but today, Goldman Sachs reaffirmed itself as one of the most profitable banks in the country. Goldman says its quarterly profits nearly doubled, to more than $3 billion - which is obviously good news for the bank, which suffered a hit to its reputation, as well as its stock price, when the government last week announced it was charging Goldman Sachs with fraud. This case relates to its brokering of mortgage-related securities. Banks were betting that the securities would increase in value. A hedge fund was betting that the same securities would fail. Financial regulators in Britain have also launched an investigation into Goldman Sachs trading activities. Transcript provided by NPR, Copyright NPR.
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