SOURCE: Rothman Research

Rothman Research

May 05, 2010 10:02 ET

What Lies Beneath the Financial Sector So Far This Week

JOHANNESBURG, SOUTH AFRICA--(Marketwire - May 5, 2010) - - Fresh out of a recession, an economic recovery still too frail to build on strongly, the U.S. regained a wave of hope when financial institutions started delivering great earnings readings a few weeks back. Investors were cheering and popular feelings on the street for the banking industry were starting to mellow. But then Goldman Sachs was flagged on allegations of fraud; that's where the confusion started once again. Where investors were still undecided about how to react concerning the proposed financial reforms by the Obama administration, the political intrigue that followed the Goldman Sachs federal case magnified the pressure facing big banks. Despite a great quarter for the financial sector, including Goldman Sachs, big banks stocks went through a roller coaster once again.

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Witch hunt, political conspiracy or real facts, at this point everyone has an opinion and everyone believes his opinion is the right one, but how can everyone be right when the fundamental concept of right and wrong is based on the simple notion that 'there can only be one truth.' From Warren Buffet to the ordinary people on the street, everyone has taken a position and no one seems to want to budge an inch from that position. The facts remain that Goldman Sachs and one employee in particular, Fabrice Tourre, are both under SEC investigation, and the financial reforms have now seriously been molded. In midst of the new financial sector saga, more and more questions are being raised on the role Fannie Mae (NYSE: FNM) and Freddie Mac, both U.S. leading lenders for home mortgages, had to play in the 2007-2009 financial turmoil. Many of those backing Goldman Sachs would like to see and hear why Fannie Mae and Freddie Mac were treated differently and why Goldman Sachs is been oiled for the stake.

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Politics, conspiracies and sense of justice will be dominating the headlines for quite a while, however, right now the earnings season is still running its course. In the last couple of sessions, more companies in the Mortgage Investment industry have been reporting their earnings. Last Thursday, MFA Financial posted a 56% growth in profit for first quarter 2010. The company's earnings were at $0.29 cents per share beating analyst estimates. Annaly Capital Management Inc. (NYSE: NLY) reported its quarterly Core Earnings this Monday at $350.8 million.

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