Below here is the Pretax Income (PTI) or Pretax Loss from 2008 through 2011 for each of these 26 Financial Giant Companies.
| Obama | |||||
| Bump | |||||
| US House | US House | US House | Three | ||
| Democratic | Democratic | Republican | Year | ||
| Control | Control | Control | PTI(L) | ||
| PTI(L) | PTI(L) | PTI(L) | PTI(L) | Increase | |
| 2008 | 2009 | 2010 | 2011 | (Decrease) | |
| mils of $s | mils of $s | mils of $s | mils of $s | mils of $s | |
| AIG | (103,029) | (13,036) | 273 | 1,917 | 104,946 |
| Citigroup | (42,413) | (10,199) | 13,184 | 14,624 | 57,037 |
| Merrill Lynch | (42,076) | 7,989 | 3,923 | (4,694) | 37,382 |
| KKR | (13,048) | 6,889 | 7,852 | 966 | 14,014 |
| Icahn Enterprises | (3,066) | 1,180 | 753 | 1,798 | 4,864 |
| Newcastle Investment | (2,976) | (210) | 622 | 259 | 3,235 |
| Apollo Global Management | (2,927) | (67) | 635 | (1,292) | 1,635 |
| HSBC USA | (2,676) | (265) | 1,445 | 682 | 3,358 |
| Primus Guaranty | (1,700) | 1,467 | 247 | (38) | 1,662 |
| MBIA | (1,507) | (267) | 674 | 573 | 2,080 |
| ETrade Financial | (1,279) | (816) | (3) | 185 | 1,464 |
| Fortress Investment Group | (1,106) | (914) | (727) | (1,081) | 25 |
| Assured Guaranty | 112 | 117 | 549 | 1,034 | 922 |
| Annaly Capital Management | 372 | 1,996 | 1,300 | 402 | 30 |
| M&T Bank | 740 | 519 | 1,093 | 1,225 | 485 |
| Marsh & McLennan | 921 | 1,109 | 1,169 | 1,404 | 483 |
| BlackRock | 1,016 | 1,272 | 3,021 | 3,135 | 2,119 |
| MetLife | 1,149 | 505 | 4,177 | 5,202 | 4,053 |
| Morgan Stanley | 1,254 | 1,130 | 6,231 | 6,114 | 4,860 |
| Bank NY Mellon | 1,946 | (2,208) | 3,694 | 3,617 | 1,671 |
| MasterCard | 2,100 | 2,218 | 2,757 | 3,516 | 1,416 |
| Goldman Sachs | 2,336 | 19,829 | 12,892 | 6,169 | 3,833 |
| JPMorgan Chase | 2,773 | 16,067 | 24,859 | 26,749 | 23,976 |
| American Express | 3,581 | 2,841 | 5,964 | 6,956 | 3,375 |
| Travelers | 3,716 | 4,711 | 4,306 | 1,352 | (2,364) |
| AXA Equitable Life Insurance | 5,386 | (3,079) | 3,015 | 3,335 | (2,051) |
| Total all 26 | (190,401) | 38,778 | 103,905 | 84,109 | 274,510 |
| Annual Pretax Income Increase (Decrease) From Prior Year | |||||
| …..Amount | 229,179 | 65,127 | (19,796) | ||
| …......% | 120% | 168% | -19% | ||
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Goodwill Impairments. In addition, I am excluding Derivative Gains and Losses of MetLife and MBIA.
I use Pretax Income rather than After-tax Net Income, since so much of the change in effective income tax rates just happens due to financial engineering.
Yeah, that's a 2008 Total Pretax Loss of $190 bil just for these 26 New York Financial Companies.
And when you add in the 2008 Total Pretax Losses of Financial Corps headquartered in all the other US States, the US Total Pretax Loss for 2008 was more than $300 bil.
The magnitude of these Losses in 2008 clearly shows that the US was headed for a complete financial meltdown, with a resultant depression.
