Goldman Sachs is emerging as the king of post-meltdown Wall Street.

Meredith Whitney AP PHOTO

Already the most powerful U.S. financial company before the credit crisis, the bank profited handsomely from Wall Street's rally and the recovering credit markets during the second quarter, and distanced itself from the few competitors still standing.

The result was a stunning profit announced July 14 of $2.7 billion — even as the bank repaid $10 billion in federal bailout money. The total blew past what Wall Street analysts were expecting.

Goldman shares rose 22 cents to close at $149.66 on the New York Stock Exchange on July 14. The stock was trading close to $50 during the financial crisis last fall.

The muted reaction from investors wasn't a negative sign. They had bid up Goldman, and the rest of the stock market, on July 13 after respected analyst Meredith Whitney issued a bullish report on the bank. Investors latched on to her comments because she has for years offered one of the more pessimistic — and accurate — assessments of the banking business.

Goldman pulled off a remarkably speedy recovery from last year, when it lost $3.3 billion in four months during the worst of the crisis. It had its best quarter since the end of 2007, when the recession was beginning.

The results also confirm that despite controversy over everything, from its role in the meltdown and the bonuses it pays executives, and even the power of its alumni who sit at the highest levels of government, one thing remains constant: Goldman knows how to make money better than anybody else on Wall Street.