Goldman Sachs Beats the Street, While Bear Stears falls Short.

Goldman Sachs reported a 3rd Quarter Profit, while Bear Stearns profits dipped to a five year low.
Third Quarter Profit at Goldman Sachs was up 2.85 billion up 79 percent from a year ago at 1.59 billion dollars. Third Quarter Profits at Bear fell to 171.3 million down from 438 million a year ago. Bear had a almost 88 percent decline in its fixed income trading sales, and it also had the cost of 200 million dollars becuase of two hedge funds that collapsed.

According to CNBC, Chief Executive at Goldman Sachs Lloyd Blankfein oversaw a 71% increase in revenue from fixed income, currencies and commodities to $4.89 billion, despite $1.48 billion of losses related to write-downs of non-investment grade credits. This was partly offset by a $900 million gain from the sale of power company Horizon Wind Energy. Investment banking revenue, meanwhile, rose 67% to $2.15 billion, helped by advising on mergers and acquisitions.