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Goldman Reports 10 Trading Loss Days In Q2, Morgan Stanley: 11
So much for trading perfection. After posting a flawless, and statistically impossible without cheating, trading record in Q1, Goldman followed in Bank of America's footsteps and posted 10 trading day losses in the quarter in which we saw the Dow plunge by 1,000 points intraday, and when the S&P ended broadly lower. The firm disclosed 3 trading days with losses of more than $100 million. But most notably, days with $100+ MM daily profitability dropped by more than half from 37 to 17. Of course, as usual, the statistical variance looks nothing like a standard Gaussian distribution. Elsewhere, Morgan Stanley reported 11 days of losses, but $100MM+ profitable trading days at 19, better than Goldman. Is the Morgan Stanley starting to outgun the biggest gun on Wall Street?
Goldman Q1 and Q2 profitability distribution. The huge shift away from perfection is more than self evident.
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'laughing out loud. haven't you guys ever heard of taking some "strategic losses"?
anyone who believes this was anything other than that is a complete chump. these guys are siphoning the cash out of the markets and out of the US Treasury at warp speed. the "perfect" trading quarters were a PR disaster.
I must confess that your thesis was my first response.
Definitely agree, this is just a plausable deniability strategy, the last quarter was like an electric meter at a grow house, red flags all over it. They turned down the lights a little bit but it is still a crime in progress.
Maybe that proprietary software that got stolen and recovered also got passed along before the guy got pinched by the Feds.
And the Squid muses: "Hmmmm...What distribution of profit and loss days to publish to make my self look oh so human and fallible? It was quite a shock that my *Marie Antoinette: Let them eat cake* perfect record was not appreciated for the humor that I intended, but...oh well. Such low standards of humor among the peasants."
Agreed, but what would the distribution of profit and loss look like if GS were operating as a free market participant in an actual free market? I see no reason it should be Gaussian.
If you miss the boat...
http://parentingtwinsandmore.com/images/7/4/2/8/9/208775-198247/funny%20cartoon%20oh%20crap_2.png
I have a feeling morgan is now going to be targeted for a hit job just like lehman and bear. No one fucks with GS ;-) It was good knowing you MS...Not.
SEE!! We're not perfect so stop badgering us !!
ROFLMAO