“To be sure, Wall Street is not exactly as it was before the cataclysm of last year. Then, a dozen or so big banks formed the top tier. Now Goldman Sachs and JPMorgan Chase are clearly the strongest.”
In other news, the latest Employment Situation release from the BLS shows financial-sector earnings up over 4.9% year over year — the third highest (after professional service and fabricated metal products) of any industry reported. Compared with 1.7% for the private sector as a whole. Looks like it’s time for Geithner, Summers and co. to hang the “Mission Accomplished” banner out…