Back to ordering the last wine on the list.
Why the media is so surprised at the latest stellar profits from the Investment Banks is rather bizarre. Any company that can offload its bad debts and get a decent fair value as well as pushing its hard to price illiquid assets into off balance hedge funds (I mean Goldman have been doing this for years) despite socialist regulators capping their remuneration policies and restricting their business practices by demanding a strong balance sheet, could not do anything but make profit is madness.
Risk is about mitigation. When the mitigation is a government, taking large risk becomes a no brainer. We have all been duped because socialists are on the whole simple people and fighting against some of the smartest people on the planet is rather dumb.
Never in history has socialism benefited the rich at the expense of the poor. Actually, that is a complete lie. Socialism is a dictatorship and the selected few always benefit at the expense at the poor and stupid. Obama should get the Nobel Prize for Being a Pratt.
Of course this is all good news for luxury product providers and despite down sizing my demands on my current soft marketing trip, it is clear that from hotels to night clubs, the Incompetent Bankers are back.
Except they are no longer Incompetent but Incredible. The Incredible Bankers are back. Except Bruce W who never got to retire. I never met the guy but he seemed to be a smooth operator. Maybe he passed away because he too couldn’t believe what was happening to Investment Banking?
GOLDMAN NET BEATS ESTIMATES ON TRADING, INVESTMENTS
Net income more than doubled to $3.19 billion, or $5.25 per share, in the three months ended Sept. 25, from $845 million, or $1.81 a share, in last year’s third quarter, the New York-based company said today in a statement. The average estimate of 22 analysts surveyed by Bloomberg was for $4.18 a share, with forecasts ranging from $3.48 to $4.75.
Of course this is wonderful news for all of us involved in Financial Services. A bit like the Airline Industry being propped up by Governments of old, where all the side industries were indirectly subsized by the tax payer, Hedge Funds and the like have to embrace this new socialism because it benefits us as much as the banks. The fact all these short term wins are at the benefit of the next generation, who gives a hoot?
There was a time when protectionism was frowned upon but in todays collaborative market place, the banks are the first industry in the world to be protected by all countries.
Socialists protecting Capitalists.
If you look carfeully, it is the same old same. Fixed Income bond issuances based on crap underlyings. Subprime 2.0 lives on.
LIGHTS DIM FOR AMERICAN BANKS IN LONDON, BUT RIVALS RUSH TO FILL THE GAP
By the time US banks are ready to rediscover their Anglophile tendencies, it will be much harder to rush back in.
EU: BRITAIN IS AT HIGH RISK OF GOING BUST
The European Commission issued a humiliating warning that the worsening budget deficit poses ‘serious concerns’ that the country will be unable to meet future spending commitments, such as pensions.
The UK set the agenda and it ends going bust while the US rides high. Don’t you get the feeling you have been conned?
DAMIEN HIRST PLUMMETS DOWN ART WORLD POWER LIST
Last year, after capping a long line of pickled sharks and sheep with a £50 million diamon-encrusted skull, Hirst was ranked No 1 by the influential ArtReview magazine in its annual Power 100 list, which is released to coincide with the Frieze Art Fair in London.
So where is his bailout?