The Profits of a Financial Coup
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The Profits of a Financial Coup
By Robert Lenzner
Focus hard on this shocking Wall Street reality: The top six bank holding companies earned an aggregate of $51 billion in pretax income in 2009. We’re talking about JPMorgan Chase, Goldman Sachs, Bank of America, Morgan Stanley, Citigroup and Wells Fargo.
All of this pretax income can be attributed to their trading revenues of $59.7 billion. The proprietary trading operations of an oligopoly of banks, saved from disaster by Uncle Sam’s largesse and subsidized with cheap money from the central bank, was the single driving force behind the restoration of their fortunes and the renewed surge in their stock prices.
For those willing to go long when the outlook was the bleakest, they’ve banked a double in JPMorgan Chase ( JPM – news – people ), scored a quadruple in Citigroup ( C – news – people ) and nearly a quintuple in BofA.
Continue reading Six Giant Banks Made $51 Billion Last Year; The Other 980 Lost Money
