Sunday, March 8, 2015

113 Largest New York, New Jersey and Connecticut Financial Companies 2 Year 2014 and 2013 Audited US GAAP Earnings Were $273 Bil, a Massive $376 Bil Earnings Improvement From the 2 Year 2009 and 2008 Audited Losses of $103 Bil ... 3 Year 2012-2014 Audited Earnings Were $379 Bil, Up 3,654% From the 3 Year 2008-2010 Audited Earnings of $10 Bil ..................... This is all on Ben Bernanke ..................

Former US Fed Chair Ben Bernanke has spent an awful lot of time in the New York Metro Area in his very successful attempt to fix the horrible US economy after the 2008 Financial Meltdown.  He also was a Visiting Professor at NYU.

Bernanke will be delivering a key economic presentation at the University of Southern Indiana in Evansville, Indiana on March 23, 2015.  It is open to the public and free of charge.

Thus, as a backdrop for this upcoming speech and continuing a much deserved tribute to Bernanke's key role in helping the US avoid a Deep, Prolonged Financial Depression, I think it would be helpful to update just what has been going on with the Audited US GAAP Earnings before, during and after the disastrous 2008 Financial Meltdown of the largest Financial Companies headquartered in New York and the neighboring States of New Jersey and Connecticut.

From a very thorough review of SEC filings and Google's excellent financial website, I found as best I could 113 Financial, REITs and Financial Technology Companies headquartered in New York, New Jersey or Connecticut with Stock Market Capitalizations now of at least $1 bil, or the equivalent for non-publicly-traded Organizations, and which have filed audited financial statements with the SEC with financial information disclosures for all years from 2008 through 2014.

So just how have these 113 largest New York, New Jersey and Connecticut Financial Companies done on the audited earnings front since the 2008 financial meltdown?  Just an off-the-charts, spectacular earnings recovery from the dead.

The Total Audited US GAAP Net Income from Continuing Operations of these 113 largest New York, New Jersey and Connecticut Financial Companies was a massive $273 bil in their Most Recent Two Years (2014 and 2013) Combined, an incredibly off-the-charts Total Earnings Improvement of $376 bil when compared to the Deep US Recession-Driven Total Audited Losses for the Two Years (2009 and 2008) Combined of $103 bil.

AIG comprised $126 bil of this $376 bil Two Year Total Earnings Improvement.  Citigroup comprised another $54 bil.  Thus AIG and Citigroup combined made up nearly half of this $376 bil Total Earnings Improvement.  So, US taxpayers bail out AIG, which was clearly headed for bankruptcy and more than any other single company the main cause of the disastrous 2008 US Financial Meltdown, and now a previous subsidiary of AIG ..... Evansville, Indiana-based Springleaf ..... is going to acquire a subsidiary of Citigroup, another company bailed out by US taxpayers, and the primary motive for this merger of identical financial loan companies is the massive cost savings resulting from the huge employee layoffs of US taxpayers who bailed out both AIG and Citigroup in the first place.  And Wall Street and the Big New York Banks call Elizabeth Warren the Demon?  I think they should instead look a little bit closer at themselves.  And just where is the US Justice Dept and the US Consumer Financial Protection Bureau on this?  Just sayin. 

Further, the Total Audited US GAAP Net Income from Continuing Operations of these 113 largest New York, New Jersey and Connecticut Financial Companies was a massive $379 bil in their Most Recent Three Years (2012-2014) Combined, an incredibly off-the-charts 3,654% increase from the Deep US Recession-Impaired Total Audited Earnings for the Three Years (2008-2011) Combined of only $10 bil.

There has been something miraculous happening with the New York and neighboring States Financial Companies Earnings in the past six years and very prescient economic actions by former US Fed Chairman Ben Bernanke played a very pivotal role here in resuscitating many of these Financial Companies from the abyss.

