These 79 Largest New York Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from Continuing Operations of $169 bil in the most recent fiscal year 2011, which was a profit improvement of a massive $312 bil over the Total After-tax Net Loss of $143 bil generated by these same 79 Largest New York companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.
So if the question to be answered is whether, in the aggregate, these 79 Largest New York Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by a massive $312 bil better, as audited earnings performance is measured by the prestigious US Accounting Profession.
Another key story here relates to the total earnings changes by year.
In the year before the financial meltdown, these 79 Largest New York Corps generated Total After-tax Net Income of an impressive $125 bil in 2007.
Then the financial meltdown hit and these same 79 companies saw their Total After-tax Net Income plummet by a massive $268 bil to a Total After-tax Loss of $143 bil in 2008.
Enter President Obama and both the US House and the US Senate under Democratic control.
Both the Obama Administration and the Fed worked feverishly on fixing the financial mess. And the Obama Administration also provided a much needed Economic Stimulus, which didn't start taking hold until the latter part of 2009. This Obama Economic Stimulus was going full throttle in 2010.
So, what was the result of both the substantial financial fixes and the Obama Economic Stimulus on these 79 Largest New York Corps? Well, it helped these 79 Largest New York Corps generate $105 bil of Total After-tax Net Income in 2009, which was a one-year profit improvement of a staggering $248 bil, wiping out 93% of the $268 bil profit drop of these same 79 New York Corps in the financial meltdown year of 2008.
Further, these 79 Largest New York Corps generated Total After-tax Net Income of $177 bil in 2010, an increase of $73 bil, or a very robust 69% from 2009.
Thus when you combine the first two years of the Obama Administration, when both the US House and the US Senate were under Democratic control, these 79 Largest New York Corps had a total profit improvement of $321 bil to $177 bil in 2010, which surpassed by a huge 42% the pre-Great Recession Total After-tax Net Income of these same 79 companies of $125 bil in 2007.
Then came the November 2010 Tea Party Election and the nearly singular focus on severe austerity. The end result was that the 69% total earnings growth of these 79 New York Corps in 2010 over 2009 completely reversed course by declining by 5% in 2011 as compared with 2010. And this total earnings decline continued in the first half of 2012.
I think it is really important that this 2010 Tea Party Election be reversed all over the country in November 2012, in order to re-accelerate this total earnings growth, which is so critically needed to spur the country's present tepid real GDP growth and also needed to spur the presently modest US job creation.
President Obama can't do it alone. He needs a US Congress that will work with him. And blue States like New York can really help here, not just by voting in more New York US Congressional Democrats, but also by contributing to and helping in campaigns all across the country to remove from office the many Uncompromising, Very Conservative Republican members in key US Congressional races like Eric Cantor in Virginia, Joe Walsh in Illinois, Michele Bachmann in Minnesota, Allen West in Florida, Steve King in Iowa, and Larry Bucshon in Indiana.....just to name a few. These Republicans, strongly supported by the Tea Party, have good intentions, but they are severely harming the country's economy.
Of these 79 Largest New York Corps, 40 of them are Financial Corps and the other 39 are in Non-Financial Sectors.
The 40 Largest New York Financial Corps generated a Total After-tax Net Loss of $164 bil in 2008, the last year of the Bush/Cheney Presidential term. On the other hand, in the most recent 2011 year, these same 40 Financial Corps generated a Total After-tax Net Income of $82 bil, for a massive profit improvement of more than $246 bil in the first three years of the Obama Administration.
And the 39 Largest New York Non-Financial Corps also performed superbly during the Obama Administration. These 39 Largest New York Non-Financial Corps had their Total After-tax Net Income in 2008 of $21 bil balloon up to $87 bil in 2011, for a stellar increase of 312% during the first three years of the Obama Administration.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss from Continuing Operations for each of these 79 Largest New York Corps for each of the most recent five fiscal years. The overwhelming majority of these 79 New York Corporations have a December Fiscal Year End (FYE). The first section below shows the earnings and loss information related to the 40 New York Financial Corps. The last section below shows such earnings and loss information related to the 39 New York Non-Financial Corps.
