Goldman Sachs has long made a habit of making the analysts who cover it and the rivals who try to keep up with it look stupid. Now it is extending that treatment to the US government by appearing to increase the pay of its staff to more than 17 times the US average - at a time when it is benefiting from public funding.

When Goldman Sachs announced its first quarter results this week it made the analyst community look even more foolish than usual, by delivering earnings per share of more than double the consensus forecasts. And, by posting record revenues in its main trading business, it has ensured that most of its rivals will look very silly indeed as they report their own first quarter performance in the next few weeks.