It should be pointed out that New York-based Merrill Lynch is not included below since it has not reported its separate financial statements to the SEC since 2012.  It was a huge part of the 2008 Financial Meltdown, reporting a $27.7 bil Audited Loss in 2008 and another $8.6 bil Audited Loss in 2007.  For the four subsequent years (2009-2012), Merrill Lynch's total Audited Earnings were nearly $10 bil.

Below here are the US GAAP Net Income (Losses) of each of these 113 largest New York, New Jersey and Connecticut Companies for each of their fiscal years from 2007 to 2014:

2014 2013 2012 2011 2010 2009 2008 2007



Audited Audited Audited Audited Audited Audited Audited Audited


Net Net Net Net Net Net Net Net

City 2014 Income Income Income Income Income Income Income Income
HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)

mil $s mil $s mil $s mil $s mil $s mil $s mil $s mil $s
New York Financial Companies









JPMorgan Chase New York Dec       21,762     17,923     21,284     18,976     17,370     11,728         5,605     15,365
Goldman Sachs New York Dec         8,477       8,040       7,475       4,442       8,354     13,385         2,322     11,599
American Intl Group New York Dec         7,574       9,008       3,699     18,863     12,930   (11,770)      (97,634)       6,867
Citigroup New York Dec         7,500     13,630       7,818     11,147     10,951     (1,066)      (32,029)       3,192
MetLife New York Dec         6,339       3,391       1,314       6,951       2,747     (2,336)         3,481       4,105
American Express New York Dec         5,885       5,359       4,482       4,899       4,057       2,137         2,871       4,126
KKR & Co LP New York Dec         5,395       7,854       8,028          876       7,776       6,852      (13,055)       2,401
The Blackstone Group LP New York Dec         3,696       2,893          830        (268)        (607)     (2,391)        (5,594)       5,661
Travelers New York Dec         3,692       3,673       2,473       1,426       3,216       3,622         2,924       4,601
Morgan Stanley New York Dec         3,681       3,656          757       4,696       5,477       1,193         1,158       2,200
MasterCard Purchase Dec         3,617       3,116       2,759       1,904       1,847       1,463           (254)       1,086
BlackRock New York Dec         3,264       2,951       2,440       2,339       2,050          897            629       1,357
Bank New York Mellon New York Dec         2,651       2,185       2,515       2,569       2,647        (813)         1,455       2,228
Voya Financial New York Dec         2,537          791          611          103        (133)        (811)        (8,083)          737
TIAA Real Estate Account New York Dec         2,118       1,456       1,379       1,499       1,180     (3,112)        (1,967)       2,063
Marsh & McLennan New York Dec         1,471       1,379       1,204          982          565          531            381          502
Loews New York Dec         1,353       1,621       1,509       1,696       2,007       1,385            580       2,199
Assured Guaranty Ltd New York Dec         1,088          808          110          776          494            85              69        (303)
M&T Bank Buffalo Dec         1,066       1,138       1,029          859          736          380            556          654
Moody's New York Dec         1,006          816          700          578          513          407            462          707
CA, Inc New York Mar            899          939          923          827          771          671            479          121
Arch Capital Group White Plains Dec            821          710          593          436          843          877            291          858
MUFG Americas Holdings Corp New York Dec            806          649          609          763          554          (65)            284          573
Apollo Global Management New York Dec            730       2,374       3,048     (1,304)          543          (95)        (2,890)       1,240
Och-Ziff Capital Management New York Dec            711       1,256        (571)     (1,471)     (1,199)     (1,375)        (1,664)        (804)
Alleghany New York  Dec            680          629          702          143          199          271              41          288
Paychex Rochester May            628          569          548          515          477          534            576          515
Chimera Investment Corp New York Dec            589          363          328          137          248          231           (120)            (3)
AllianceBernstein LP New York Dec            571          527          189        (212)          427          579            848       1,277
MBIA Armonk Dec            569          250       1,234     (1,319)            53          634        (2,673)     (1,922)
Vornado Realty Trust New York Dec            494          118          474          558          653            77            238          540
New York Community Bancorp Westbury Dec            485          476          501          480          541          399              78          279
Assurant New York Dec            471          489          484          545          279          431            448          654
Amtrust Financial Services New York Dec            447          281          185          194          148          103              83            90
New Residential Investment Corp New York Dec            442          266            41              1              0              0                0              0
Lazard Ltd New York Dec            434          165            93          191          194        (188)               (0)          338
