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Wall Side road’s Pandemic Bonanza

John Cassidy: “Two years to the week after the primary Covid-19 circumstances on this nation had been showed, it’s increasingly more transparent who the most important financial winners were. The tech giants that benefited from the shift to far flung paintings, similar to Amazon and Microsoft, are the obvious ones, however the checklist additionally contains primary Wall Side road banks and massive monetary companies.”

“Remaining Friday, JPMorgan Chase, the most important financial institution within the nation, introduced that it had made a post-tax benefit of $48.3 billion in 2021. Just about fifty billion greenbacks. That’s about thirty-five in step with cent greater than the thirty-six billion greenbacks that JPMorgan Chase made in 2019, the 12 months ahead of the pandemic, which was once itself a report determine.”

“On Tuesday, Goldman Sachs introduced report post-tax income of $21.6 billion for 2021. The previous 12 months were the sort of stellar duration for the company that, in line with Bloomberg Information, it’s getting ready to provide a few of its maximum senior staff two year-end bonuses.”

“It’s exhausting to magnify the level to which the present Wall Side road bonanza is a made of the stimulative insurance policies that the Fed and Congress presented to minimize the ache of the pandemic.”

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