Financial Institutions Close Higher After Senate Bill Smoke Clears
The Senate passed H.R.4173 (The Wall Street Reform and Consumer Protection Act of 2009) yesterday releasing the steam valve at major financial institutions across the board - reflected by Friday’s buoying of stocks by midday at Goldman Sachs (4.1%), Bank of America (4.25%), Citigroup (2.89%), JPMorgan Chase (5.26%), Morgan Stanley (5.34%) and Wells Fargo (4.25%). The bill is still due to be reconciled with the House version of the bill, passed in December 09, primarily on account of the Senate version’s requirements, which would force big banks to forego as much as half of all trading revenue at the biggest…