| FYE | FYE | FYE | FYE | FYE | |
| 2011 | 2010 | 2009 | 2008 | 2007 | |
| Reported | Reported | Reported | Reported | Reported | |
| Audited | Audited | Audited | Audited | Audited | |
| After-Tax | After-Tax | After-Tax | After-Tax | After-Tax | |
| Net Income | Net Income | Net Income | Net Income | Net Income | |
| (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | |
| mil $s | mil $s | mil $s | mil $s | mil $s | |
| New York Largest Corps | |||||
| Financial Corps | |||||
| JPMorgan Chase | 18,976 | 17,370 | 11,652 | 3,699 | 15,365 |
| AIG | 16,971 | 12,077 | (12,818) | (93,346) | 4,609 |
| Citigroup | 11,103 | 10,951 | (1,066) | (32,029) | 3,192 |
| MetLife | 6,951 | 2,747 | (2,336) | 3,462 | 4,087 |
| American Express | 4,899 | 4,057 | 2,137 | 2,871 | 4,126 |
| Morgan Stanley | 4,696 | 5,477 | 1,427 | 1,295 | 2,307 |
| Goldman Sachs | 4,442 | 8,354 | 13,385 | 2,322 | 11,599 |
| Bank NY Mellon | 2,569 | 2,647 | (813) | 1,455 | 2,228 |
| BlackRock | 2,339 | 2,050 | 897 | 629 | 1,357 |
| AXA Equitable Life Insurance | 2,313 | 2,308 | (1,807) | 3,695 | 1,926 |
| MasterCard | 1,904 | 1,847 | 1,463 | (254) | 1,086 |
| Icahn Enterprises | 1,764 | 744 | 1,224 | (3,142) | 510 |
| Marsh & McLennan | 982 | 565 | 531 | 381 | 502 |
| KKR | 876 | 7,776 | 6,852 | (13,055) | 2,401 |
| M&T Bank | 859 | 736 | 380 | 556 | 654 |
| Assured Guaranty | 776 | 494 | 85 | 69 | (303) |
| SL Green Realty | 625 | 277 | 71 | 42 | 140 |
| NYSE Euronext | 603 | 558 | 212 | (740) | 649 |
| Vornado Realty | 594 | 715 | 79 | 231 | 540 |
| Moodys | 578 | 513 | 407 | 462 | 707 |
| Assurant | 546 | 279 | 431 | 448 | 654 |
| NY Community Bancorp | 480 | 541 | 399 | 78 | 279 |
| HSBC USA | 455 | 1,006 | (167) | (1,698) | 114 |
| Arch Capital Group | 436 | 843 | 877 | 291 | 858 |
| Nasdaq OMX Group | 383 | 389 | 263 | 315 | 518 |
| Annaly Capital Management | 344 | 1,267 | 1,961 | 346 | 415 |
| Jefferies Group | 286 | 240 | 312 | (595) | 148 |
| Newcastle Investment | 259 | 622 | (210) | (2,976) | (65) |
| Capital Trust | 252 | (185) | (576) | (58) | 84 |
| ETrade Financial | 157 | (28) | (1,298) | (809) | (1,442) |
| Gramercy Capital | 19 | (65) | (535) | 35 | 68 |
| Primus Guaranty | (38) | 247 | 1,467 | (1,700) | (559) |
| iStar Financial | (54) | (206) | (793) | (326) | 129 |
| Everest Re Group | (80) | 611 | 807 | (19) | 839 |
| Northstar Realty Finance | (258) | (391) | (154) | 699 | 49 |
| XL Group | (404) | 643 | 75 | (2,554) | 300 |
| Fortress Investment Group | (1,117) | (782) | (909) | (1,221) | (1,057) |
| Apollo Global Management | (1,304) | 543 | (95) | (2,890) | 1,240 |
| MBIA | (1,319) | 53 | 634 | (2,673) | (1,922) |
| Merrill Lynch | (1,748) | 3,776 | 7,340 | (27,704) | (8,637) |
| Total all 40 Largest Financial Corps | 82,115 | 91,666 | 31,791 | (164,408) | 49,695 |
| Annual Increase (Decrease) all 40 Largest NY Financial Corps | |||||
| …..Amount | (9,551) | 59,875 | 196,199 | (214,103) | |
| …..Percentage | -10% | 188% | 119% | -431% | |
