In recent weeks, the financial world has been dazzled by strikingly high earnings reported by our leading investment banks, or at least what we used to call investment banks. The numbers are reminiscent of another era, the one that came to a crashing end last September.
The euphoria is keyed to the record US$3.44 billion second-quarter profit announced by that branch office of the Treasury Department also known as Goldman Sachs. Wells Fargo, JP Morgan Chase, and State Street also chipped in with strong numbers. (more)
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