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December 14, 2010

Wall Street Sees Record 2-Year Profits
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The debate over tax cuts comes just as Wall Street’s biggest firms are
set to complete their most profitable two-year period in investment
banking and trading on record. According to Bloomberg News, the firms
Goldman Sachs, JPMorgan Chase, Bank of America, Citigroup and Morgan
Stanley generated $93.7 billion in the first nine months of 2010, on
pace to fall 10 percent short of last year’s record $127.8 billion.
Collectively the firms have taken in more than $135 billion under the
Wall Street bailout program and borrowed billions more from the Federal
Reserve.



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