No need to see a blotter - just look who they were "trading" with...how the hell else do you think J.P. Morgan, Morgan Stanley, etc. were "making money trading" - my guess is they were trading amongst themselves. It sure made the "quarter" look good, but now the P/E for most of the market is WAY out of whack. That would normally suggest downturn now, but not under this PPT controlled market. -gastopod
Its nothing to do with ability, just do some homework in their role with NYSE over the SLP Program and whilst you are at it ask NYSE why they have extended it to October 2009 ? You might also want to look at variations on bid/ask over the last 9 months..... "....SLPs get 15 cents per 100 shares for liquidity they add to the NYSE's book that gets executed, compared with 30 cents given to DMMs (floor brokers get 4 cents, while all other market participants get nothing)...." http://www.tradersmagazine.com/news/102532-1.html?sponsor_pg=exchanges
Note 13. Transactions with Affiliated Funds The firm has formed numerous nonconsolidated investment funds with third-party investors. The firm generally acts as the investment manager for these funds and, as such, is entitled to receive management fees and, in certain cases, advisory fees, incentive fees or overrides from these funds. These fees amounted to $593 million, $990 million and $206 million for the three months ended March 2009 and February 2008 and one month ended December 2008, respectively. As of March 2009, November 2008 and December 2008, the fees receivable from these funds were $963 million, $861 million and $908 million, respectively. Additionally, the firm may invest alongside the third-party investors in certain funds. The aggregate carrying value of the firmâs interests in these funds was $12.01 billion, $14.45 billion and $13.57 billion as of March 2009, November 2008 and December 2008, respectively. In the ordinary course of business, the firm may also engage in other activities with these funds, including, among others, securities lending, trade execution, trading, custody, and acquisition and bridge financing. See Note 8 for the firmâs commitments related to these funds.
Total level 3 assets were $59.06 billion, $66.19 billion and $64.17 billion as of March 2009, November 2008 and December 2008, respectively. The decrease in level 3 assets during the first quarter of 2009 primarily reflected unrealized losses, principally on private equity and real estate fund investments, loans and securities backed by commercial real estate and bank loans and bridge loans. The decrease in level 3 assets during December 2008 primarily reflected unrealized losses, principally on bank loans and bridge loans, private equity and real estate fund investments and loans and securities backed by commercial real estate. The following table sets forth the fair values of financial assets classified within level 3 of the fair value hierarchy: http://www.hoovers.com/free/co/secdoc.xhtml?ID=40176&ipage=6581534-904-719186
Goldman makes money because they pay top dollar for inside information. They have informants planted in every aspect of government. There not the smartest, they simply pay the most for information. In other words they CHEAT. But they think thatâs how you do business. Stab anyone and everyone in the back to get ahead. You wonât find to many outside of wall street that have respect for this firm. They have no morals or ethics.
Daily VaR (1) (in millions) Risk Categories Interest rates $ 242 Equity prices $ 40 Currency rates $ 43 Commodity prices $ 48 Diversification effect (107) Total $266
There was also an 800 million loss day if I remember their statistics correctly. Where is all this low-hanging fruit that makes 100 million in a day? If that's true, and I think it is, probably anybody on ET could get their butt in a chair and make 20k a day. But where is it? The author of Liar's Poker mentioned regional banks and municipalities that Goldman sold hedging products to. A 62 year old man in a 100 dollar suit would show up in NY, with all the bank's money to spend, and then "get his face ripped off", as they author referred to it. That may be it. But does anybody on ET know where the trading profits REALLY come from?