Tuesday, October 9, 2018

New York Financial Companies Pretax Earnings Up 12% or Up By $16.660 Bil in 2017 Over 2016 ...................................................................................... 80% of This Earnings Growth Was Due To Only 8 Investment-Related Cos and 1 Fin Tech ...................................................................................... By Far the Biggest Earnings Growth Contributor Was Carl Icahn's Icahn Enterprises, Which Comprised $4.337 Bil or 26% of This $16.660 Bil Total Earnings Growth of all 82 Financial Cos ...................................................................................... Following Icahn Enterprises's 26.3% was KKR & Co's 10.9%, Blackstone Group's 10.4% and Morgan Stanley's 9.3% ...................................................................................... 20 Investment-Related Activities Cos 2017 Total Pretax Income Up 47% Over 2016 ...................................................................................... 4 FinTechs 2017 Total Pretax Income Up 17% Over 2016 ...................................................................................... 25 REITs 2017 Total Pretax Income Up 8% Over 2016 ...................................................................................... 10 Banks 2017 Total Pretax Income Up Only 4% Over 2016 ..................................................................................... 13 Insurance Cos 2017 Total Pretax Income Down 12% From 2016 ......................................................................................

From a review of US SEC filings, there were a large number of 82 Companies headquartered in New York with stock market caps of more than $1 Bil recently.
My Focus is on Pretax Income Rather Than on After-Tax Net Income Because Income Taxes are Simply a Transfer of Financial Wealth Between US Corporations and the US Federal, US State and Foreign Governments.  It Has Nothing Whatsoever to do with Company Operating Performance.

 After Thinking About What These Financial Cos Earnings Mean, I Have to Conclude That US Capitalism Did Not Work Properly in 2017, When Such a High Percentage of Wealth Increase Was Accumulated in Such a Small Number of Investment-Related Activities Financial Cos in Just One Year: 2017.  

