Goldman Sachs earnings call: 'Nothing new in the settlement'
Regulators are taking a bite out of Goldman Sachs. The bank reported earnings this morning and said that the $550 million SEC settlement, coupled with a $600 million charge due to a tax on bonuses in the United Kingdom, helped reduce earnings in the second quarter to $613 million.
In the earnings conference call with analysts, Goldman CEO David Viniar made several points about the case and its impact on the Wall Street bank:
Most of the company's clients supported Goldman, but not all. "I can't say there was none. That would be overstating it. ... I would say by and large across the board our clients are pretty supportive of us. That doesn't mean 100 percent of them were, but by and large they were across the board."
The SEC case didn't distract the company's leaders. "There's always a lot on our plate. ... It certainly didn't feel to me like there was any lack of focus."
The settlement doesn't have any impact on private lawsuits against Goldman. "We don't think it's going to have any material impact. ... Because we think there's nothing new in the settlement."
Goldman doesn't know about the reported Department of Justice criminal probe. "We're not aware of any criminal investigation."
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