June 15, 2007 (LPAC)--Wall Street's highest flyer, Goldman Sachs, reported yesterday it had suffered a 24% drop in its fixed income (mortgages, bonds), currency and commodities revenues for the second quarter of 2007, largely due to the collapse of the subprime mortgage market. Combined with losses from its biggest hedge fund, Global Alpha, Goldman Sachs profits for the second quarter were only a mere 1%, better than fellow Wall Street company Bear Stearns's 33% second quarter drop in profits and emergency sell-off (see "The Bigger They Are The Harder They Fall: Bear Sterns Faces Collapse of $6 Billion Sub-prime Unit - And More!"), but still, a far cry from what their greedy clients and investors expect from them.

Not to be left behind, the quasi-governmental mortgage giant Freddie Mac reported a $211 million loss for the first quarter, after it had to write down the value of its mortgage derivatives.

These developments are reported to be a source of merriment for those who regard the collapse of these vulture firms as well deserved. May they have more such results.