Goldman Sachs Posts Profit and Will Raise $5 Billion

New York Times News Alert -

Goldman Sachs confirmed on Monday that it would raise $5 billion through a stock offering to help pay back government rescue funds, as it posted a $1.8 billion profit for its first quarter.

In a statement, Goldman said: "After the completion of the stress assessment, if permitted by our supervisors and if supported by the results of the stress assessment, Goldman Sachs would like to use the capital raised plus additional resources to redeem all of the TARP capital."

Read more >>> Here

New world on Wall Street

Federal regulators converted Wall Street's remaining stand-alone investment banks, Goldman Sachs and Morgan Stanley, into bank holding companies Sunday night. What that means, reports CNNMoney.com, is the end of the era of the Wall Street investment bank, a storied institution that traded stocks and bonds, advised mergers and showered lavish bonuses on its executives.