Morgan Stanley Posts 67% Drop In Profit (MarketWatch)
For the third quarter, Morgan Stanley said net income came in at $313 million, or 5 cents a share, compared with $936 million, or 50 cents a share, in the year-earlier period. The bank was expected to make 15 cents a share, according to a survey of analysts by Thomson Reuters. Estimates ranged from a profit of 28 cents a share to a loss of a penny a share.
Wells Fargo Reports Record Profit (Bloomberg)
Net income rose 3.1 percent to $3.34 billion, or 60 cents a diluted share, from $3.24 billion, or 56 cents, in the same period a year earlier, the San Francisco-based bank said today in a statement. Analysts surveyed by Bloomberg estimated profit of 56 cents. Revenue dropped 7.1 percent to $20.9 billion.
BlackRock Profits Beat Estimates (WSJ)
BlackRock Inc.’s third-quarter earnings rose 74%, beating analysts’ forecasts, as the asset-management firm again saw its results boosted by December’s $13.5 billion purchase of Barclays Global Investors. The “robust third-quarter results reflected the breadth of our business globally, strong performance in both index and actively managed products, and increasing demand,” said Larry Fink.
Wall Street Bailout Returns 8.2% Profit Beating Treasury Bonds (Bloomberg)
The government has earned $25.2 billion on its investment of $309 billion in banks and insurance companies, an 8.2 percent return over two years, according to data compiled by Bloomberg. That beat U.S. Treasuries, high-yield savings accounts, money- market funds and certificates of deposit. Investing in the stock market or gold would have paid off better.
Mark Wahlberg And Malcolm Gladwell Plot CIA Drama (Deadline)
Set in Cold War Berlin, the untitled project, to be written by Randolph, centers on a missionary who becomes involved in the CIA.
Dental Records Confirm Body is Missing Mich. Bank Executive (CBS)
The body of missing bank executive, David Widlak, has been found in a swampy area just northeast of Detroit, according to authorities who say dental records have confirmed that the severely decayed body is that of the 62-year-old banker who went missing last month.
Osborne to Slash Jobs, Tax Banks in U.K. Budget Cuts (Bloomberg)
“Today’s the day when Britain steps back from the brink,” Osborne told lawmakers in the House of Commons in London today as he outlined plans to virtually eliminate a 156 billion-pound ($245 billion) budget deficit with average cuts in government departments of 19 percent. It’s “a day of rebuilding when we set out a four-year plan to put our public services and welfare state on a sustainable footing,” he said.
Bank of America Resists Rebuying Bad Loans (WSJ)
Brian Moynihan quickly vowed to push back on the repurchase requests. “We will diligently fight this,” Mr. Moynihan told analysts Tuesday. A spokesman, responding to Monday’s letter, added that “We’re not responsible for the poor performance of loans as a result of a bad economy. We don’t believe we’ve breached our obligations as servicer. We will examine every avenue to vigorously defend ourselves.”
Rattner Deal Discussed In Pay-to-Play Probe (WSJ)
It was unclear whether the two sides were close to an agreement or far apart. The negotiations follow a decision by the Securities and Exchange Commission, pursuing a parallel probe, to suspend its efforts to conclude a deal with Mr. Rattner while Attorney Gereral Andrew Cuomo’s office pursues its negotiations, another person familiar with the matter said.
Opening bell an hour after the markets open. Glad you finally got out of bed, you lazy bitch.
So after all that complaining about spending tax payer money to bail out the people that provide liquidity in banking and allow them to get the loans they want (that they probably can’t afford)…they made money, I wonder what they’ll complain about now?
enlighten us as to where the markets open at 9:45.
enlighten us as to where the markets open at 9:45.
the joke wasn’t funny the first time and hasn’t become funnier with repetition. in sum, fuck off and die, preferably by choking on the dick in your mouth.
your comment, and not OB, was posted an hour after the markets open. glad you finally got around to it, you lazy bitch.
Speaking of getting up late, I’m exhausted today too. My local Staples just got the new Sharpie Magnums in, and I picked up a set last night. All I can say is…wow!
You mean 8:45?
yes, thanks
Your post is very inappropriate. Please take this sort of stuff over to Marketwatch or ZeroHedge.
Morgan Stanley continues to limp along
all of you who have posted so far should probably do us all a favor and punch yourself in the face.
