Opening Bell: 10.14.09

By Dealbreaker

Picture 5.pngJPMorgan Reports $3.6 Billion Profit For Third Quarter (BW)
Sayeth Jamie Dimon: “”Our net income of $3.6 billion in the quarter reflected the strong earnings power of the company, with broad-based growth across the Investment Bank, Asset Management, Commercial Banking and Retail Banking. However, credit costs remain high and are expected to stay elevated for the foreseeable future in the Consumer Lending and Card Services loan portfolios. Accordingly, we have added $2.0 billion to our consumer credit reserves, bringing the firmwide total to $31.5 billion, or 5.3%1 of total loans. Tier 1 Common Capital, another key element of our fortress balance sheet, was also strengthened through capital generation during the quarter, to $101 billion, or 8.2%.”
Wall Street On Track To Award Record Pay (WSJ)
An estimated $143,400 on average, up almost $2,000 from 2007 levels.
BofA Emails Show Pique at U.S. Over Dividends (WSJ)
Some emails show that apparently a few people at BofA weren’t happy with the government’s request to “screw shareholders.”
Who Wants A RBS Branch? (FT)
The bank has 300 or so to give away.
Blackstone See “More Than Green Shoots” Of Recovery (Reuters)
“We can certainly do transactions in the $3-$4 billion range at this stage in the cycle,” Stephen Schwarzman said yesterday. “And with low leverage involved, deals of that size can use in excess of $1 billion equity.”
Geithner Aides Reaped Millions Working for Banks, Hedge Funds (Bloomberg)
Gene Sperling got $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies (including Allen Stanford’s firm) last year; Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group.
Kitchen worker among AIG staff who received ‘retention bonuses’ (FT)
$7,700 in cash. And Ken Feinberg wants it back.

Comments (16)

  1. 1
    Posted by guest | October 14, 2009 at 7:30 AM

    I always win fuckers.
    -JD

  2. 2
    Posted by guest | October 14, 2009 at 7:40 AM

    working under geithner is the new killing it.

  3. 3
    Posted by guest | October 14, 2009 at 7:43 AM

    no ubs story today so I guess I’ll have to go with: RBS sucks.

  4. 4
    Posted by DJ LIBOR | October 14, 2009 at 8:15 AM

    Halloween Costume:
    A) Crack Spread (credit someone who mentioned it yesterday)
    or
    B) Naked Shorter (credit Naked_Short)
    ???

  5. 5
    Posted by Chris Theoharis | October 14, 2009 at 8:17 AM

    Hey :) !

  6. 6
    Posted by guest | October 14, 2009 at 8:45 AM

    suck on my prestige.
    -jd

  7. 7
    Posted by guest | October 14, 2009 at 8:46 AM

    @4 Treasury STRIPper (Geithner mask sold separately)

  8. 8
    Posted by guest | October 14, 2009 at 8:46 AM

    i’m expecting similar results.
    -pandit

  9. 9
    Posted by guest | October 14, 2009 at 8:56 AM

    All is well with the world again.

  10. 10
    Posted by guest | October 14, 2009 at 8:58 AM

    This mornings comments are exceptionally weak. Please step up your collective game.

  11. 11
    Posted by guest | October 14, 2009 at 8:59 AM

    @10 okay you start.

  12. 12
    Posted by guest | October 14, 2009 at 9:00 AM

    @10 Fuck you Joe-Boo.
    -Not 1-9

  13. 13
    Posted by guest | October 14, 2009 at 9:13 AM

    @9
    Until you realize how many jobs will not be returning to Wall Street, and how much political pressure there will be for heavy taxation of those wondrous paychecks.

  14. 14
    Posted by guest | October 14, 2009 at 9:16 AM

    I love this part re: Timmay’s posse:
    ““These people are incredibly smart, they’re incredibly talented and they bring knowledge,” said Bill Brown, a visiting professor at Duke University School of Law and former managing director at Morgan Stanley. “The risk is they will further exacerbate the problem of our regulators identifying with Wall Street.””
    so having unfettered access to the bank vault makes you incredibly smart? the real way to show they are so incredibly smart and not reliant on inside information, is to cut all ties with their conflicts of interest.

  15. 15
    Posted by guest | October 14, 2009 at 9:19 AM

    greenmail. what’s the economic benefit of being energy efficient then….
    http://www.nytimes.com/2009/10/14/business/energy-environment/14oil.html?_r=1&ref=business
    “Saudis Seek Payments for Any Drop in Oil Revenues”

  16. 16
    Posted by guest | October 14, 2009 at 9:21 AM

    @14– so based on Bill Brown’s view, that should make Charlie Rangel incredibly smart and talented.

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