So, let me get this straight. In the land of fantasy, a big bank has blockbuster earnings, everyone cheers, and the media labels the big bank as being the smartest guys in the room.
Keep in mind; the big bank’s two chief competitors are gone, and that means they have the playing field to themselves. Their VAR (Value at Risk – how much they are willing to lose in trading everyday, therefore high leverage), is 20%. Their cost of capital is zero because it’s fronted by the U.S. government (meaning you and me, the taxpayers - money they should have never received in the first place.) In addition, the big bank has added no new jobs, and the average annual compensation per employee is $772,925.
Smartest guys in the room? I know who’s standing and cheering, and it’s not you and me.
Don’t you just love the land of fantasy?
Till next time,
Bill
>>>>>>>>>>>>>>>>>>>>>
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