Word: chasings
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Dates: during 2000-2009
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...name-calling is fun - and, to some extent, merited. But Goldman's place at the top of the Wall Street heap can easily be explained. Same goes for JPMorgan Chase, Goldman's somewhat less controversial partner in profit. The No. 1 reason these two banks are doing so much better than their rivals is that they're better at what they do than their rivals...
...JPMorgan Chase has an even longer and more storied history. It's a direct descendant of the House of Morgan that dominated Wall Street a century ago. But it's also an agglomeration of Chase Manhattan, Chemical Bank, Manufacturers Hanover, First Chicago, National Bank of Detroit, Bank One, Bear Stearns and Washington Mutual, among others, and this mishmash has only come together as a coherent whole since renowned details guy Jamie Dimon took over as CEO in 2005. "The teamwork culture at JPMorgan Chase is really Jamie Dimon," Ellis says...
...teams at Goldman Sachs and JPMorgan Chase avoided giant missteps in the lead-up to last fall's panic and are now wresting market share from wounded competitors and raking in billions. They've already paid back the bailout funds they got in October, which means they're exempt from compensation limits and can disburse their gains to employees in the form of titanic end-of-year bonuses. That's how capitalism is supposed to work, right? (Read "Hooray for Boring Banks...
...subject was an indication that the issue is complicated. Goldman's profits are so high because so many of its competitors are wounded or defunct. Though the firm is in this advantageous position because it did a better job of steering through the crisis than did most rivals (JPMorgan Chase is Wall Street's other beacon of health), it probably wouldn't have survived the worst of the panic last fall if there hadn't been a massive government bailout--engineered by a Treasury Secretary who used to be Goldman's chief executive...
...premised on the idea that Washington is better at making financial decisions for all Americans than leaving that choice up to individual Americans," said Spencer Bachus, the ranking Republican on the House Financial Services Committee - whose top five 2008 campaign donors were UBS, Citigroup, Credit Suisse, JPMorgan Chase and Bank of America, according to the Center for Responsive Politics...