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Egan Jones Downgrades JPMorgan
The iconoclastic rating agency, and fully recognized NRSRO to the dismay of some tabloids, which just refuses to play by the status quo rules, and which downgraded the US for the second time last Friday, to be followed soon by other rating agencies as soon as US debt crosses the $16.4 trillion threshold in a few short months, has just done the even more unthinkable and downgraded Fed boss JPMorgan from AA- to A+.
Synopsis: Reliance on prop trading and inv bkg income remain. LLR declines (down $1.7B QoQ and $3.87B YoY) offset DVA losses in the investment bank. Wholesale loans were up 23% YoY and 2% QoQ. Middle Mkt, Cmml Term, Corp Client and Cmml Real Estate lending increased by 9%, 2%, 16% and 19% YoY. Middle Mkt and Corp lending was up 2% and 3% QoQ respectively, while Cmml Term, and Cmml Real Estate lending were down 2%, and 9% respectively. Card and consumer loans were down 2% and 5% YoY respectively (down 5% and 1% QoQ respectively). Non accruals are up 14% QoQ due to weakness in JPM's student loan portfolio. Reserve coverage is good and capital is adequate. We believe JPM will experience further weakness in its retail portfolio due to a softening economy. We are downgrading.
Full report here.
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Haha, fuck you JPM.
the time will soon come when blythe will have to peddle her cans at one of those asian massage parlors on wall street.
Is Blythe dating?
.... soon and HFT.
Jamie needs sum collateral :-P
Is Eagan Jones made up of terrorists?
JPM's shadow clients are the terrorists.
Better cart out Blythe for another interview.
Ahhhhhh . . . how the other rating agencies hate Egan Jones. Only ones doing the job for the people. Rest of part of the scam plan
Yeah, she's considering dating Goldman because they took the Asymmetric Service Initiative.
Downgrade of an insolvent, FASB life support, corrupt bank? Ok.....play the game. Bonuses will surely go up as a result.
This made my week, thank you
Concur 100%. EJ must be home based in Iceland, the new Land of the Free.
what about those deriviatives, jd?
Why haven't you heard? They're fully hedged!
Great news.. who are they hedged with?
...don't say Goldman Sacks, i can only handle so much laughter per calander month before my sides split
Well then this might put you over the edge...
http://online.barrons.com/article/SB50001424053111904857404577341852857487514.html?mod=BOL_hpp_highlight_top
"JPM is in a stronger competitive position than it was before the financial crisis and significant franchise investments should enable the company to generate better relative revenue and earnings growth."
somehow, someway...
bullish.
Whoehahahahahahahaha!!!!!!
haha
"Lancelot Link, Secret Chimp is an American action/adventure comedy series that originally aired on ABC from September 12, 1970, to September 2, 1972. The Saturday morning live-action film series featured a cast of chimpanzees given apparent speaking roles by overdubbing with human voices."
Who and where is Lancelot Link today?
The Fed?
Jamie Dimon?
Not only was he a superb actor, Lance made a mean Mai-Tai.
I believe they forced the chimps to chew gum to make them look like they were talking. They would outperform 99% of the elected officials today.
Lancelot Obama?
Rayciss?
And the CNBC "blow-drys" and guests!
'Debt crosses $16.4 trillion threshold in a few short months'....didnt you say yesterday the bond auctions had brought us to $16.6 trillion already?
$15.6 trillion. Must be a typo and easily checkable every single day at the following site.
Oh ok thanks, not accusing you of anything, just thought I had read that.
...and that doesn't even begin to track unfunded liabilities.
Well, you're assuming they'll hold themselves liable in the future. Meanwhile, I'm assuming they'll spend money on FEMA camps instead.
How else will a Mad-Max world be prevented?
SD1
http://www.usdebtclock.org/#
in case u dont have it.
Yea I do have it, just in one of the bond auction articles it said this puts us to $16.66 trillion in debt....funny and memorable because of the 666 part...just a misprint.
http://www.zerohedge.com/news/uneventful-30-year-auction-breaks-3-month-...
"This week's final auction brings total US debt to $16.66 trillion give or take."
Best part from the site link:
How do you make a contribution to reduce the debt?There are two ways for you to make a contribution to reduce the debt:
Attn Dept G
Bureau of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188
Aaah yeah ... um check is in the mail Link
Somebody needs to forward that link to Warren Buffet & Obama...
not those 2 tax cheats, sorry 'avoiders'
whatever next, a Treasury Secretary who can't fill out a tax form!
US Deficit: $1,327 billion
Warren Buffet Net worth: 44 Billion
Warren Buffet therefore could fund the US government for 12 days.
The weeks approaching the $16.4T debt limit will bring omnipresent drama. It won't sneak up on you.
The Morgue....lol fuck you Jamie Dimon you punk!
for once, a Credit Agency that doesn't slap AAA on garbage ...what a shocker (for the system)
No problem. The Fed can produce TARP money faster than you can say, "Flash Crash."
Go for it, lets see $6 gas and people cant afford even generic foods going into the supposed election, I'd love to see it, bring it.
Oh, it's coming, Dog. (though probably not before the next 'selection,' as otherwise, Dr. Paul would get way too much attention)
Mises clearly demonstrated that there's no avoiding the results produced by a debt-based boom.
Well I dont think they can 'muddle thru' another 6 months without the wheels falling off.
About then yeah. The year 2012 will wind down as one long, continuous, wailing scream of collective horror.
Shit gets real, shortly after elections. Let's see then if they really have the guts to fire on their own.
'everyone' thought 'they' would hold things together after the Lehman collapse until after the elections in 2008. That didn't work out so well, iirc...
Banks suck.
Credit Unions rock!
