GS is going to give $20,000,000 (that is 20 million dollars in case the zeros baffle you) to CHARITY. That's right. They are just going to give it away. I'll wait for you to revive yourself. You can click here to read the article in the WSJ but you need to be perhaps very drunk so I'd wait until the end of the day - 4p or so when the closing bell sounds as this will be catastrophic for their stock.
Can you imagine 20 million to charity? This is a firm that "makes nothing". That's right. Their only "production" is paper cuts and sore elbows from money lending. But they bring in profits (after tax) of about $10 BILLION or so in a bad year - like the year we bailed them out and they plead guilty to criminal activity. So let's put that $20 million in perspective.
Even in those bad years, GS makes in net profit about $32 million dollars a day assuming 6 days work week. So the $20 million is about 15 hours of the 24 hour trading day. If we start now: 7am - by 10pm tonight they will have amassed enough profit to pay their contribution.
Got it?
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