10 Things That Bankers Were Thankful For In 2010

Jamie Dimon

Photo: ap

This year, Wall Streeters have a lot to be thankful for – 2010 was pretty kind to banker folk.Fin-reg was significantly watered down; tax cuts for the wealthy (and everyone else) were extended; hedge funders are yet to be arrested in the FBI’s insider trading probe; and a ton of other developments this year can put a smile on financiers’ faces…

Yes, most Wall Streeters will have enjoyed a merry Christmas Day and have a lot to be thankful for as they say farewell to 2010.

Fin-Reg was completely watered down

Wall Street lobbyists engineered a massive win with the Dodd-Frank regulation significantly watering down by the time Obama signed it into law. Even some of the more restrictive measures, like Volcker Rule, don't have to be fully complied with until 2022.

The extension of the Bush tax cuts

To ensure that the poor, working and middle classes got a tax-cut extension, Obama grudgingly came to the negotiating table and met Republican demands to extend tax cuts for America's richest too.

The Dow, S&P 500 and NASDAQ are all on the mend

The Dow is up 5% for the month; the S&P 500 and NASDAQ are each up 6.5%

Source: Marketwatch

Real GDP is now at pre-recession level

The economy is today back to where it was before the Great Recession began.

Source: MarketWatch

Not getting arrested before the holidays

The rumour-mill has been working overtime in regard to certain hedge funders that, after being subpoenaed, could be arrested in the FBI's insider trading probe. But so far, only consultants and experts have been handcuffed.

Big banks have paid back TARP loans

The major U.S banks have repaid their loans to the government.

Investment banking and trading has been booming

Goldman Sachs, JPMorgan, BofA and Morgan Stanley are on target to have their best two years in investment banking and trading.

They're not in England

While there's scrutiny on bonuses it the States, it doesn't compare to the venom heaped on bankers and their compensation packages in the U.K.

The S&P 500 wipes out the Lehman losses

With U.S. stocks rising for the fourth week straight, the S&P 500 has completed its recovery from the plunge that happened after Lehman collapsed in '08.

Source: Bloomberg

Obama and business are making amends

Corporate America is feeling better about Obama after his extension of tax-cuts, the free trade agreement with South Korea and meetings with CEOs and bankers. Both sides feel like they'll be able to work together mre effectively in 2011.

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