Friday, May 14, 2010
Likened to pitching a perfect game in baseball, four of the biggest players on Wall Street managed to do something rarely seen in the stock market. Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase conducted 61 straight days of trading without losing money for a single day.
For Goldman, it was the first time in its history it ever posted a perfect quarter. For JPMorgan, it was the first since 2003.
The success “drives home the widening lead that a handful of big banks are enjoying over lesser rivals on post-bailout Wall Street,” wrote Eric Dash in The New York Times, adding that the news could “feed the debate in Washington over the role of proprietary trading at banks, as well as sometimes conflicted roles banks play as market makers in matching buy and sell orders.”
-Noel Brinkerhoff
4 Big Banks Score Perfect 61-Day Run (by Eric Dash, New York Times)
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