November 8, 2011--Wall Street Earnings: Obama vs. Bush

If you have been wondering how the financial community has been doing since Barack Obama was elected president, do not be fooled by the evidence that they are shifting their campaign contributions to Republicans. They are doing fine, thank you. In fact, much better than fine.

According to Zachary Goldfarb of the Washington Post:

Wall Street firms, independent companies and the securities-trading arms of banks earned more in the first 2 1/2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show. . . .

The largest banks, including Bank of America, Citigroup and Wells Fargo, earned $34 billion in profit in the first half of the year, nearly matching what they earned in the same period in 2007 and more than in the same period of any other year.

Securities firms, the trading arms of big banks and hundreds of other independent firms have fared even better. They’ve generated at least $83 billion in profit during the past 2 1/2 years, compared with $77 billion during the entire Bush administration, according to data from the Securities Industry and Financial Markets Association.

If you are wondering why Barack Obama hasn't made more of an issue of this, I have no acceptable answer. Only deep disappointment.