It is the Wall Street equivalent of a perfect game of baseball — 27 up, 27 down, the final score measured in millions of dollars a day.
Despite the running unease in world markets, four 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. On Sunday, Dallas Braden of the Oakland Athletics pitched what was only the 19th perfect game in baseball history.
But Bank of America, Citigroup , Goldman Sachs and JPMorgan Chase & Company produced the equivalent of a trio of perfect games during the first quarter. Each one finished the period without losing money for even one day.
Their showing, disclosed in quarterly financial filings, underscored the outsize — and controversial — role that trading has assumed at major financial institutions. It also drives home the widening lead that a handful of big banks are enjoying over lesser rivals on post-bailout Wall Street.
Experts said it would be difficult to repeat such a remarkable feat this quarter. Even so, the performance could feed the debate in Washington over the role of proprietary trading at banks, as well as sometimes conflicted roles banks play as market makers in matching buy and sell orders.
Hmm, on the surface it appears the 'Gang of Four' Big Banks are manipulating the market for financial gain.
ReplyDeleteBut that would be illegal, wouldn't it?
Surely there is another explanation????
Even so, the performance could feed the debate in Washington over the role of proprietary trading at banks, as well as sometimes conflicted roles banks play as market makers in matching buy and sell orders.
ReplyDeleteI almost busted a nut laughing so hard at this one. Excuse me whilst I go change my britches. They should warn you to slip on a pair of Depends before you read such tripe.
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ReplyDeleteCould the US sheeple actually be waking up to the fact that it is the Oligarch bankers that are deliberately destroying our economy and currency?
ReplyDeleteIf so, it would be great if the angry mobs could focus their wrath on the bankster's gem, the private Federal Reserve scam.
The only long shot are sources of information like this blog.
ReplyDeleteEverything, and I do mean everything, you see on your boob tube and hear on your radio, is craftfully controlled and manipulated by the bankster families.
The chances of these 4 doing this well in one quarter in honest, legitimate trading is actually much slimmer than a perfect baseball game every 5 or 10 years. It's more like 1 in 1,(add about a trillion zero's).
ReplyDeleteHere's the answer to this mess. You need to elect guys like this. Vote Hank for the House.....and maybe president one day!!
ReplyDeleteExcuse me whilst I go throw up my lunch.
Shiny Unhappy People Holding Hands!!
So many Aryans!!
http://www.hankfordistrict13.com/index.html
ONLY in the goodoleusofa could this happen, and what is the reaction of the sheeple?
ReplyDeleteHow's Tiger's neck?
a audit of the Fed.Ill believe it when I see it.If it happens Bernanke and his cabal of pond scum will be applying their cullinary skills to the nth degree.
ReplyDeleteLike I said before
ReplyDeleteThis is why they love uncle Ben's BS, along with the ra ra stock market booooya heads on CNBC and the bond babies.
Screw anybody that actually paid their bills on time and saved some money for retirement to get a better rate on.