Goldman or Goldmine

Just read a report on CNNMoney about Goldman Sachs' awesome earnings this year; when most of other banks either reporting losses or huge writedowns, and the remaining few showing moderate gains (thankfully, DB is one of them), Goldman has shown record profit. However, what made me post this entry is one statistic on the report - "If ($20.2 B on employee salaries and bonuses) were to be handed out evenly among the 30,522 employees of Goldman ..., that would come to about $661,400 a person".
$661,400 on an average ... wow!!!

Another Indian Achiever

Vikram Pandit is the new CEO of Citigroup. Go, go India. Wait for the time when this will be the norm and it won't be blogged about like this.

Accounting standards up for significant changes

Just got to my computer after 3 hours of hard work on Financial Statement Analysis; the topic with the maximum weightage in the level 1 CFA exam. And guess what I come across while reading one of my favorite blogs (freakonomics) over the net.

A new post that advises people to put those accounting classes on hold, according to an article on the Wall Street journal.

If this comes to happen; more than half of the financial ratios that i have mugged up will lose their existence; as most of them are based on the net income which these new standards will not have a place for; neither above nor below the line.

I am sure the CFA guys would be scrambling for setting up a new syllabus and all those accounting authors brushing up their knowledge for rewriting their texts.I guess I should also take an active part in the US culture and go sue those
guys who are responsible for this change; thankfully I wont need to do
that as this is not affecting me; at least not in the short run. My exam is within a week and I do not have to do anything like that; otherwise it would have been the last nail in the coffin and I would have decided to cancel the visit to Sri Lanka to write the exam.

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