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Even casinos lose sometimes—so why do investment banks always win?

By Tom Streithorst  

All in a day's work

Goldman Sachs traders made money every day last quarter. On not a single one of the 63 trading days did they suffer a net loss. A spokesman said this “shows the strength of our customer franchise and risk management.” But before you respond that this only proves the Goldman boys (and girls) are brilliant, note that Bank of America and JP Morgan’s trading floor share the same remarkable record.

Even casinos occasionally lose money. If every trade has…

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