And these reported Losses in 2008 were understated since some of these financial institutions, including Fannie Mae, were late in recording many of their massive Credit Losses until after 2008.
Further, on top of their massive 2008 Losses of $45 bil each, Fannie Mae and Freddie Mac had more than $1 trillion of their debt and mortgage investments backed by them, which were held as Investments by Financial Institutions, by Non-Financial Corporations, by Mutual Funds, by Pension Funds, by Non-Profit Hospitals, and by Other Investors, and both Fannie Mae and Freddie Mac were bankrupt, with massive future annual losses continuing ad infinitum.
Then the Obama Administration, very ably assisted by the Fed, went into action. The end result was that by their wise actions, this massive Total Losses of these 26 New York Financial Companies of $190 bil in 2008 reversed course quickly to a Total Pretax Profit of $39 bil in 2009, and then further upward to a Total Pretax Profit of $104 bil in 2010.
And then the Total Pretax Profit of these same 26 New York Giants in 2011 dipped a bit to $84 bil, due mainly to substantially reduced profits at several large Investment Firms. But still, $84 bil of Total Profit in 2011 is still a very respectable number, especially when viewed in light of a $190 bil Total Loss in 2008.
Thus for the most recent three years, the Total Profit increase of these 26 New York Financial Firms was an incredible $274.5 bil.
It just amazes me how so many people are still enraged at the Obama Administration and the Fed for taking actions to rescue the Financial Industry. If they hadn't, we would now still be suffering from a deep depression.
And it also amazes me that the Big Financial Industry, particularly in New York, is now contributing so much money to remove President Obama from office. He flat out, and very competently, rescued them, with their Total Profits increasing by $274.5 bil during his term so far. And he very competently takes steps to prevent future financial meltdowns, and the thanks he gets is a massive effort to defeat him. It just boggles my mind. But it gets to the core of the rampant problem that is so pervasive in the Financial Industry.....unmitigated greed, with no sense of decency.
I think it is time for the perceptive, courageous members of the Big Financial Industry to step to the plate, take the high road, and show their support for what the Obama Administration, with much assistance from the Fed, has done to help resurrect the Financial Industry from the 2008 financial meltdown.
And it also amazes me that the Big Financial Industry, particularly in New York, is now contributing so much money to remove President Obama from office. He flat out, and very competently, rescued them, with their Total Profits increasing by $274.5 bil during his term so far. And he very competently takes steps to prevent future financial meltdowns, and the thanks he gets is a massive effort to defeat him. It just boggles my mind. But it gets to the core of the rampant problem that is so pervasive in the Financial Industry.....unmitigated greed, with no sense of decency.
I think it is time for the perceptive, courageous members of the Big Financial Industry to step to the plate, take the high road, and show their support for what the Obama Administration, with much assistance from the Fed, has done to help resurrect the Financial Industry from the 2008 financial meltdown.
These 90 New York Financial Companies had their Total Earnings more than double in the most recent two years.