Nasdaq OMX Group New York Dec            413          384          349          383          389          263            315          518
Kimco Realty New Hyde Park Dec            385          288          178          177          137              4            249          391
SL Green Realty New York Dec            364          111          171          605          273            79              51          152
HSBC USA New York Dec            354        (338)     (1,248)          455       1,006        (142)        (1,689)          138
Prospect Capital New York Jun            319          221          191          118            20            35              28            17
MFA Financial New York Dec            314          303          307          316          270          268              46            30
OUTFRONT Media New York Dec            307          144          113          107            71            22        (2,097)
Signature Bank New York Dec            297          229          185          150          102            63              43            27
E*TRADE Financial New York Dec            293            86        (113)          157          (28)     (1,298)           (809)     (1,442)
Apollo Investment Corp New York Mar            271          104          (86)          180          263        (612)             (33)          312
Broadridge Financial Solutions Lake Success Jun            263          212          125          172          225          223            188          197
Fortress Investment Group New York Dec            233          484          219     (1,117)        (782)        (909)        (1,221)     (1,057)
WP Carey New York Dec            211            94            88          153            84            60              72            70
Msci Inc New York Nov            199          200          165          159            88            82              68            81
Genpact Limited New York Dec            192          235          185          191          149          135            135            65
Jefferies Group New York Nov            161          260          323          286          312          317           (590)          148
Acadia Realty Trust New York Dec            151            27              9            12            47              2              27              2
Brixmor Property Group New York Dec            113          (81)        (150)          118        (259)        (128)           (970)
Home Properties Rochester Dec            109          103            71            35            15            25              38            32
Evercore Partners New York Dec            107            75            39            14            20              2             (10)          (67)
GAMCO Investors Rye Dec            105          117            76            70            70            56              24            80
Blackstone Mortgage Trust New York Dec            100            25          282          252        (185)        (576)             (58)            84
Ladder Capital New York Dec              98          189          169            72            91            42               (6)            (0)
Astoria Financial Lake Success Dec              96            67            53            67            74            28              75          125
Community Bank System DeWitt Dec              91            79            77            73            63            41              46            43
Sovran Self Storage Williamsville Dec              89            71            48            32            35            21              36            38
Cohen & Steers New York Dec              76            63            68            54            46            (0)              25            68
MarketAxess Holdings New York Dec              75            69            62            48            31            16                8            10
NBT Bancorp Norwich Dec              75            62            55            58            57            52              58            50
Empire State Realty Trust New York Dec              70          156            49            57            45            42              53            69
WisdomTree Investments New York Dec              61            52            11              3            (8)          (21)             (27)          (25)
Gramercy Property Trust New York Dec              55            (8)          (18)          (21)          (65)        (535)              35            68
Lexington Realty Trust New York Dec              48          (21)          184          (50)            (4)        (130)             (15)            11
Greenhill & Co. New York Dec              43            47            42            45            39            71              49          115
BGC Partners New York Dec               (4)          174            36            38            45            41             (10)            33
Rouse Properties New York Dec             (52)          (46)          (63)          (27)          (24)          (30)              49            61
iStar New York Dec             (74)        (221)        (315)          (54)        (206)        (793)           (326)          129
McGraw Hill Financial New York Dec           (191)          874          701          858          848          753            819       1,027
NorthStar Realty Finance New York Dec           (313)          (79)        (258)        (234)        (376)        (152)            700            49
Icahn Enterprises LP New York Dec           (529)       2,444          762       1,764          744       1,224        (3,173)          480
Annaly Capital Management New York Dec           (842)       3,730       1,736          344       1,267       1,961            346          415