From a review of SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Years Ended 2017 and 2016 for these 82 New York Financial Companies with stock market caps above $1 Bil recently.
Year Year
2017 2016    
Audited Audited    
Pretax Pretax  % Mix of 
Income Income  Total 
(Loss) (Loss) Pretax
From From Income
New York Financial Companies City State 2017 Continuing Continuing  Better   Better   Increase of 
Stock Market Caps Above $1 Bil HQs HQs FYE Operations Operations  (Worse)   (Worse)   $16.660 Bil 
 $ mils  $ mils  $ mils  % 
Investment-Related Activities Cos
Icahn Enterprises LP New York NY Dec 17            2,153          (2,184)            4,337
NM
 26.0%
KKR & Co LP New York NY Dec 17            2,784               975            1,809 186% 10.9%
Blackstone Group LP New York NY Dec 17            4,117            2,382            1,735 73% 10.4%
Morgan Stanley New York NY Dec 17          10,403            8,848            1,555 18% 9.3%
Goldman Sachs New York NY Dec 17          11,132          10,304               828 8% 5.0%
BlackRock New York NY Dec 17            5,277            4,460               817 18% 4.9%
Apollo Global Mgt LLC New York NY Dec 17            1,770            1,061               709 67% 4.3%
Jeffries Financial (Leucadia National) New York NY Dec 17            1,014               316               698 221% 4.2%
Lazard Ltd New York NY Dec 17               825               517               308 60% 1.8%
Ares Capital Corp New York NY Dec 17               667               474               193 41% 1.2%
Moelis & Co New York NY Dec 17               350               167               183 110% 1.1%
Evercore New York NY Dec 17               438               268               170 63% 1.0%
Apollo Investment Corp New York NY Mar 18                 87                 18                 69 383% 0.4%
Prospect Capital New York NY Jun 18               300               253                 47 19% 0.3%
Cohen & Steers New York NY Dec 17               160               143                 17 12% 0.1%
Golub Capital BDC New York NY Sep 17                 82                 69                 13 19% 0.1%
MarketAxess Holdings New York NY Dec 17               202               192                 10 5% 0.1%
New Mountain Finance New York NY Dec 17               109               112                 (3) -3% 0.0%
PJT Partners New York NY Dec 17                 10                 15                 (5) -33% 0.0%
Alliance Bernstein Holding LP New York NY Dec 17               232               239                 (7) -3% 0.0%
Total all 20 Investment-Related Activities Cos          42,112          28,629          13,483 47% 80.9%
Banks
JPMorgan Chase New York NY Dec 17          35,900          34,536            1,364 4% 8.2%
Citigroup New York NY Dec 17          22,761          21,477            1,284 6% 7.7%
M&T Bank Corp Buffalo NY Dec 17            2,324            2,058               266 13% 1.6%
NBT Bancorp Norwich NY Dec 17               128               119                   9 8% 0.1%
Tompkins Financial Ithaca NY Dec 17                 95                 87                   8 9% 0.0%
Community Bank System DeWitt NY Dec 17               160               155                   5 3% 0.0%
Sterling Bancorp Montebello NY Dec 17               181               207               (26) -13% -0.2%
Signature Bank New York NY Dec 17               575               657               (82) -12% -0.5%
New York Community Bancorp Westbury NY Dec 17               668               777             (109) -14% -0.7%
Bank of New York Mellon New York NY Dec 17            4,610            4,725             (115) -2% -0.7%
Total all 10 Banks          67,402          64,798            2,604 4% 15.6%
REITs
New Residential Investment New York NY Dec 17            1,182               622               560 90% 3.4%
Annaly Capital Management New York NY Dec 17            1,576            1,431               145 10% 0.9%
Paramount Group New York NY Dec 17               112                   4               108 2700% 0.6%
Seritage Growth Properties New York NY Dec 17               (38)             (121)                 83
NM
 0.5%
Gramercy Property Trust New York NY Dec 17                 85                 31                 54 174% 0.3%
VICI Properties Inc New York NY Dec 17                 43
 N/A 
                 43
NM
 0.3%
Apollo Commercial RE Finance New York NY Dec 17               193               158                 35 22% 0.2%
Outfront Media New York NY Dec 17               130                 96                 34 35% 0.2%
KKR RE Finance Trust New York NY Dec 17                 61                 33                 28 85% 0.2%
Brixmor Property Group New York NY Dec 17               300               278                 22 8% 0.1%
Ladder Capital Corp New York NY Dec 17               134               120                 14 12% 0.1%
Empire State Realty Trust New York NY Dec 17               125               113                 12 11% 0.1%
Life Storage Williamsville NY Dec 17                 97                 85                 12 14% 0.1%
W.P. Carey Inc New York NY Dec 17               288               278                 10 4% 0.1%
MFA Financial New York NY Dec 17               322               313                   9 3% 0.1%
Getty Realty Jericho NY Dec 17                 45                 40                   5 13% 0.0%
Lexington Realty Trust New York NY Dec 17                 89                 98                 (9) -9% -0.1%
Kimco Realty New Hyde Park NY Dec 17               439               459               (20) -4% -0.1%
Global Net Lease New York NY Dec 17                 27                 52               (25) -48% -0.2%
Chimera Investment Corp New York NY Dec 17               525               552               (27) -5% -0.2%
Blackstone Mortgage Trust New York NY Dec 17               218               247               (29) -12% -0.2%
Two Harbors Investment Corp New York NY Dec 17               298               330               (32) -10% -0.2%
Acadia Realty Trust Rye NY Dec 17                 65               135               (70) -52% -0.4%
SL Green Realty New York NY Dec 17               101               279             (178) -64% -1.1%
Vornado Realty Trust New York NY Dec 17               318               584             (266) -46% -1.6%
Total all 25 REITs            6,735            6,217               518 8% 3.1%
FinTechs
Mastercard Purchase NY Dec 17            6,522            5,646               876 16% 5.3%
E Trade Group New York NY Dec 17            1,064               838               226 27% 1.4%
First Data Corp New York NY Dec 17               935               741               194 26% 1.2%
Virtu Financial New York NY Dec 17               113               180               (67) -37% -0.4%
Total 4 FinTechs            8,634            7,405            1,229 17% 7.4%
Insurance Cos
American International Group New York NY Dec 17            1,466               (74)            1,540
NM
 9.2%
Loews Corp New York NY Dec 17            1,582               936               646 69% 3.9%
Voya Financial New York NY Dec 17               528                 10               518 5180% 3.1%
Marsh & McLennan New York NY Dec 17            2,643            2,480               163 7% 1.0%
Assured Guaranty Ltd New York NY Dec 17               991            1,017               (26) -3% -0.2%
National General Holdings New York NY Dec 17               163               230               (67) -29% -0.4%
Arch Capital Group Ltd New York NY Dec 17               757               856               (99) -12% -0.6%
Assurant New York NY Dec 17               445               849             (404) -48% -2.4%
Alleghany New York NY Dec 17                 37               648             (611) -94% -3.7%
AXA Equitable Holdings New York NY Dec 17            1,314            2,054             (740) -36% -4.4%
MetLife New York NY Dec 17            3,536            4,281             (745) -17% -4.5%
AmTrust Financial Services New York NY Dec 17             (434)               516             (950) -184% -5.7%
Travelers Companies New York NY Dec 17            2,730            4,053          (1,323) -33% -7.9%
Total all 13 Insurance Cos          15,758          17,856          (2,098) -12% -12.6%
Other Financial Cos
Moody's Corp New York NY Dec 17            1,787               558            1,229 220% 7.4%
Nasdaq Inc New York NY Dec 17               880               136               744 547% 4.5%
Triton Intl Ltd Purchase NY Dec 17               260                 (6)               266
NM
 1.6%
MSCI Inc New York NY Dec 17               467               385                 82 21% 0.5%
Broadridge Financial Lake Success NY Jun 18               561               488                 73 15% 0.4%
Fortress Transp&Infrastr Investrs New York NY Dec 17               (21)               (40)                 19
NM
 0.1%
Wisdom Tree Investments New York NY Dec 17                 58                 56                   2 4% 0.0%
BGC Partners New York NY Dec 17               232               314               (82) -26% -0.5%
American Express New York NY Dec 17            7,414            8,096             (682) -8% -4.1%
S&P Global New York NY Dec 17            2,461            3,188             (727) -23% -4.4%
Total all 10 Other Financial Cos          14,099          13,175               924 7% 5.5%
   
Total all 82 New York Financial Companies        154,740        138,080          16,660 12% 100.0%




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