You have no idea what you are talking about. GS was able to beat "depressed" earnings expectations via equity offerings ( re: Citi ) and a much lower tax rate for the quarter ( 27 vs 34% ), not too mention increased asset management fees. GS also benefited from a $725 million dollar appreciation in its own investments, including $214 million from Industrial and Commercial Bank of China. They made $616 million in equity underwriting, and another $985 million from the firm's Prime Brokerage department. Their trading revenues did not show the kind of gains that you imply. Net revenues in its trading and principal investments business fell 16% from a year ago.
Pohpoh wrote...... But the big banks have to make back their losses in the credit markets somehow.. This is manipulation and cornering at its finest... ...................................................................................... Excellent Commentary I have traded markets since 1978..... You are correct....
Oil prices and every other commodity are high because inteest rates are too fucking low. Tell Ben the clown who is living in a soup kitchen in 1933 that.
Exactly. These idiots are the very first one's to BLAST the likes of Goldman and Morgan Stanley ( ala Senator Joe Liebermann ) yet they fail to even mention Phil Gramm who was the one that created the electronic exchange ( see Enron ) non-regulatory, non-CFTC "loophole" for the ICE and DME to come from back in December 2000. So many "conspiracy" theories . . . so little time on ET. Will the ignorant, uneducated "rubbish" on this website ever cease?
I graduated from high school in 1978 And was trading in 1980-1981 back in the days of a Quotron machine.
I was born in 1956 and I used to trade using an abacus!!!!! If the abacus went down you had to use two cups and some string to call your broker!!!
Excellent Commentary All ........................................................... Why now....you do not remember sitting in the Merrill boardroom watching the pneumatic tape.....and having your broker handwrite, time punch, and send to the clerk through an air tube ....who then typed in your entry.....who if you were her favorite....she would type your ticket in first ? Why that was just yesterday.....
Lieberman is the reason anti-semitism exists...he is a fucking idiot and he should be strung up by his balls.. He also blamed Marilyn Manson for Columbine, so there ya go..
Excellent Commentary All ..................................................................... Look ....the bottom line is that nobody knows for sure what the reasons are.... But I know this.....I have witnessed many shenanigans pulled off by the big brokerage firms.... One of the worst events for the US is when mortgages became transferable like stocks or bonds.... You put a label on it....and then let it go into the public domain.... ..................................................... I know this for certain.....Wall Street loves vagueries.....this is where a lot of money has always been made.... And always will be ....in the securities business..... ............................................................ You cannot assume that GS or MS are clean with regards to the recent commodities pricing issues.... And they will use legal largesse to suppress any opposition.....it is just part of their business....