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Many analysts including a pretty influential Meredith Whitney -- recently taking a more dim view about Goldman Sachs is earnings this quarter.
Whitney cut her estimates today.
By wide margins so are some of these market experts the analysts to make bond bank profits senior correspondent Charlie Gasparino.
We O'Brien I think their earnings estimates have come down 50% since made it pretty whopping fox is that what it's like people inside Goldman expected -- -- -- more.
Before they actually -- second quarter earnings other reason is obviously the SEC settlement is out there lousy month for -- lousy month in the equity business.
Also a lot of people of baking in this SEC settlement inside the earnings right now even though they haven't paid -- no nose was going to be.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- You know what what -- the people on the trading this in the bill.
At the major banks thing and you know my guess -- Goldman has come down more than any other bank in terms investments if you.
You listen to these guys you think it's really dismal quarter and they they think there's an over reaction here they think that the number one.
The SEC settlement.
May not -- an outcome for awhile and -- come until September so they can -- -- -- now.
Might be a little bit of a problem particularly the numbers -- using a billion dollars just on the SEC said now if you remember.
I've given an estimate.
Of want the five billion but that was an estimate that was all lit.
Not just SEC all the various regulatory investigations.
And there are many.
And potential lawsuits I did a small number so a lot of people think that that that they didn't have one billion -- number that a lot of these thousands and -- over the top the other thing is Coleman knows how to treat a lot of people think that people discounting their.
The ability to trade out of this quarter trade -- during this quarter.
Is they're discounting it way too much and that if you talk to competitors they think that these analysts are going way over the top now that's account review.
You know one of the great things about reporting explosive report the other side not just one side.
Analysts are taking a much more dimmer view -- -- and anybody else.
But they are extraneous factors affect as he sees it putting a billion dollar charge and that's a -- settlement -- in that -- right now.
I think is a little little out there but it's not just that it's also the fact that a lot people think it was a -- trading quarter but -- think people on the trading desk.
-- -- what's gonna gonna surprise on the -- side.
The mood there among employees and also maybe the mood of customers because again at least it seems like.
You -- moments.
Not in the cross -- quite well and -- few weeks and he took them out of the out of the front page but I will tell you this I you know I talked to people over there.
The -- is horrendous among employees and to -- -- is because.
They have more than any -- Wall Street firm and he was knee you know what three weeks or month.
You know in the hope of of less listen at what price is not gonna make up.
For the absolute shellacking at this firm has taken over the last two years particularly last year and people there really believe that you know this and they have to go home to the wife and kids.
And the wife and kids are like you know daddy.
You know why are you guys considered that you will be the worst guys in the world and and that and that's and that's what's going on and so it's it's really tough and it's really tough for the people who work there.
It there's probably not gonna be let up in sight is from anymore.
And you know they really think it's unfair and you know -- that we've had -- -- and runs the crisis inquiry -- me.
-- -- I have no defender of Goldman Sachs but I will say that is his hearing about Goldman.
And you know where -- -- he was pressuring them on their collateral calls some of their actions regarding energy.
Came across to me as complete pile on and the fact that he won't -- Jamie Dimon.
And anybody from JPMorgan.
Who basically called the collateral on -- on Lehman -- and put Lehman Brothers out of business.
Basically put Merrill Lynch and -- -- doing the same thing and they won't call anybody of a senior rank at JPMorgan.
To -- for that is I think just it's -- -- Isn't it easier to go after Goldman Sachs because they -- not -- retail banking operation if you go laughter safe city or JPM which has the chase bank's.
You could spook the public right -- the congress doesn't want to be accused.
Remember spelling -- what's is that consumers letter right about your capital indymac people -- Schumer and part for causing a run on indymac bank well.
I don't think he opened this you know this sort of but I don't write it I don't think we saw it.
Don't think I mean it's and there are other easy to beat up pot because everybody's -- -- and foolish and they and they -- the most accessible so -- coming -- bash something when I'm -- well.
I'm just saying that if -- if you want if you want the crisis inquiry commission if they want to be considered anything other than a farce.
Okay because it's supposed to figure out what happened during -- crash why it happened.
Who basically beat up on Goldman -- stuff that we already know basically about Goldman any idea who doesn't know that it.
Gold was repaid eighty cents on the dollar would ultimately what -- with a very aggressive tree.
Part trading -- party I mean this is stuff we already know which they did.
The real thing we have to know -- no I mean let's get to the point why was Lehman out of business okay.
And one of the reason why I was at a business is Jamie Dimon -- JPMorgan.
Demanded eight billion dollars of -- I think about this they're demanding eight billion dollars from -- that probably doesn't happen.
So -- demand.
You put him out of business put -- -- competitor out of business and that's.
That's something that they should come to terms of a wait Goldman Sachs expects earnings estimates come down I can tell you that the other side when you -- -- competitors they think that these analysts are over the top form.
-- -- I would tell you my parents both inform me this morning that they adore you of.
Thank you so I've I've got I got two things it's we now have three that it can't shut up about.
-- he's glare it's a.
But the truth at your parents.
Site operations -- -- defective equipment -- that epithet for the cataracts and what do they think about you know -- makeup on.
They wouldn't it think -- should start I remarked somebody yesterday that you looked a lot like Nixon.
Against Kennedy in that debate.
And so those that you thank you grant writing from San PH showed up on the air and -- -- -- -- the gas we don't appreciate your taxes think Manny got work and stories so what in God's important -- wedding wedding quitting my -- -- -- to be happy you're there you -- -- Charlie -- he's -- -- -- who -- That's.
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