The House Always Wins
Why hasn’t there been more discussion about this article?
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.
I realize we’re used to the Masters of the Universe “beating” “the odds” on “the market.”
But don’t we expect that they’ll maintain the illusion that the game isn’t rigged? In other casinos, after all, someone has to make it big on the slot machines every once in a while to get others to keep coming back.
“If I can’t be banker, I don’t wanna live”
Cosmo Kramer
I just read an article about GM buying back GMAC. GMAC financing Cerberus and Homecomings were smack dab in the middle of all this stuff originally. Then it was my understanding that we bailed them out, and tax payers now own 50 percent or so of GMAC financing. Was it downsized?? Did it just become unimportant…?? Or did it tell it’s secrets to the government so that the others could be prosecuted?? I can’t figure out what is going on.
My other concern is that GMAC continues to not utilize the HAMPS program despite tax payer investment, and continues to refuse to follow RESPA and TILA laws. Why is the government not coming down on GMAC? And why has GMAC, Homecomings and Cerberus become irrelevant to the discussion? It’s as if the company has fallen off the earth.
Do you have any thoughts on this…and ignore if it’s too off topic.
http://www.businessweek.com/news/2010-05-12/gm-said-to-weigh-returning-to-auto-lending-business-update1-.html
Here’s the link to the article.
When something smells fishy in your car, better check under the back seat, as it’s likely that someone slipped a frozen fish in there at the end of the ice fishing season.
Likewise, when four giant trading firms have a perfect quarter at the same time, trust your nose and your instincts, not what people tell you.
A perfect game (17 of them since 1900) occurs roughly once per every 11,000 games. Or 0.00045 percent of all games have been perfect.
I’ve no idea how many financial quarters have been completed in the history of the NY stock exchange. But let’s take the reporter’s word about the rarity of the event. Now we’ve got 4 firms doing it in the same quarter. Forgive my BSG-stained vocabulary, but no FRACKIN way. It’s not believable by any stretch of the imagination.
Let’s take the run-of-the-mill no-hitter, an event that occurs far more regularly. On average, there are two no hitters a year, for a total of 265 in the history of the game. Only twice have two no-hitters been pitched on the same day. So, the frequency of a no-hitter (a more regular event) occurring on the same day is incredibly small. Again, there’s no FRACKIN way that four giant trading firms pulled of a perfect quarter at the same time.
So there must be a fish rotting in the backseat.
Rachel Maddow is the only MSM outlet that I have heard report about this. Although I have not heard Terri (constant repeater of the debunked Iran wants to wipe Israel off the map lie)_Gross’s interview with Spencer.
oops wrong thread
Max Keiser’s latest Keiser Report (#42) deals with it, as reported by Zero Hedge on May 10: “Unfuckingbelievable!”
I do believe it’s time to audit their books. Pretty amazing coincidence even in a rising stock market.
What will the REPORTED results look like for the four next quarter…May 6 in particular (reserving the right to add more dates- this quarter is not over yet)?
It is really rather confusing. At least to the media who either don’t understand (accounting statistics,economics and so on) and so they don’t cover it.
don’t expect eric dash to be given any help in writing informative articles ever again… this is too much exposure for the banking system which loathes exposure while simultaneously craving secrecy….