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Goldman's Richard Ramsden cuts earnings estimates at BofA (BAC), Citigroup (C) JPMorgan (JPM),...

Goldman's Richard Ramsden cuts earnings estimates at BofA (BAC), Citigroup (C) JPMorgan (JPM), Morgan Stanley (MS), PNC Financial (PNC), US Bancorp (USB) and Wells Fargo (WFC) by an average 7% in 2011 and 5% in 2012. Summarizing his report: It's tough to make money when no one wants to borrow it even as long-term rates are low and going lower.
Comments (4)
  • Jeff Nielson
    , contributor
    Comments (2464) | Send Message
     
    "No one wants to borrow money"? Gee, tell that to the 10's of thousands of U.S. small-businesses being choked-to-death from LACK of credit.

     

    Obviously, what this Goldman shill was TRYING to say is that there aren't many "takers" for JP Morgan's 30%-interest "small business credit cards".

     

    Indeed, with JP Morgan borrowing all ITS money at 0% (subsidized by U.S. taxpayers), the REAL question is why hasn't anything been done to end the flagrant USURY which Wall Street is currently engaged in?

     

    Meanwhile, JP Morgan is holding out its hand for a $4 BILLION tax refund (from the bankrupt government of the state of New York). It will be interesting to find out if JP Morgan gets to stand at the FRONT of the line of New York creditors, or the rear. Guess which I'm betting on?

     

    "JP Morgan's $4 BILLION Tax Refund"
    www.bullionbullscanada...
    19 Aug 2010, 02:21 PM Reply Like
  • Michael Filighera
    , contributor
    Comments (447) | Send Message
     
    Good to see you Jeff - - I agree with you, but will add (as you already know) it's only just beginning (or ending) depending how long you've been aware! And to top it off exec's sold about $25Million worth of GS stock on 8/11/2010 -- list includes - CEO, CFO, Pres, and Vice Chairman -- guess greed knows no bounds!
    19 Aug 2010, 02:30 PM Reply Like
  • Jeff Nielson
    , contributor
    Comments (2464) | Send Message
     
    Sold about $25 million in stock - just as U.S. markets were about to start heading lower...?

     

    What remarkably good timing!
    19 Aug 2010, 02:51 PM Reply Like
  • shoofly
    , contributor
    Comments (16) | Send Message
     
    "No one wants to borrow money"? Gee, tell that to the 10's of thousands of U.S. small-businesses being choked-to-death from LACK of credit."

     

    No kidding! I just read that GS comment and was stunned! I couldn't help laughing even as I wondered just what his (their) angle is...is it just JPM or are they going long? Goldman. Pa-tui.
    20 Aug 2010, 08:40 AM Reply Like
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