| US House | US House | Obama | ||||
| Republican | Democratic | Bump | ||||
| Control | Control | Two | ||||
| PTI(L) | PTI(L) | Year | ||||
| % | % | % | ||||
| Change | Change | Change | ||||
| PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | 2011 | |
| 2011 | 2010 | 2009 | vs | vs | vs | |
| mils $s | mils $s | mils $s | 2010 | 2009 | 2009 | |
| New York Largest Financial Corps | ||||||
| JPMorgan Chase | 26,749 | 24,859 | 16,067 | 8% | 55% | 66% |
| Citigroup | 14,624 | 13,184 | (10,199) | 11% | 229% | 243% |
| American Express | 6,956 | 5,964 | 2,841 | 17% | 110% | 145% |
| Goldman Sachs | 6,169 | 12,892 | 19,829 | -52% | -35% | -69% |
| Morgan Stanley | 6,114 | 6,231 | 1,130 | -2% | 451% | 441% |
| MetLife | 5,202 | 4,177 | 505 | 25% | 727% | 930% |
| Bank NY Mellon | 3,617 | 3,694 | (2,208) | -2% | 267% | 264% |
| MasterCard | 3,516 | 2,757 | 2,218 | 28% | 24% | 59% |
| AXA Equitable Life Insurance | 3,335 | 3,015 | (3,079) | 11% | 198% | 208% |
| BlackRock | 3,135 | 3,021 | 1,272 | 4% | 138% | 146% |
| AIG | 1,917 | 273 | (13,036) | 602% | 102% | 115% |
| Icahn Enterprises | 1,798 | 753 | 1,180 | 139% | -36% | 52% |
| Marsh & McLennan | 1,404 | 1,169 | 1,109 | 20% | 5% | 27% |
| Travelers | 1,352 | 4,306 | 4,711 | -69% | -9% | -71% |
| M&T Bank | 1,225 | 1,093 | 519 | 12% | 111% | 136% |
| Assured Guaranty | 1,034 | 549 | 117 | 88% | 369% | 784% |
| KKR | 966 | 7,852 | 6,889 | -88% | 14% | -86% |
| Moodys | 840 | 714 | 646 | 18% | 11% | 30% |
| NY Community Bancorp | 735 | 837 | 453 | -12% | 85% | 62% |
| NYSE Euronext | 725 | 686 | 205 | 6% | 235% | 254% |
| Assurant | 715 | 912 | 793 | -22% | 15% | -10% |
| HSBC USA | 682 | 1,445 | (265) | -53% | 645% | 357% |
| Vornado Realty | 604 | 562 | 119 | 7% | 372% | 408% |
| Nasdaq OMX Group | 573 | 526 | 391 | 9% | 35% | 47% |
| MBIA | 573 | 674 | (267) | -15% | 352% | 315% |
| Arch Capital Group | 427 | 850 | 898 | -50% | -5% | -52% |
| Jefferies Group | 419 | 397 | 508 | 6% | -22% | -18% |
| Annaly Capital Management | 402 | 1,300 | 1,996 | -69% | -35% | -80% |
| MFA Financial | 316 | 270 | 268 | 17% | 1% | 18% |
| Broadridge Financial Solutions | 270 | 342 | 346 | -21% | -1% | -22% |
| Signature Bank | 267 | 176 | 104 | 52% | 69% | 157% |
| First Niagara | 262 | 212 | 120 | 24% | 77% | 118% |
| Newcastle Investment | 259 | 622 | (210) | -58% | 396% | 223% |
| Capital Trust | 255 | (183) | (577) | 239% | 68% | 144% |
| Lazard Ltd | 235 | 244 | (182) | -4% | 234% | 229% |
| Amtrust Fincl Services | 229 | 171 | 132 | 34% | 30% | 73% |
| Alleghany | 191 | 277 | 395 | -31% | -30% | -52% |
| ETrade Fincl | 185 | (3) | (816) | 6267% | 100% | 123% |
| TAL International Group | 170 | 90 | 111 | 89% | -19% | 53% |
| SL Green Realty | 136 | 142 | 67 | -4% | 112% | 103% |
| GAMCO Investors | 110 | 109 | 88 | 1% | 24% | 25% |
| CreXus Investment Group | 108 | 12 | (1) | 800% | 1300% | 10900% |
| Artio Global Investors | 107 | 172 | (230) | -38% | 175% | 147% |
| Astoria Financial Group | 106 | 115 | 39 | -8% | 195% | 172% |