Credit Unions: free checking & low loan rates.
Banks: fees out the ass & high loan rates.
Be careful, even with CUs.
More and more of them are being operated as banks, having strayed from co-op model.
Not only that, they've got their own "central bank" that has them all just as deep in the MBS mess as the real banks are. (http://en.wikipedia.org/wiki/U.S._Central_Credit_Union) The NCUA has also taken over corporate CUs loaded to the gills with worthless MBS paper. So, there's no real safety in a CU. You still have to subsidize the losses of other less reliable CUs. Or Uncle Sugar does, as MBSes brought the whole CU system to insolvency, adding them to the ranks of TBTF.
As someone who has always used CUs, I'm noting that the employees are also becoming more of the "could care less about you" banker type, since they too are getting squeezed out of existence due to ZIRP destroying the ability to earn a market rate on interest. Instead, they only know how to front-run free money from Uncle Sugar for the fees they can obtain.
In other news, I opened a new account yesterday for my minor daughter. Thanks to the Patriot Act, the amount of information required about me was staggering. Funny how "fighting terrorism" always comes at my expense.
Eat shit Blythe Masters
She makes me enjoy Viagra!!
"Due to weakness in their student loan portfolio"
But with all the "new jobs" being created how the hell is this possible? Must be an accounting glitch.
I'll start paying on mine again once they give me a reasonable rate and write-off the capitalized interest.
Charging kids 9% under the guise of "making the world a better place" is criminal.
was this the only rating agency that didn't get commit fraud by rating dogshit triple A like Moodys and S&P?
Gerald Celente downgraded JP Morgue again this week on Alex Jones. He gives them the middle finger and the words of a not too well connected mafiaso wannabe. May his soul be vindicated.
No he is still alive and will likely downgrade JP Morgue in whatever upcoming interviews he has. He has also downgraded the FED, Ben Bernanke in particular, GS, Technocrats, Obama, the DHS, any banker in general, the TSA and other vermin that crawl upon the earth.
poetically put sir, with respect +1 :)
(new keyboard ordered!)
The old man must be turning in his grave... On second thought his off-spring are probably angling for a big fat juicy BAILOUT!!!
Bailout, indeed!
Remember, all banks will be destroyed due to the neccesity of ZIRP to keep up the appearance of a functional government (they have no choice but to eliminate debt service costs when staring into the world of infinitely-rolled debt).
At the same time, the TBTF entities will have to be propped up in order to maintain the appearance of a functional private financial system (otherwise, it's Jubilee time, and the banks simply vanish, along with the credibility of governments).
This "rock and a hard place" scenario suits JPM well, just like the old man would've wanted.
The old man was nothing more than an overseas branch manager.
The rabbit hole runs deep.
And so the lie begins to unwind. A little at first, and then all at once.
Egan Jones for president!!!
Yes the whole damn firm.
achillesMacRis has now provided theMorgue with a profit! (nominal losses on their outstanding debt)
those swaps are tops, BiCheZ!
you rock EJ!
Fuck you Jamie! Eat it!
What's this world coming to? When rating agencies start telling the truth....was there a blue moon last night?
Or perhaps a false-flag on Monday?
All hail the power of the glorious memory-hole!
Air your dirty laundry now, while there's still time. I just wonder if someone can beat Rumsfeld's $1T-$3T "we lost the money" mea culpa?
Egan Jones doesn't count because.. something something old boys club.
egad - should have let Zerohedge on the conference call
Good job Egan or Jones!!!
Time to use those monster cojones on the Federal Reserve,imo. I mean if you are going to downgrade US and JPMugger then you really MUST downgrade the FED.
Meanwhile, MW, being the MSM whores that they are, ran this story this morning: http://www.marketwatch.com/story/time-to-give-jp-morgan-some-respect-201...
Egan Jones is a martyr. God bless them
Someone might want to tell the brain trusts over at Bloomberg tv and CNBC. The were pumping JPM so hard this morning I almost put a parental lock on those channels.
"Music to my ears", I believe it was the actual wording used by a Bloomberg's morning guest who talked/panegyrized about Dimon's earnings call.
You throw up in your mouth a little bit at times, but you eventually get used to it.
It eventually eats away at your esophagus. Better have it looked at.
Egan Jones is now officially in the cross hairs.
Crash JPM buy silver!
Tie up Jamie and Blythe together, dip them in honey and let ithe insects do the rest....
Scaphism :)
Made my day! :)
Best Buy CEO chased out for a 29 yr old. WFC CFO disappeared...silence.
'due to a softening economy...'
How does the economy soften while in a recovery?
How does the economy recover while softening?
Either way, it doesn't.
\EJ/
His mommy is not going to be happy about this.
So when does JPM get a margin call on the buzillion in derivatives they are holding?
Wait... what's lower than whale shit?
Is this why margin requirments are lower on the metals/commodities exchanges?
There's no blood in the water. It's just a scratch looks like.
And this is what the incompetent Fitch has to say:
04-13 15:51: Fitch says JP Morgan's (JPM) solid Q1 2012 earnings performance...
All good baby, all good. Just like sub prime was...
Friday the 13th good news day. My wife said this morning it was going to be a good day, and EJ beats up JPM and it is sweet. Cheers
JP Morgan should be downgraded.... they are short millions of ounces of Silver in the commodities market. Besides being market manipulating CROOKS, they are going to lose their asses when the physical market overwhelms them. They will then come to Uncle Sam for yet another bailout. What a bunch of scumbag crooks!
Being short silver and gold is amazingly rewarding these days. You can't blame JPM to be on the right side of the trade.
Well, now that JPM is losing power trying to constrain gold/Silver physical demand,I wonder who the Fed will tap to take over the manipulation role now?