Those of you who assumed that Goldman’s perfect, no-money losing quarter HAD to be the result of something nefarious best go back to Roswell and come up with a new conspiracy theory — cause the Gold-men have got company.
Bank of America, Citigroup, and JPMorgan Chase also pitched perfect quarters:
“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 four 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.”
A super steep yield curve, ZIRP, and a rip roaring market make trading easier than usual . . .
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Source:
4 Big Banks Score Perfect 61-Day Run
ERIC DASH
NYT, May 11, 2010
http://www.nytimes.com/2010/05/12/business/12bank.html
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