Related Stories
Four Big Banks Score Perfect 61-Day Run
Key Excerpts from Article on Website of New York Times
Posted: May 17th, 2010
http://www.nytimes.com/2010/05/12/business/12bank.html
It is the Wall Street equivalent of a perfect game of baseball 27 up, 27 down, the final score measured in millions of dollars a day. Despite the running unease in world markets, four giants of American finance managed to make money from trading every single day during the first three months of the year. Their remarkable 61-day streak is one for the record books. Perfect trading quarters on Wall Street are about as rare as perfect games in Major League Baseball. But Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase & Company produced the equivalent of four perfect games during the first quarter. Each one finished the period without losing money for even one day. Their showing ... underscored the outsize and controversial role that trading has assumed at major financial institutions. It also drives home the widening lead that a handful of big banks are enjoying over lesser rivals on post-bailout Wall Street. The four banks ... reaped big rewards without necessarily placing big bets that stocks or bonds would go up or down. This is not about hitting home runs, said Jaidev Iyer, who runs his own risk management consulting firm, J-Risk Advisors. This is just, as we call it, milking the market and your captive client base.
Note: For an astounding list on the Forbes website of the richest companies in the world by assets, click here. All of the top 10 companies are banks, with collective assets of over $22 trillion! Yet we as taxpayers continue to pay to bail them out when they have problems. Is something wrong with this picture? For a graphic representation of this, click here. And for an abundance of deep reporting in major media articles on the hidden realities of Wall Street's shadowy operations, click here.
Related Stories
Latest News
Key News Articles from Years Past
