Simply Politics & News

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Sells $5 billion of common stock at $123 a share

* Shares fall 5.4 percent in early trading (Adds CFO comments, stock sale, details)

NEW YORK, April 14 (Reuters) - Goldman Sachs Group Inc (GS.N) has a "duty" to return the $10 billion it received in a U.S. government bailout, as it moves to benefit from an expected recovery in capital markets, its chief financial officer said.

The company was Wall Street's most profitable before converting to a commercial bank last September. It returned to profitability in the first quarter, on Monday posting a $1.66 billion profit after preferred stock dividends, more than double what analysts had forecast.

Goldman sold $5 billion of common stock at $123 a share, and plans to use the proceeds and other resources to repay the taxpayer money received under the government's Troubled Asset Relief Program.

http://www.reuters.com/article/marketsNews/idINN1441489720090414?rpc=44
http://biz.yahoo.com/e/090413/gs8-k.html

In otherwords anyone wanting to help pay this debt is welcomed to buy this common A stock. What a racket!!.

Not from GS's profits or profiteers but the lucratived business of stock selling, business as usual.