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Because a little marketing goes a long way

October 16, 2009

From the WSJ's back page: Why bother? Despite posting a strong third quarter, Goldman Sachs Group went to extra lengths to put gloss on the results. The first bullet point in its earnings release says the firm ranked No. 1 in global mergers and acquisitions announced in the year through Sept. 25. That's according to […]

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Morgan Stanley's missing month

April 23, 2009

Morgan Stanley took a page from the Goldman playbook and disappeared their month of December and it's $1.3B loss. For some reason, the WSJ decided to write an actual article about it, whereas GS's December loss was only worthy of a blog post.

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Batter up: WFC

April 22, 2009

The newest sideshow in the circus that is the banks' 1Q earnings is Wells Fargo, who most recently was spotted igniting a strong rally with the early announcement that earnings would not only beat the expected number of $0.39/share, but knock it out of the park, guiding expectations to $0.55/share. Today the number came in right […]

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The hits just keep on coming: Citigroup earnings

April 17, 2009

The accounting alchemy Citi used this morning to report a "profit" is being much more widely reported than Goldman's Decembrist revolt, but I want to address it nonetheless. On the surface, Citi reported a profit of $1.6B.  Unfortunately, by the time that trickled down to common shareholders there was only -$966M left, a loss of […]

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Goldman Sachs loses a month and $1B

April 14, 2009

Goldman Sachs announced stellar earnings last night of $1.8 billion, or $3.39/share.  The expected number was a mere $1.64/share, which GS more than doubled. The press went crazy, although the reported earnings were in line with the whisper.  Goldman used the positive momentum to push through a $5B equity offering, the proceeds of which will […]

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Bank Holiday Ends?

March 28, 2009

Now that Dimon has admitted that "March was a little tougher," does the party end?  Can we go back to thinking of the banks as villainous institution which can't manage their own risk to save themselves (poor choice of words)? We don't always get a look into the month-by-month performance of the big banks; their […]

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