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The Great Recession

In: The Rise and Fall of Global Austerity

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  • E Ray Canterbery

Abstract

If the financial crisis of 2008–2009 produced a king of Wall Street, it would most likely be Jamie Dimon, CEO of JPMorgan Chase. ( Lloyd Blankfein of Goldman Sachs would the other likely contender, as the prince in waiting.) JPMorgan Chase had over $2 trillion in assets, not counting positions recorded off its balance sheet, such as derivatives; it had $155 billion in balance sheet equity; and it earned $4.1 billion in operating profits in the second quarter of 2009. In comparison, the 1985 Salomon Brothers, after converting to 2009 dollars, only had $122 billion in assets, $5 billion in equity, and $2 billion in operating profits for an entire year. Goldman Sachs had $890 billion in assets.

Suggested Citation

  • E Ray Canterbery, 2015. "The Great Recession," World Scientific Book Chapters, in: The Rise and Fall of Global Austerity, chapter 6, pages 93-119, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814603492_0006
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