Don’t look now, but Goldman Sachs (GS) is getting close to a point where it’s like Lehman Brothers never happened. Shares in the bank closed just shy of $120, well above it’s $47 low made last November.
On September 17th, two days after Lehman, the stock closed at $114.50, though it still needs another good week to get to $133, where it was on the 16th.
Granted, Goldman Sachs (GS) has been helped in all sort of ways since then. You name it: TARP, the expectations for the PPIP, FDIC-backed debt and the AIG bailout, etc. All that’s true.
That being said, navigating and benefiting from Washington policy is part of being a successful bank, and Goldman management has done well for its shareholders navigating these last treacherous months.