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MS/Citi/JPM All Red YTD
Presented with little comment as JPMorgan, Citi, and Morgan Stanley (and JEF) are now down year-to-date (after being up 35-40% just a few weeks ago) and catching up to the credit reality that we have been so vociferous about...
and finally - XLF has caught up to credit...
Chart: Bloomberg
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Bloody Fingers!!!!!!!!!!
FAIL
Yey!
Bill Black slams the Morg and the Fed: http://www.planbeconomics.com/2012/05/18/bill-black-banking-industry-and-massive-conflicts-of-interest-at-the-federal-reserve/
quick, "retire" more execs!
Wow, why wasn't BoA mentioned here????
;)
BAC was thwacked near the end of last year, so the starting point is much lower relative to JPM's starting point
Way to go!
Come on everybody sing along... "Put another log on the fire,
Cook me up some treason in 'ol Greece.
Open up your pockets for the Banksters,
Now tell me why you want'a go and leave?
Sung by Tompall Glaser:
http://www.youtube.com/watch?v=9wO_6wMRS7A
All the hoopla over Facebook....it will be funny if all the talking heads on CNBC today falling over themselves can't jack up this market...even for one day. They sure are trying hard.
CNBC = Becky does Omaha
AAPL Soars $13...
It wont be long until Bananas are priced the same!
Squeeze of late Gundlach-lemming muppet shorts. Nice, eh?
Apple is a great value here, I own a shit ton. The pullback is healthy and predictable after the run. I think we saw a near term bottom unless the SHTF, which it probably will, so scratch that.
Various reports this morning of massive "risky" bond holdings at JPM...
Only 100B+ nothing to see here....
Fair value accounting on Level 3 assets is an inexact endeavour which leaves the banks much room for, shall we say, creative price discovery.
At the end of Q1 2012, the Level 3 assets as a % of total assets of the 6 largest bank holding companies were as follows:
JPM 4.7% BAC 2.1% C 3.5% WFC 3.9% GS 5.0% MS 3.8%
However, their Level 3 assets as a percent of total assets at fair value were:
JPM 12.0% BAC 6.3% C 8.6% WFC 14.9% GS 7.2% MS 9.3%
The higher the percentage of Level 3 assets to total assets implies that there is a greater risk associated with the bank. With that in mind, GS and JPM have some serious problems lurking, but what do you make of Wells Fargo? I am sure that they are still trying to digest the junk they inherited in the Wachovia merger, but their Level 3 assets as a percent of total assets at fair value is quite excessive.
there is a spread trade afoot. AAPL at 14 times earnings VS facebook at 110 time earnings.
since AAPL is now soiled , a new virgin to sacrifice is needed
BofA has a long way to fall!
Indeed possibly more then people realize
U.S. Banks Sold More Swaps On European Debt As Risks Rose
http://www.bloomberg.com/news/2012-05-17/u-s-banks-sold-more-swaps-on-european-debt-as-risks-rose.html
JPMorgan May Lose $5 Billion On Derivatives, WSJ Reportshttp://www.bloomberg.com/news/2012-05-18/jpmorgan-may-lose-5-billion-on-derivatives-wsj-reports.html
JPMorgan Unit Has $100 Billion of Risky Bonds
These holdings are in addition to those in credit derivatives which led to the losses and have mired the bank in regulatory investigations and criticism.
http://www.cnbc.com/id/47469753
Market Stabiliteee bitchez!!!
The death march to nationalization has started.
Yes, in Britain half our bankrupt banks are already nationalised and the other half just suckled on the tit of the ECB's free handouts
Dave "call me socialist" Cameron will be pleased, he's Pro everything State run which is about as 'right wing' as a European politician gets nowadays
WTF? Being "pro-state" is "right wing". Walking fucking contradictions anyone? Up is down, left is right...
That does appear to be the end game.
as the banking giants burn, hot money moves to the techys, and we move to 2000 dot.Com type situation. Overblown tits always explode as its all silicone.
don't worry, the other financial will save them...
Facebank
SKF has been berry, berry good to me ...
But but but 1/10 of 1%...
Red for the year is a success for them. They should be at zero. They have been pumping this Facebook crap all year and retail is about to get slaughtered again. I hope this time is the last.
The bankers keep all the profits anyway. I don't know why anyone would buy bank stock unless they were stupid or corrupt.
Uncle Buffet falls into both of those categories.
First facebook price in Germany, Frankfurt at over 70$ / 65 Euro!
Watch live shareprice here:
http://www.mmnews.de/index.php/boerse/10076-facebook-erste-kurse-bei-65-euro
Gloria Allred
BATS flash crash in 10 minutes
I refuse to comment before knowing whether - or not - these charts have been seasonally-adjusted !
FB = $1000/shr bids on Level II!!!
I hate large financial companies, anyone who would invest with these assholes deserves to lose all of their money. All of it, in bed with corrupt devils you fuckers.
yes.
Do it to 'em - participate in financially having them shot, pissed on, rolled in flour, deep fried, fed to the dogs, shit out the other end, and turned into fertilizer, so they can finally be useful to the people of the world.
I'll say it again: JPM losing 25% of its annual earnings in just one trade-position is the camel's nose entering the derivative tent, and sooner or later market participants will further and perhaps drastically discount the quality of bank earnings, capitalization and stock PEs. My screens suggest a probable 20-something JPM handle within days.