The five largest U.S. firms by investment-banking and trading revenue -- Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Morgan Stanley -- will likely have a better fourth quarter than the previous two periods, driven by equity underwriting and higher volume in stock and bond trading, according to data compiled by Bloomberg. Even if this quarter only matches the third, the banks’ revenue will top that of any year except 2009.
The surge has come after the five banks took a combined $135 billion from the Treasury Department’s Troubled Asset Relief Program and borrowed billions more from the Federal Reserve’s emergency-lending facilities in late 2008 and early 2009 following the collapse of Lehman Brothers Holdings Inc. Since then, the firms have benefited from low interest rates and the Fed’s purchases of fixed-income securities.
Read the rest here.
Can somebody please get these people some big tax breaks right away? I'm deeply worried about their well-being. It's not enough that they received gargantuan sums of public money through TARP. It's not enough that they're breaking records with the highest profits ever. So it's clear that they're desperately in need of huge tax breaks.
Good thing Obama and the Democrats are here to help them out. I'm sure the Dems will brag about having done so when they're running for re-election in 2012. This will surely make them more "competitive" in vying for corporate funds once campaigns get rolling.