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JPM losses increase...
Comments
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It the same issue, what are you talking about?
Its the GFC, its all the same issue. There is only one global financial crisis!
No, there are two crises going on at the moment, despite Greece getting a lot of media coverage it is fairly insignificant, its a tiny country with a tiny debt compared to the GDP of the rest of Europe.
The Spanish banking crisis is a separate issue, with or without Greek problems their banks dont have enough equity and sooner or later Spain will need to bail out its banks again, and if it doesn't because of arbitrary EU pressures on debt burden the consequences could be severe.Faith, hope, charity, these three; but the greatest of these is charity.0 -
How big is $5bn to JPM? It sounds like half of what they were planning to spend on buying back their own shares/supporting their share price.
Their profit for 2011 was $19bn. $5bn loss one quarter - just shrug it off and carry on.
Of course, part of the $19bn profit came from risky trades that they will not now repeat. Still, on a P/E of 7 it does not seem that bad a deal. What am I missing?
I think the buy back was proposed to be $15,000,000,000.
Personally I wouldn't touch any bank shares right now but if you are then JPM are as good as any.
It's a significant and material loss but no more than that. My guess is that the impact is as likely to be political as anything else. It gives the bank haters (and let's face it there are plenty of them) more ammunition.0 -
No, there are two crises going on at the moment, despite Greece getting a lot of media coverage it is fairly insignificant, its a tiny country with a tiny debt compared to the GDP of the rest of Europe.
The Spanish banking crisis is a separate issue, with or without Greek problems their banks dont have enough equity and sooner or later Spain will need to bail out its banks again, and if it doesn't because of arbitrary EU pressures on debt burden the consequences could be severe.
If you are going to be like that then there 1001 small crisis all around the worlds economy.
I just look at the big picture, that is why it is call the GFC its the GLOBAL financial crisis.The thing about chaos is, it's fair.0 -
The USA will default before JPM does.0
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The Glass Steagall Act was repealed in 1999, we followed suit.
In what way did "we" follow suit.
The walls between Investment Banking and Retail Banking disappeared a long time before 1999 in the U.K., and in many cases didn't exist at all.
N.B. Stuff you read on an internet blog is invariably wrong.'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
1986 Big Bang UK....The walls between Investment Banking and Retail Banking disappeared a long time before 1999 in the U.K....
1996 US Federal Reserve 'reinterprets' The Glass Steagall Act.
1998 No more 'reinterpretation'. The Gramm-Leach-Bliley Act stops the bullsh1t, and scraps Glass Steagall.
Post 1999, UK sells a lot of gold, (not a lot of people know that
)
..._0 -
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Post 1999, UK sells a lot of gold, (not a lot of people know that)
..._
Are you sure about that I only ask because Michael Caine told me about it.
Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
The USA will default before JPM does.
It could be the banks are forced to bailout the USA aka Argentina's final solution
I dont think the USA will default, they will launch the debt into outer space or something far more spectacularly as is the american way :j
Bear Stearns was a bailout. JPM bought but it was backed by the FED with a loan apparently. I think something similar was tried with B&B here and probably NR though I was not paying attention at that point
http://en.wikipedia.org/wiki/Bear_Stearns#Fed_bailout_and_sale_to_JPMorgan_Chase0
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