For Immediate Release
Chicago, IL – January 15, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Citigroup (C), Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS) and JPMorgan Chase (JPM).
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Here are highlights from Thursday’s Analyst Blog:
Wall Street Brings It On Itself
We seem to have come a long way from this time last year, when Wall Street was on its death bed in desperate need of a bailout. Storied brokerage houses such as Bear Stearns, Lehman Brothers and Merrill Lynch had disappeared altogether, while many other household-name titans of finance such as Citigroup (C) and Bank of America (BAC) were deemed “too big to fail” and had to be propped by the U.S. Treasury.
The turnaround in the market from its March ’09 lows and the subsequent economic rebound has done wonders for Wall Street’s bottom lines. As a result, there is talk of huge bonus payouts all over again. The top three firms — Goldman Sachs (GS), Morgan Stanley (MS) and JPMorgan Chase (JPM) are reportedly planning to dole out billions in bonus payments. These companies say that having paid back the TARP money already, they are no longer obliged to restrict their payouts.
President Obama’s announcement today of a new tax on banks, billed as the “Financial Crisis Responsibility Fee,” was just a matter of time, in my view. I may be a tad cynical here, but the president’s choice to make this announcement today may be related to get ahead of JPMorgan’s fourth-quarter earnings release tomorrow.
Given Wall Street’s popularity level amid a backdrop of over 10% unemployment in the U.S., it makes perfect sense for the political leadership to beat up on them. Wall Street’s inability to judge the public mood accurately is the most surprising aspect of this whole episode, in my view.
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