Connecticut Financial Companies








General Electric Capital Corp Norwalk Dec         7,503       8,311       7,408       6,711       3,136       1,637         8,256     12,175
Cigna Bloomfield Dec         2,094       1,478       1,624       1,261       1,283       1,304            290       1,123
Aetna Hartford Dec         2,045       1,912       1,660       1,987       1,767       1,277         1,384       1,831
Hartford Financial Services Group Hartford Dec         1,349       1,225          220          256       1,642        (887)        (2,749)       2,949
WR Berkley Greenwich Dec            650          505          511          391          447          309            281          766
United Rentals Greenwich Dec            540          387            75          101          (22)          (60)           (704)          363
Starwood Property Trust Greenwich Dec            502          330          206          121            59              3               -               -  
Interactive Brokers Group Greenwich Dec            459          418          497          687          277          484         1,115          853
XL Group Stamford Dec            269       1,137          730        (404)          643            75        (2,554)          300
People's United Financial Bridgeport Dec            252          232          245          192            83          101            138          149
Factset Research Norwalk Aug            212          199          189          171          150          145            125          110
Webster Financial Waterbury Dec            200          180          174          149            72          (77)           (319)          112
Gartner Inc Stamford Dec            184          183          166          137            96            83              97            71
SS&C Technologies Windsor Dec            131          118            46            51            32            19              19              7
Aircastle Stamford Dec            101            30            33          124            66          102            115          114
Navigators Group Stamford Dec              95            63            64            26            70            63              52            96











New Jersey Financial Companies








Chubb Warren Dec         2,100       2,345       1,545       1,678       2,174       2,183         1,804       2,807
Automatic Data Processing Roseland Jun         1,503       1,358       1,375       1,241       1,199       1,325         1,156       1,021
Cognizant Technology Solutions Teaneck Dec         1,439       1,229       1,051          884          734          535            431          350
Prudential Financial Newark Dec         1,426        (567)          555       3,631       2,962       3,071        (1,099)       3,709
Everest Re Group Ltd Liberty Corner Dec         1,258       1,265          829          (80)          611          807             (19)          839
CIT Group Livingston Dec         1,079          650        (532)            20          526          183           (632)          795
Verisk Analytics  Jersey City Dec            371          342          317          262          215          127            158          155
Dun & Bradstreet Short Hills Dec            298          262          297          260          251          322            312          292
Avis Budget Group Parsippany Dec            245            16          290          (29)            54          (47)        (1,124)        (947)
Hudson City Bancorp Paramus Dec            158          185          249        (736)          537          527            446          296
Realogy Holdings Madison Dec            147          443        (540)        (439)          (97)        (260)        (1,911)        (839)
Selective Insurance Group Branchville Dec            142          107            38            21            69            45              44          144
Investors Bancorp Short Hills Dec            132          112            89            79            62          (65)              16            22
Valley National Bancorp Wayne Dec            116          132          144          134          131          116              94          153
Provident Financial Services Jersey City Dec              74            71            67            57            50        (122)              42            37
Alexanders Paramus Dec              67            55            50            81            67          133              76          116
Heartland Payment Systems Princeton Dec              32            74            64            44            35          (52)              42            36
Mack-Cali Realty Edison Dec              31          (90)            38            81            59            80              65            89
Chambers Street Properties Princeton Dec              19            80          (43)          (20)          (10)          (19)               (7)            (0)
PHH Corp Mount Laurel Dec           (185)            98            23        (102)            76          173           (281)          (10)











Total all 113 New York, Connecticut and New Jersey Financial Companies     135,120   137,609   106,429   110,945   113,403     39,092    (142,396)   108,019











Earnings 2014 and 2013 Combined

    272,729






Losses 2009 and 2008 Combined

   (103,304)






…Total Earnings Improvement

    376,033

















Earnings 3 Years 2012-14 Combined
    379,158






Earnings 3 Years 2008-10 Combined
      10,099






…% Increase

3,654%










Posted by at