Word: morganize
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...nice to forget December. Investment banks traditionally end their fiscal year in November, commercial banks in December. Since Goldman Sachs and Morgan Stanley shifted to commercial-bank status late last year, they decided to shift their fiscal years starting this year. In doing so, they orphaned the month of December 2008. For Goldman, it was revealed this week, that meant saying goodbye to $780 million in losses that will never show up on the bottom line of an earnings report...
Comments by JP Morgan got to the heart of the issue of why the latest figure is not a bottom. According to MarketWatch the firm said in a note, "The government's rapid easing of credit and rollout of infrastructure projects has bolstered FAI, helping offset decreased investment by export manufacturers and property developers." The US faces the same problem with its stimulus package. If it does not catch hold quickly unemployment, falling housing prices, and lack of access to credit will overwhelm the money being pushed into the economy by the Administration. (See pictures of China's electronic waste...
Read "Can Morgan Stanley and Goldman Sachs Go It Alone...
...year. That's up from about 35% on average over the past four years. It has yet to be seen whether other firms have upped their trading bets as well. Goldman was the first of the major financial firms to report earnings in the first quarter. Citigroup and J.P. Morgan have said that they, like Goldman, made money in the first two months of the year. So it is likely those firm have increased the amount of risk they are taking as well. If so, the ramping up of trading at Goldman and others underscores how much these firms have...
...When a group of J.P. Morgan bankers conceived credit default swaps 19 years ago at the Boca Raton Resort & Club in Florida, they could not have imagined what a monster they had unleashed. In 2007, the credit default swaps market value was $62 trillion, more than quadruple the entire U.S. gross domestic product...