A perfect quarter, in this case, doesn't pertain to a well played basketball or football quarter but rather to the unprecedented success of the big banks doing business on Wall Street...
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.
“The trading profits of the Street is just another way of measuring the subsidy the Fed is giving to the banks,” said Christopher Whalen, managing director of Torrance, California- based Institutional Risk Analytics. “It’s a transfer from savers to banks.”
This does not happen in the real world save for government greasing of the wheels to enable this miracle to occur. To get in depth analysis of this swindle of swindles perpetrated on the world, check out Washington's Blog's excellent take on on how greed, combined with government collusion, has destroyed the financial base of this once great nation.
Note: The four banks have over $100 + trillion dollars in toxic assets (derivatives ET AL) , an amount of "money" almost twice the size of the world's economy ($56 trillion).
Note II: They don't have to declare these "assets" as losses. See A Telling Statement or type in Finance to learn why.
Note II: They don't have to declare these "assets" as losses. See A Telling Statement or type in Finance to learn why.
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