Hu Jintao Heads to the White House [Wall Street Journal] "President Barack Obama formally welcomed Chinese President Hu Jintao to the White House on Wednesday, with both leaders calling for a renewed effort of cooperation as they embarked on a summit that will help redefine the relationship between the world's longtime superpower and its rising Asian rival."
Today's Afternoon Headlines read like Marsha, Marsha, Marsha—Except It's Goldman, Goldman, Goldman. But hey: How often do you lose $5 Billion in 24 hours?
Felix Salmon Follows up on Goldman Pay [Felix Salmon] Felix Salmon follows up on a DealBook's analysis—which we included in our morning call.
"Has Goldman Lost its Mojo?" [CNBC] Discussing whether the King of Wall Street has lost its mojo, or whether it's time to buy on the dip, with the Fast Money team.
Wall Street Journal Reports on Goldman's Erosion in Revenue [WSJ] "Net profit fell 52% to $2.39 billion in the quarter from $4.95 billion a year earlier, while revenue declined 10% to $8.64 billion. On a per-share basis, after payment of preferred dividends, profit dropped to $3.79 from $8.20. Analysts had expected fourth-quarter revenue of $9 billion and profit of $3.76 a share."
"Main Street banks outshine Goldman" [Financial Times] "The diverging fortunes of Main Street and Wall Street were highlighted as a trading slump hit Goldman Sachs’ fourth-quarter results, while Wells Fargo and US Bancorp benefited from the gradually healing fortunes of US consumers. Goldman surprised investors by reporting lower-than-expected revenues in the last three months of the year as a sharp fall in income from fixed income trading was only partially offset by a rise in investment banking activity."
And Finally:
The European Financial Stability Facility Is Much Too Serious—So Vive La Différence! [NY Times] Has the European Financial Stability Facility got you thinking too 'math-y' about Europe? Remember: European differences run deeper than CDS spreads!