It’s Nice To Be Rich: Wall Street Is Raking In Profits In The Stock Market
By Jim Zarroli
The economy is tanking across the country, with layoffs and bankruptcies as far as the eye can see. But the richest sliver of the country continues to do quite well, thank you. The latest evidence came Wednesday morning as Goldman Sachs, the bluest of blue-chip banks, said it’s raking in money on Wall Street. …ZARROLI: Goldman is the bluest of blue-chip investment banks. Its clients are among the richest in the world. Big banks like Goldman make a lot of their money arranging deals for their clients and trading stocks, stocks they either own themselves or trade on their clients’ behalf. And stocks have staged a dramatic rebound recently, especially big technology shares like Amazon and Facebook. Karen Shaw Petrou is managing partner of Federal Financial Analytics. KAREN SHAW PETROU: Anybody with money in the markets has done very, very well. Anyone running a small business or having a job, particularly a lower-income job, has struggled.