What Recession?

The Titans of Wall Street Are Back

It’s survival of the fittest on Wall Street: The rest of the economy may still be in the gutter, but after posting stellar profits this week, Goldman Sachs and J.P. Morgan have risen to the top of the heap. Their positions show how the federal bailout has caused a consolidation of power among the elite. As Goldman and J.P. Morgan continue to grow and smaller banks like CIT near bankruptcy, it’s beginning to look like the government is feeding the rich and letting the poor go hungry. The New York Times reports these banks are capitalizing on the financial meltdown and the plight of their smaller competitors. But while they may be on top of the world for now, some experts predict that the two banks are enjoying a “fragile dominance.” There’s still an uphill battle ahead: J.P. Morgan CEO Jamie Dimon will take to Washington to argue against more regulation of derivatives and a new consumer-protection agency.