Tuesday, May 11, 2010

Three Perfect Quarters: Goldman, JPMorgan, and BofA

The news is out! Three perfect quarters!

JPMorgan Chase and Bank of America join Goldman Sachs in turning in a perfect quarter. See “3 Big Banks Score Perfect 61-Day Run” at http://www.nytimes.com/2010/05/12/business/12bank.html?hp.

Before, we only knew that one of these three had achieved this performance. See my post “Goldman’s Perfect Quarter”: http://seekingalpha.com/article/204473-goldman-s-perfect-quarter.

According to the New York Times: “Despite the running unease in world markets, three 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.”

It was something to have just one bank achieve this perfect record. But, THREE!!!

As I said in the previous post: THANK YOU MR. BERNANKE!!!

Who loves the big banks? Why the Federal Reserve does! Keep the subsidy flowing, baby!!!

And, now Congress is going to audit the Fed.

The Fed seems to be at an all-time low in the eyes of Congress and the public. The Fed, by some, is given credit for “saving the world”. Yet, they don’t appear to be getting much credit for it these days. Ah, the problems with being a savior!

Central banks used to be well-respected institutions and their heads used to be the solid leaders of finance and banking.

Not anymore.

I don’t remember a period in which the Fed has lost more prestige or more good-will than it has in the past seven or eight years. Not even Bill Miller achieved this kind of record!

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