This is what a government monopoly (the only kind that can truly ever exist) looks like. This is unheard of. A week straight would be unheard of, but 4 large banks with an entire quarter of positive days...preposterous! And please, spare me the fool's paradise "they are the smartest guys in the finance world and are just riding the recovery." If they were so smart, why were they all recently bankrupt and losing billions a quarter? They are financial terrorists, to steal a line from Max Keiser. Anyone who thinks this happened in an honest fashion has lost all sense of reality.
‘Perfect Quarter’ at Four U.S. Banks Shows Fed-Fueled Revival
May 12 (Bloomberg) -- Four of the largest U.S. banks, including Citigroup Inc., racked up perfect quarters in their trading businesses between January and March, underscoring how government support and less competition is fueling Wall Street’s revival.
Bank of America Corp., JPMorgan Chase & Co. and Goldman Sachs Group Inc., the first, second and fifth-biggest U.S. banks by assets, all said in regulatory filings that they had zero days of trading losses in the first quarter. Citigroup Inc., the third-largest, doesn’t break out its daily trading revenue by quarter. It recorded a profit on each trading day, two people with knowledge of the results said.
Read the rest here.
Wednesday, May 12, 2010
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Read this for the math on this. Oh well, what can the retail guy do about this?
ReplyDeletehttp://market-ticker.denninger.net/archives/2305-More-On-Goldmans-Perfect-Record.html