Goldman (GS) takes hit after hit, and JP Morgan (JPM) barely gets anything.
JP Morgan has more than double Goldman’s assets and has $868 billion in bank deposits, 20 times the amount Goldman has.
David Reilly at Bloomberg gets it exactly right. The fact that everyone hates Goldman makes life very easy for JPMorgan (JPM)
In 2008, there were 1,144 JPMorgan employees that got a bonus of $1 million or more, topping the 953 Goldman employees getting that kind of payout… and JPMorgan’s top four bonus recipients received a combined $74.8 million, a good deal more than the $45.9 million for Goldman’s top four.
Basically, JP Morgan at least does everything that Goldman does. It profits well, pays its employees well, and it mints money on the back of government bailouts. Remember too that Goldman didn’t acquire Bear Stearns for next to nothing.
Meanwhile Lloyd Blankfein is trashed and Jamie Dimon is considered for the job of Geithner’s replacement.