More articles about Federal Deposit Insurance Corp (FDIC); Federal Deposit Insurance Corporation. It was the first bank to take advantage of the debt program when it was introduced in November, when the financial crisis made it nearly impossible for companies to raise cash. The program will continue to bolster scores of banks through at least the middle of 2012.
RETURN TO PROFITABILITY
On April 13, 2009, Goldman announced strong quarterly earnings and said that it would seek to raise money in the capital markets to repay the government the $10 billion it received in 2008. Goldman's chief financial officer, David A. Viniar, said that it was able to generate much of its revenue by trading "plain vanilla" investments. Margins were higher than usual, he said, in part because of the disappearance of some of Goldman's former competitors, like Bear Stearns and Lehman Brothers.
In June, the federal government allowed Goldman to return its share of the federal aid.
In July, it announced profits that comfortably beat analysts' forecasts. Its earnings were lifted by record quarterly revenues of $6.8 billion in its fixed income, currency and commodities unit, where mortgage and other credit instruments are traded, the bank said in a statement. This business has performed well since the bank has taken on greater levels of risk since the end of 2008.
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