| Community Bank System | 104 | 86 | 56 | 21% | 54% | 86% |
| Tower Group | 97 | 150 | 121 | -35% | 24% | -20% |
| FXCM | 70 | 104 | 97 | -33% | 7% | -28% |
| Greenhill & Co | 69 | 59 | 114 | 17% | -48% | -39% |
| Universal American | 20 | 119 | 60 | -83% | 98% | -67% |
| XL Group | 8 | 685 | 135 | -99% | 407% | -94% |
| Gramercy Capital | 4 | (82) | (652) | 105% | 87% | 101% |
| Primus Guaranty | (38) | 247 | 1,467 | -115% | -83% | -103% |
| Arbor Realty Trust | (52) | (105) | (307) | 50% | 66% | 83% |
| iStar Financial | (59) | (199) | (788) | 70% | 75% | 93% |
| Manning & Napier | (104) | 54 | 55 | -293% | -2% | -289% |
| Cowen Group | (114) | (53) | (47) | -115% | -13% | -143% |
| AllianceBernstein LP | (208) | 466 | 624 | -145% | -25% | -133% |
| Transatlantic | (215) | 473 | 596 | -145% | -21% | -136% |
| Platinum Underwriters | (227) | 259 | 388 | -188% | -33% | -159% |
| Everest Re Group | (234) | 591 | 939 | -140% | -37% | -125% |
| Northstar Realty Finance | (258) | (391) | (154) | 34% | -154% | -68% |
| Fortress Investment Group | (1,081) | (727) | (914) | -49% | 20% | -18% |
| Apollo Global Management | (1,292) | 635 | (67) | -303% | 1048% | -1828% |
| Merrill Lynch | (4,694) | 3,923 | 7,989 | -220% | -51% | -159% |
| Total all 64 Largest Financial | 90,810 | 113,754 | 44,708 | -20% | 154% | 103% |
| New York Smaller Financial Corps | ||||||
| Cohen & Steers | 87 | 65 | 4 | 34% | 1525% | 2075% |
| Kimco Realty | 84 | 86 | 89 | -2% | -3% | -6% |
| Dime Community Bankshares | 79 | 70 | 40 | 13% | 75% | 98% |
| Marketaxess Holdings | 79 | 51 | 30 | 55% | 70% | 163% |
| NBT | 79 | 78 | 73 | 1% | 7% | 8% |
| National Financial Partners | 76 | 52 | 48 | 46% | 8% | 58% |
| Corporate Property Associates-Global | 70 | 46 | 27 | 52% | 70% | 159% |
| Reckson Operating Partnership | 66 | 82 | 59 | -20% | 39% | 12% |
| MONY Life Insurance America | 64 | (37) | 2 | 273% | -1950% | 3100% |
| International FCSTONE | 60 | 18 | 13 | 233% | 38% | 362% |
| Flushing Financial | 59 | 55 | 41 | 7% | 34% | 44% |
| Presidential Life | 56 | 35 | 1 | 60% | 3400% | 5500% |
| BGC Partners | 54 | 57 | 64 | -5% | -11% | -16% |
| Tompkins Financial | 52 | 50 | 47 | 4% | 6% | 11% |
| Trustco Bank Corp | 52 | 44 | 43 | 18% | 2% | 21% |
| Resource Capital | 50 | 25 | 6 | 100% | 317% | 733% |
| Home Properties | 48 | 27 | 27 | 78% | 0% | 78% |
| Duff & Phelps | 44 | 43 | 41 | 2% | 5% | 7% |
| Navigators Group | 33 | 99 | 87 | -67% | 14% | -62% |
| Getty Realty | 32 | 50 | 41 | -36% | 22% | -22% |
| Investment Technology Group | 22 | 54 | 76 | -59% | -29% | -71% |
| Intervest Bancshares | 21 | (94) | 5 | 122% | -1980% | 320% |
| Gleacher & Co | 18 | (26) | 61 | 169% | -143% | -70% |
| Brooklyn Federal Bancorp | (7) | (44) | 1 | 84% | -4500% | -800% |
| Rodman & Renshaw Capital | (28) | (8) | 42 | -250% | -119% | -167% |
| KBW | (51) | 45 | 43 | -213% | 5% | -219% |
| Total all 26 Smaller Financial | 1,199 | 923 | 1,011 | 30% | -9% | 19% |
| Total all 90 Financial | 92,009 | 114,677 | 45,719 | -20% | 151% | 101% |
