Goldman Sachs Posts First Loss Since Going Public

From Yahoo! Finance: Goldman Sachs posts first loss since going public

Goldman Sachs Group Inc. on Tuesday reported its first quarterly loss since it went public in 1999, losing $2.29 billion during its fiscal fourth quarter, but investors seemed unfazed and sent its shares higher.

The Wall Street firm lost $4.97 per share in the quarter ended Nov. 30, compared with earnings of $3.17 billion, or $7.01 per share, last year.

Morningstar Inc. equity analyst Michael Wong said Goldman was able to shrink its total assets by 18 percent to $885 billion during the quarter, and that has helped reduce leverage. Moody's cut Goldman's long-term senior debt rating to "A1" -- still investment-grade -- from "Aa3."