…are more likely to come up winners, I guess, than an actual winning streak now taking place.
Four of the biggest U.S. banks made money every day in the first quarter. The odds of that happening – assuming your chance of winning any given day is 70 percent – are 1 in 5.7 billion.
This piece from Bloomberg trails off at the end, but early on has plenty of things to consider about the nature of the winning streak. Best paragraph:
Of course, no matter what the question is these days, it seems the answer from Goldman always is: We’re a market maker. When senators ask about e-mails that show Goldman telling its sales army to dump crappy mortgage bonds from its warehouse on its clients? Market maker. When the e-mails show Goldman created the crappy deals? Market maker. By Goldman’s definition, an Amway salesman pitching energy drinks to old ladies in nursing homes would qualify as a market maker.
Back in the 20s, Wall Street was an exciting but mildly disreputable place. After the great depression, stock peddlers put a whole lot of effort into creating the illusion that Wall Street was just like your local bank, only with better suits. We’re back to the 20s.