In a WSJ article this morning, investment bank Jeffries & Co (JEF) was in focus as the firm’s prudence kept it out of the TARP and away from the bonus conversation around the world. The 30 day chart below of JEF (black) vs GS (red) tells the story…
The CEO of Jeffries had the following to say in his moment of triumph:
“We can pay our people what they deserve to be paid…We are only beholden to our shareholders.”
Capitalism is supposed to function like this. Jeffries will probably be able to attract monster talent from the TARP Class of ’09 as bankers get tired of the political spotlight.