Please tell me you didn't buy this stock.
Stay away from financials.
The writedowns are just the tip of the iceberg ... some industry analysts are estimating up to $500 BILLION of subprime loans will be written down in the U.S. in the near term. That's conservative, given the trillion or so of existing loans that are about to reset.
Before I jump into this name ... I'd look at the mortgage insurers first. If any of them go belly up, it's time to short Goldman Sachs.
