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To: NOW who wrote (227373)	11/4/2009 1:07:40 PM
From: Giordano Bruno	Respond to of 306849

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To: NOW who wrote (227373)	11/4/2009 2:19:32 PM
From: Smiling Bob	Respond to of 306849

DJ Goldman Traders Made More Than $100M ON 36 Days In 3Q -FT . Goldman traders enjoy $100m-a-day profits By Francesco Guerrera and Michael MacKenzie in New York Published: November 4 2009 18:42 \| Last updated: November 4 2009 18:42 Traders at Goldman Sachs made more than $100m in profits on 36 of the 65 days of the third quarter, highlighting the trading bonanza sweeping Wall Street as central banks continue to pump billions of dollars into the financial system. The performance – revealed in a regulatory filing – compares with two losing trading days in the previous quarter and suggests the authorities’ drive to revive markets after the crisis is yielding huge windfalls for some financial institutions. Goldman said on Wednesday it had recorded only one daily trading loss in the third quarter. In the previous quarter, Goldman reported record trading revenues and had 46 days with $100m-plus in profits, partly due to the bank’s decision to rein in risk-taking in areas such as interest rates and equity. Goldman’s ability to reap large profits – its trading operatings had net income of $6bn during the quarter – without ramping up risk underlines the changing nature of trading on Wall Street. After taking large bets with their own capital prior to the crisis, several banks have now taken advantage of reduced competition, higher margins and government-provided liquidity to make money in less risky activities. Goldman doubled its trading profits in credit from $1bn in the second quarter to $2bn in the past three months and also grew profits in equities by about 25 per cent to $3.4bn, according to the filing. The past year of trading in the US fixed-income market has been a watershed for dealers, investors and the Federal Reserve. Amid a surge in new Treasury debt and auctions and the failure of large investment banks such as Lehman Brothers and Bear Stearns, the Fed has become a dominant presence in many parts of the market. Dealers say timing Fed buybacks of government debt and subsequent Treasury debt sales this year was very profitable for banks, given reduced competition and investors’ preference for less risky products. Copyright The Financial Times Limited 2009. Print a single copy of this article for personal use. Contact us if you wish to print more to distribute to others. "FT" and "Financial Times" are trademarks of the Financial Times. Privacy policy \| Terms © Copyright The Financial Times Ltd 2009. ft.com