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JP Morgan, One of the First Big Banks to Report, Is Setting a Bad Precedent
In a nutshell, a cursory glance of JP Morgan’s recent earnings
announcement is middling, and that’s putting it optimistically. Revenue
and profits have fallen nearly across the board, and the earnings beat
is a result of moving capital from reserves to the earnings column. Even
this may be suspect, for while credit metric trends appear to be
improving (largely a result of massive government stimulus), the core,
underlying cause of this malaise looks to be on the move downward again.
See As I Made Very Clear In March, US Housing Has a Way to Fall.
I will be coming out with a detailed review of JPM’s results shortly.
In the meantime and in between time, refresh your collective memories
with past analysis and opinion:
An Independent Look into JP Morgan (subscription content free preview!)
The JP Morgan Professional Level Forensic Report (subscription only)
The JP Morgan Retail Level Forensic Report (subscription only)
If a Bubble Bubble Bursts Off Balance Sheet, Will Anyone Be There to Hear It?: Pt 2 – JP Morgan
Is JP Morgan Taking Realistic Marks On Its WaMu Portfolio Purchase? Doubtful!
Anecdotal observations from the JP Morgan Q2-09 conference call
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Yipee! .... oh wait.
US housing does have a ways to fall and mortgage lending has virtually stopped.
let it burn let it burn let it burn
LET THE BIG BANKS FAIL, FREE UP CAPITAL TO ALLOW BUSINESSES TO HIRE PRODUCTIVE TAXPAYERS, GIVE THE BANKERS UNEMPLOYMENT BENEFITS OF $300/WEEK AND TELL THEM TO "GET A JOB"!!!
Well, they have been on the dole for a long time -- the checks are just bigger.
hello rocky.
driving around euroland now, havent seen cheeky but will keep an eye out.
good job once again reggie.
let it burn let it burn let it burn
Hearing that Dick Bove is turning bearish kinda makes me want to go long.
Reggie,
You mentioned that JPM is the largest player in the swap world. How do they keep things on balance? How does Euro zone affect it? How does a potential housing downturn impact it? Please give us more details.
Thanks for the good work.
My small local bank that was closed by the FDIC last year dipped heavily into their loan loss reserves a few quarters before being shut down. At the time it concerned me as to why and mentioned it to my accountant, he smiled and said that's great like it was no big deal. Needless to say I don't use that idiot anymore. JPM has to be seeing some real trouble by dipping into these funds too meet their earnings, IMHO.
Oh, my little coon heart skipped a beat. I thought Cheeky was back.
Nope, not cheeky, although he did help me with my avatar. ;-)
Please don't take this personally but I really hate this avatar. It's a reverse Al Jolson mask and ever since I saw it in connection with the Tea Baggers it's been obvious to me why they take such delight in it. Let's paint the black guy white, and give him big red lips. But it's the Joker, see? No one will be able to deconstruct this at all! Give me a break.
Grand Wizard Robert Shaw please read this. Oh; and you are obviously a fucking idiot. But thats OK, you are in majority so dont worry about it.
http://latimesblogs.latimes.com/washington/2009/08/obama-joker-artist.html
Cheeky Bastard you are a fool and a moron. Who cares who created it. It is what it is. Racist. Deal with it. Jackass.
Fuck off to HuffPost you little cockroach. What the fuck makes you think I give a shit what you have to say to me. I couldn't care less how you "interpret" my avatar. Fuck off son
If you can't take the truth, stop talking to perceptive people and go back to fucking yourself in between John Birch meetings, scumbag. Your avatar is just like you... ugly, disgusting, and racist. You are a pathetic, joke of a human being, and your soul reeks of your many failures. Fuck off daughter.
No offense taken, everyone is entitled to their own opinion. But please take a closer look and you'll see its Barney Frank under that mask. :-)
Now THAT I don't mind. Barney is the worst.
careful, he'll accuse you of hating Jews, Gays and bipeds now
Well done. These closet racists, like RS, are disgusting.
I understood that the total on sheet detrivatives world wide were standing at 1.4 quadtrillion dollars in 2008 terms. The off sheet is suspected to be in the 4 quadtrillion range. I recall it being discussed, then like all other news stories of importance it vanished in a puff of bull fluff pieces.
Thanks for the chart Reggie and yeah, no surprises on JPM sinking into the drink here. Staying cash, on a eight week no buy streak so far. Making safer money on repo sales right now.
Interesting that even Dick Bove on CNBC this morning commented about the unimpressive earnings announcement and pointed out the same things as Reggie has (except for the immense derivatives exposure).
The Squawkers tried valiantly to put lipstick on the pig, but Bove held his ground. I can't believe I just typed this.
That notional Derivative chart is a humdinger.
Why would one institution be so FAR off the charts?
It stinks deeper than it seems to stink.
Anyone know? That distribution alone smacks of some mega collusion.
Will it be the next bank to collapse? What would that do to counter-parties?
What would that do for Silver?
Hmmmmmmmm...... I smell something rotten.
ORI
http://aadivaahan.wordpress.com
As warned about for some time, EURUSD daily chart is bullish . . .
http://stockmarket618.wordpress.com/about
Thanks Reggie, your chart should say 21 Trillion rather than 21 Billion (a billion here, a trillion there, pretty soon we're talking real money)
Netting + Netting benefits. Google It.
Well you have to hand it to the creativity of those CPA's. Once again recognizing revenue where there is none. All this creative accounting going on is sure to fool the markets once again (sarcasm off). Pick a number...any number
S&P 1140
Glad to see those Arthur, Anderson CPA fellas got jobs.
jeff skillings himself couldn't have pulled this off.
After intensive analysis, it is my professional opinion is that if that tall green thingy on the left falls over, it's going to squarsh all the other doohickeys on the right...my newsletter is only 19.95/month
Quite the astute conclusion, my scientific young Paduwan. The force is strong in you. If only have of the banking analysts and bank regulators had your insight, seriously!
http://xkcd.com/547/
Thanks, I also provide a technical analysis service based solely on lunar cycles and sacred chicken bones