Reich's Blog -- Re; Goldman and JPMorgan, asks " Where are the antitrusters when we need them? "

elehhhhna

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Thu Jul-16-09 03:28 PM
Original message

Reich's Blog -- Re; Goldman and JPMorgan, asks " Where are the antitrusters when we need them? "

Goldman and JPMorgan -- The Two Winners When The Rest of America is Losing

Besides Goldman Sachs, the Street's other surviving behemoth is JPMorgan. Today it posted second-quarter earnings up a stunning 36 percent from the first quarter, to $2.7 billion.

The resurgence of JPMorgan and Goldman Sachs gives both banks more financial clout than any other players on the Street -- allowing both firms to lure talent from everywhere else on the Street with multi-million pay packages, giving both firms enough economic power to charge clients whopping fees, and bestowing on both firms even more political heft in Washington.

Where are the antitrusters when we need them?

http://robertreich.blogspot.com/

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truedelphi

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Thu Jul-16-09 03:29 PM
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1. Well the Anti Trusters sure are not to be found inside the WH -

As Goldman Sachs is running them!

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Hydra

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Thu Jul-16-09 04:11 PM
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2. Just as planned

As pointed out, the Great Depression allowed consolidation and elimination of rivals on a grand scale. And look! It happened again!

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CoffeeCat

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Thu Jul-16-09 05:17 PM
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3. What I'd like to know is...

...how in the world Goldman and JPM are making "stunning" earnings--making billions of dollars in one quarter--when the
rest of the world is in a Depression?

Did they take the TARP money and just keep it?

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Hydra

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Fri Jul-17-09 10:41 PM
Response to Reply #3

4. From what I understand

They have almost no competition among investment banks now. They're still not lending to normal people though, so yes, they're flying on TARP money and all of the other shinnies the Fed has been handing out to keep the ship afloat.

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