For a firm just ordered to pay the SEC a $550m fine, the highest of its kind yet seen, Goldman Sachs (GS) is good for it. Goldman Sachs reported revenues of $8.84bn and net earnings of $613m for Q210. Diluted earnings per common share were $0.78. Average return on shareholders equity (ROE) was 7.9%. That's down from Q110 when Goldman reported net revenues of $12.78bn and net earnings of $3.46bn. Then diluted earnings per common share were $5.59 compared with $3.39 for 1Q09 and $8.20 for Q409. Annualized ROE was just above 20% for Q110. Goldman closed yesterday at 145.68 per share. Bank analysts at FBR Capital Markets said that the result fall in line with their expectations. "We have long argued that normalized ROEs within the financial sector, and Goldman Sachs in particular, will decline by 25% to 30% as the result of higher capital standards and potential restrictions on business activities," according to a report released by analysts Amy DeBone and Steve Stelmach. FBR 2Q10 recently reworked Goldman estimates to $2.75 (formerly $4.80); consensus $3.27. This activity is taken across the board because "a disappointing investment banking environment, generally lackluster trading volumes, and declining equity and fixed-income valuations, we are lowering 2Q10 estimates for most of the broker/dealers under coverage." Total assets were $883bn, unchanged from Q110, with core excess liquidity of $163bn. Expenses also include the new UK bank tax, which cost Goldman $600bn. Write to Jacob Gaffney. The author holds no relevant investments.