Word: pretax
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...Street's big firms. These companies once made all their money off commissions and fees, but the bulk of their profits in recent years has come from making bets. At Lehman Bros., trading and investing on the firm's own account contributed about 60% of its $6 billion in pretax profits last year. Key to these profits is leverage, a.k.a. debt. But with high leverage comes high risk. If your investments go sour or nobody will lend to you, your business can evaporate in a matter of days. That happened to hedge fund Carlyle Capital in early March. Then lenders...
...banking has become mind-bogglingly complex, and the credit debacle has made it clear that many supposedly savvy bankers failed to grasp the scale of the risks they were taking. Tiny C. Hoare & Co. - pretax profit for the year to last April was a modest $32 million, up 8% from the previous year - has prospered over the centuries by keeping it simple. Two-thirds of its income still derives from providing rock-solid banking services - deposit-taking or loans, say - to its wealthy customers through just a pair of London branches. (Investment or financial-planning advice and help with...
...mock the economic inequality that some say started with Ronald Reagan's "trickle down" theory. But this is, at best, an imprecise analogy, because money isn't flowing from poor people's pockets straight to the rich: the pie is getting bigger for everyone. From 2000 to 2005, pretax income for the bottom half grew 15.5%. The rich just got a larger cut of overall growth (a 19% gain for the richest 1%). Perhaps better, then, to call it the big-slice theory...
...company Stateside, with a vast distribution center in Long Island City, N.Y., offering same-day delivery to Manhattan and overnight delivery across the U.S. "Pregnancy is a very creative phase for me," says Massenet. Indeed, figures for the last financial year saw turnover leap 75%, to $72 million, and pretax profits up 62%, to $4 million...
...unification with East Germany--put Germany into an economic straitjacket. BMW went through its own rough patch in the 1990s after the disastrous acquisition of Britain's Rover Group, but its fortunes have changed markedly since it ditched Rover in 2000. Production has increased steadily, and profits are buoyant. Pretax earnings last year rose 25%, to $5.5 billion, despite the soaring cost of raw materials and the strong euro. It has easily outpaced its historic rival, Mercedes (part of DaimlerChrysler), to become the leading premium-car brand. BMW is pushing a worldwide expansion. This spring it opened an assembly plant...