Editor's Note: Andrew can crank it out when he wants to, but he is still very young, therefore he knows he must dance carefully so as not to totally piss off the giants on Wall Street. At some point he may want to cash in and move to the other side like Steve Rattner did. It's a shame, because someone as purely brilliant as Andrew could make such a difference. C'est la vie.
Bank Profits Appear Out of Think Air
by Andrew Ross Sorkin in The New York Times
This is starting to feel like amateur hour for aspiring magicians.
Another day, another attempt by a Wall Street bank to pull a bunny out of the hat, showing off an earnings report that it hopes will elicit oohs and aahs from the market. Goldman Sachs, JPMorgan Chase, Citigroup and, on Monday, Bank of America all tried to wow their audiences with what appeared to be — presto! — better-than-expected numbers.
But in each case, investors spotted the attempts at sleight of hand, and didn’t buy it for a second.
With Goldman Sachs, the disappearing month of December didn’t quite disappear (it changed its reporting calendar, effectively erasing the impact of a $1.5 billion loss that month); . . .
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1 COMMENTS:
Enron style accounting is now the norm for Wall Street... or maybe Enron got their smashing idea from Wall Street banks.
Wall Street is an out of control casino and they've lost the trust of millions of Americans, who won't be back to invest whatever money they have left in their racket.
Ditto for much of the free world.
No wonder Obama and Bush shoveled trillions of dollars their way.
The marks got wise and left.
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