First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

US Big Banks results season: Goldman Sachs makes huge p...

Defend Truth

US Big Banks results season: Goldman Sachs makes huge profit

But not all is rosy and the US’s most influential bank’s stock slid after the news. The problem was not how much they made, $3.03 billion, but how they made it: instead of coming from banks’ usual mainstay, investment banking, where revenues fell 31% from same time last year, the bulk of the profits came from trading and other speculative activities. Translation: there’s not much real new value created in the country right now and most of the money is being made in shuffling paper around. Investment banking would have fared even worse were there not a surge in share issues underwriting, where many companies decided to list as the investment money flows back into the markets. Such distribution of profits was bad news for the overall economy, so Goldman’s results pulled the markets down. One thing is soothing to Goldman shareholders, though: whatever the environment, they found a way to make money.


Please peer review 3 community comments before your comment can be posted