7.17.2009

Two Giants Emerge From Wall Street Ruins

http://www.nytimes.com/2009/07/17/business/global/17bank.html?_r=1&hp
http://digitaldebateblogs.typepad.com/digital_money/visa_monopoly.jpg
A new order is emerging on Wall Street after the worst crisis since the Great Depression — one in which just a couple of victors are starting to tower over the handful of financial titans that used to dominate the industry.
On Thursday, JPMorgan Chase became the latest big bank to announce stellar second-quarter earnings. Its $2.7 billion profit, after record gains for Goldman Sachs, underscores how the government’s effort to halt a collapse has also set the stage for a narrowing concentration of financial power.
“One theme here is that Goldman Sachs and JPMorgan really have emerged as the winners, as the last of the survivors”
Both banks now stand astride post-bailout Wall Street, having benefited from billions of dollars in taxpayer support and cheap government financing to climb over banks that continue to struggle.
Read more...

[Old news...]
Goldman Sachs, $18 Trillion Theft and The 'Doomsday Box'

[...and a rare film -with Orson Welles!- that features a dramatic recreation of a meeting between Nikola Tesla, Industrialist J.P. Morgan and Thomas Edison, that would decide the fate and future of today's Electric Power Industry in America and the world. But what happened to Tesla? Watch!]
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