Wall Street Commodity Wizards
Posted in Crude oil, ETF, Exchanges, bailout, economics, gold futures, traders on January 27th, 2009 by Commodity Trader – Comments Off
For commodity trading, the year 2008 ended with a conundrum: Prices plummeted from records set midyear in the fastest drop in five decades, but, abracadabra! Morgan Stanley, Merrill, Citigroup, JPMorgan, Barclays, Deutschebank -- the lion's share of Wall Street's commodity units -- racked up best results ever. And commodities powerhouse Goldman Sachs neared its record, too.
A neat trick... and just how did the prestidigitators of petroleum, magicians of metals, pull it off? And can they pull the rabbit out of the hat again this year?
Of more immediate concern, especially in the trenches, are bonuses for 2008 and this year: Will the soothsayers of soy and sugar get paid for divining the right paths in 2008? Or do their overseer corporate chieftains have a bonus disappearing act of their own up their cuff-linked sleeves? And what about this year?