Jefferies vindicated

Embattled investment bank Jefferies reported stronger-than-expected earnings and a slimmed-down balance sheet, confounding critics and sending the firm’s shares on a surge.  The news marks a victory for the firm’s management and vindicates its strategy of aggressive communication during a crisis, as the firm sought to dispel rumors about its trading exposure and liquidity.

Of course, no good deed on Wall Street goes unpunished, with analysts now criticizing the firm for reducing risk too much and thereby crimping future profitability.    There’s just no satisfying some folks…

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