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Wall Street Had Proprietary-Trading Loss Since ’06, GAO Says

The six largest U.S. banks had a net loss of about $221 million from standalone proprietary trading from June 2006 through the end of 2010, according to the Government Accountability Office.

The business of betting money for banks’ own accounts produced positive net revenue in 13 of the 18 quarters examined, totaling $15.6 billion, and generated losses of $15.8 billion in the other five quarters, the Washington-based GAO said today in a report.