"Goldman Sachs.... $25 million or.... $100 million"
A DAY?
"In quarter, Goldman profited daily" by Bloomberg News | May 11, 2010
NEW YORK — Goldman Sachs Group’s traders made money every single day of the first quarter, a feat the firm had never before accomplished.
Daily trading net revenue was $25 million or higher in all of the first quarter’s 63 trading days, Goldman Sachs reported to the Securities and Exchange Commission yesterday. The firm reaped more than $100 million on 35 of the days, or more than half the time.
Goldman Sachs, which is facing a fraud lawsuit by the SEC related to the sale of a mortgage-linked security in 2007, generated $9.74 billion in trading revenue in the first quarter, beating all of its competitors. Trading accounted for 76 percent of first-quarter revenue. The lack of trading losses could add to the perception that Goldman Sachs has an unfair advantage.
That is not just a perception; that is cemented reality.
Related: Goldman Sachs' Rigged Gambling Game
The Galling Greed of Goldman Sachs
Yeah, that's how they are doing it, folks.
“It will reinforce the heads we win, tails you lose mentality that people think actually exists and promotes the concept of an unfair advantage,’’ said Douglas Ciocca, at Renaissance Financial Corp. “It’s too politically charged not to; how is that possible that they only make money?’’
The bank reported record earnings last year....
Goldman Sachs’s first-quarter earnings were the second-highest in the company’s history....
WOW!
Did they REALLY NEED any taxpayer money at all?
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"2 more firms made money every day" by Bloomberg News | May 12, 2010
NEW YORK — Traders at JPMorgan Chase & Co. and Bank of America Corp. matched those at Goldman Sachs Group in making money every day of the first quarter....
Also see: Chasing Down Profits
Executive Payday: Coming and Going at Bank of AmeriKa
Look who is follyin'.
Daily trading revenue averaged $118 million on each of the 64 days in the first quarter, JPMorgan said.
That is even better than Goddamn, I mean, Goldman.
Bank of America, the biggest US bank, said daily trading topped $25 million on 95 percent of trading days, including 26 days of more than $100 million.
The "loser" of the three.
Trading helped the three companies report higher-than-expected first-quarter profit.
Goldman Sachs had its second-most-profitable quarter since 1997.
Bank of America posted net income of $3.18 billion, with sales and trading revenue hitting a record $7 billion. JPMorgan reported net income climbed by $3.33 billion.
“It’s just a function of how much liquidity there was in the market and that credit spreads tightened up very nicely in the first quarter,’’ said Paul Miller a former examiner for the Federal Reserve Bank of Philadelphia who’s now an analyst at FBR Capital Markets in Arlington, Va....
Pfffft!
“A 100 percent record is an amazing disclosure for trading firms, so the gods clearly were shining on them,’’ said Gary Austin, founder of PDR Advisors, a fixed-income company in Charlotte, N.C., that manages $350 million.
Oh, NOW it is an ACT of GOD, huh?
Those guys may think they are but they will learn different soon enough.
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See who shined on you, America?