Should they be at any particular dining establishment when doing so?
Koronet Pizza
Who thinks Anita Hill should apologize?
Just a general comment on the word “bankster”
I honestly cringe every time i read or hear that word and i immediately dismiss the speaker as one of below average intelligence, incapable of thinking for oneself, and an avid reader of HuffPo/DailyKos. What usually follows is an incoherent monologue about the inherent evil of all employees at financial institutions, a dismissal of capitalism, and finally a demand that all bank employees be subject to some type of large financial penalty and barbaric physical torture (draw/quartering, waterboarding, burned at the stake, etc). Also there is generally an egregious amount of “all caps” and overuse of punctuation, especially the exclamation point.
People have the right to be critical of banks but they really make themselves look like ignorant jackasses when doing so in this manner.
sorry…this has just been eating at me for a while. that is all.
Maybe this can be a way to get rid of deficits!
1. Loan money for shitty assets.
2. make sure loans are convertable.
3. profit!
4. repeat.
Not Me
@ Gentleman Trader: I agree with your comment, but I wonder if you would object to any less barbaric forms of physical torture for “banksters?” Perhaps some sleep deprivation and being subjected to loud music? How about being forced to listen to any of Gasparino’s books on tape for hours on end? Obama speeches?
Sleep deprivation / loud music probably counts as a nice day off for the pitchbook monkeys
Allow me to interject here. I too share your disgust for the word ‘Bankster’. However the source of the word you quoted, I object. Yes, there are of course the daily kos types but there are also the Ron Paul types on the other side – shouting free market and no bail outs whom most assuredly do not understand what either of those encompasses.
I think dumb simply-minded people fall in two categories; those that think government is evil and those that think they are owed things.
Concurred.
GT: I think it also misses the point. I’d be hard pressed to call Jane Sixpack in her cubicle in the suburban Tempe, AZ office of [insert name of large now-defunct OTS-regulated institution] ca 2006 a “banker”– but thats who was underwriting $500k mortgages w 0% down on condos owned by cleaning ladies…
That’s a common right-wing misconception as to who the ‘Bankers” were. See, while unsound mortgages were doing bad deals it was only 10% of the issue. See, the investment bankers securitized those mortgages as AAA and leveraged them many times over – selling them to municipals, pension funds, IRA’s as secured risk-free. It’s the leverage that killed us.
In the end, when the money stopped coming, the banks stopped making money as their I-banking arms were not shoring up capital therefore ceasing overnight lending amongst each other. This caused a collapse in numerous industries leading to unemployment. When the unemployment hit those with mortgages barely making it by but still paying could no longer pay setting a shockwave of losses among U.S. industry.
You should also note, those stories of the strawberry picker getting a $600K mortgage were actually quite rare.
There is a support group for your concerns. It’s called Whiney Little Shits and meets just after the Knitting And Tupperware Club.
You’ll know you’re in the right place when someone punches you in the face because kicking you there would damage his $1000 shoes.
Nice to see those traders from BoA, that have been laid off were able to start a new brokerage. New Edge makes me want to kickflip my business to them.
I agree with you here 100%, however what about the people that took out interest only loans (that they could afford at the time), because they wanted to flip the property. They over-leveraged themselves assuming they could sell the house whenever they wanted (for a huge profit of course). They contributed a fair amount as well. I saw it happen a lot in my hometown back in FL. Those stories are not rare at all.
In my mind blame lies equally with the banks (for over-leveraging and ratings shenanigans) and the public (for the above)
Do you seriously think managing directors at Bear Stearns or Morgan Stanley were reviewing individual mortgage applications? What do you think Countrywide/First Franklin/Washington Mutual/IndyMac/etc. was doing with all that suburban office space? Growing mushrooms?
Low/midlevel employees were the ones signing off on mortgages, and a lot of those low/mid level employees were people with zero prior financial or legal experience. That’s a fact. NINJA loans were granted. Thats a fact.
I blame the borrowers for overextending AND the lenders for being on crack to lend out the money. And the net result is that the chain of title on the notes in every RMBS deal is now called into question, which is a problem that is going to cost a lot of people a great deal of money.
And why that has anything to do with being right, left or center I don’t know.
Get a shower you Columbia person.
Tad’s Steaks?
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