WASHINGTON – Securities and commodities dealers reaped record-breaking growth and profits on the eve of the subprime mortgage fiasco, increasing profits by $1.8 billion a week throughout 2006, raking in $499 billion that year, up from $406 in 2005, the U.S. Census Bureau reported.
Revenue for investment bankers and securities dealers climbed by 29 percent from 2005 to 2006, from $154 billion to $199 billion.
Revenue of securities brokers increased by 19 percent, from $131 billion in $156 billion.
Revenue for portfolio managers increased 18 percent to $133 billion.
Investment advisers saw revenue jump by 19 percent, to $26 billion.
The Census Bureau released the “2006 Annual Service Survey” on Friday. Here is a link to the report.