| Three Year Increase (2008-2011) all 40 Largest NY Financial Corps Under Obama | |||||
| …..Amount | 246,523 | ||||
| …..Percentage | 150% | ||||
| Non-Financial Corps | |||||
| IBM | 15,855 | 14,833 | 13,425 | 12,334 | 10,418 |
| Verizon | 10,198 | 10,217 | 11,601 | 3,962 | 12,254 |
| Phillip Morris Intl | 8,879 | 7,498 | 6,552 | 7,150 | 6,314 |
| Pfizer | 8,739 | 8,211 | 8,529 | 7,938 | 8,150 |
| PepsiCo | 6,462 | 6,338 | 5,979 | 5,166 | 5,670 |
| Bristol Myers Squibb | 5,260 | 4,513 | 4,420 | 3,686 | 2,052 |
| Time Warner | 2,882 | 2,571 | 2,084 | (5,090) | 1,887 |
| Corning | 2,805 | 3,558 | 2,008 | 5,257 | 2,150 |
| Colgate Palmolive | 2,554 | 2,313 | 2,397 | 2,037 | 1,804 |
| Viacom | 2,183 | 1,876 | 1,655 | 1,274 | 1,625 |
| NBC Universal Media | 1,836 | 1,516 | 1,316 | 1,842 | 2,163 |
| Loews | 1,696 | 2,007 | 1,385 | 580 | 2,199 |
| Hess | 1,676 | 2,138 | 807 | 2,357 | 1,953 |
| Time Warner Cable | 1,667 | 1,313 | 1,092 | (7,963) | 1,222 |
| News Corp | 1,407 | 3,148 | 2,644 | (3,310) | 5,518 |
| CBS | 1,291 | 724 | 227 | (11,673) | 1,231 |
| Omnicom Group | 1,060 | 924 | 871 | 1,114 | 1,087 |
| Coach | 1,039 | 881 | 735 | 623 | 783 |
| Forest Labs | 979 | 1,047 | 682 | 768 | 968 |
| L-3 Communications | 968 | 966 | 911 | 929 | 754 |
| Bunge Ltd | 940 | 2,388 | 335 | 1,326 | 924 |
| CA | 938 | 823 | 759 | 661 | 472 |
| Estee Lauder | 861 | 704 | 482 | 227 | 484 |
| McGraw-Hill | 858 | 848 | 753 | 807 | 1,017 |
| Ralph Lauren | 681 | 568 | 480 | 406 | 422 |
| Arrow Electronics | 599 | 480 | 124 | (614) | 411 |
| Interpublic Group | 552 | 281 | 143 | 318 | 184 |
| Paychex | 548 | 515 | 477 | 534 | 576 |
| Avon Products | 526 | 595 | 619 | 883 | 533 |
| Constellation Brands | 445 | 560 | 99 | (301) | (613) |
| Sirius XM Radio | 427 | 43 | (352) | (5,317) | (565) |
| IAC/InterActiveCorp | 176 | (9) | (956) | 142 | 1 |
| Fifth & Pacific Companies | 145 | (99) | (124) | (511) | (432) |
| Loral Space & Communications | 127 | 487 | 232 | (693) | 53 |
| Jones Group | 52 | 54 | (86) | (766) | 46 |
| Leucadia National | 17 | 1,889 | 532 | (2,583) | 469 |
| AOL | 13 | (791) | 251 | (1,521) | 1,213 |
| Momentive Performance Materials | (140) | (63) | (42) | (998) | (254) |
| ITT | (578) | (132) | (111) | 32 | 61 |
| Total all 39 Largest Non-Financial Corps | 86,623 | 85,733 | 72,935 | 21,013 | 75,204 |
| Annual Increase (Decrease) all 39 Largest NY Non-Financial Corps | |||||
| …..Amount | 890 | 12,798 | 51,922 | (54,191) | |
| …..Percentage | 1% | 18% | 247% | -72% | |
| Three Year Increase (2008-2011) all 39 Largest NY Non-Financial Corps Under Obama | |||||
| …..Amount | 65,610 | ||||
| …..Percentage | 312% | ||||
| Grand Total all 79 Largest NY Corps | 168,738 | 177,399 | 104,726 | (143,395) | 124,899 |
| Annual Increase (Decrease) all 79 Largest NY Corps | |||||
| …..Amount | (8,661) | 72,673 | 248,121 | (268,294) | |
| …..Percentage | -5% | 69% | 173% | -215% | |
| Three Year Increase (2008-2011) all 79 Largest NY Corps Under Obama | |||||
| …..Amount | 312,133 | ||||
| …..Percentage | 218% | ||||
