Goldman’s Month That Never Was

I can’t say I’m surprised by any of this anymore:

Do you remember, back at the end of 2008, when Goldman Sachs switched its status from investment bank to commercial bank? This provided it with various benefits that allowed it to avoid imminent destruction, and as long as they were doing it, the Goldman partners decided to switch their fiscal year from one that starts on December 1 to one that starts on January 1. Because of that, December 2008 was part of no fiscal year at all, and Goldman cleverly booked huge losses that month that never showed up on any of its annual reports.

(there’s more…)

Goldman Sachs seems to have no shortage of contempt for just about everyone. (Hopefully that statement isn’t too anthropomorphic.)