Despite concerns over a theft of high frequency trading code last month that reportedly cost the firm millions of dollars, this had no effect on Goldman Sach's second quarter earnings. Goldman Sachs reported $13.76 billion in revenues for the second quarter of 2009, beating analysts’ expectations of $10.66 billion.

Even after the firm paid back the $10 billion it owed to the government for the Troubled Asset Relief Program (TARP), it still did better than analysts were expecting, noted CNBC anchors this morning. Industry reaction to the news on CNBC was that Goldman has established itself as the industry leader.

The global bank reported a profit of $2.72 billion, or $4.93 per share, after preferred stock dividends, reported NPR. Last year, the firm’s profit was $2.05 billion, or $4.58 per share, for the fiscal second quarter which ended May 30.

“The real story seems to be revenue strength,” said Jeff Harte, managing director of Sandler O’Neill in an interview with CNBC this morning. “The things I would highlight are fixed income trading, equity trading and underwriting,” said Harte.

According to the firm, the bank generated a record $6.8 billion in revenue in fixed income, currency and commodities trading during the quarter. Strong trading in credit and interest rate products and currencies helped boost Goldman’s fixed income, currency and commodities trading.

Equities trading revenue totaled $3.18 billion during the quarter due in part to stronger trading in derivatives.

Goldman is doing well, but is this good news for the rest of Wall Street? Asked if he thought Morgan Stanley would report good earnings, and the Sandler O’Neill analyst said: “I think this will show at the end of the quarter that Goldman is ahead in the space,” said Harte.
Meanwhile Steve Forbes, president and CEO of Forbes Inc., who spoke on the CNBC program, cautioned Goldman about the downside of good fortune. “They better be careful, because in this country when people succeed, people come after them. They better watch out. No one is invulnerable, no one is Master of the Universe,” said Forbes.