Hit the reply button if you want a quicker response. I don’t have too much confused, but sure, “strengthening results” from 2 quarters of various decreases in loan performance, offset by NOL and over allocation are great! I’d happily invest/bank with them. Not.

Do you happen to know if their credit card business income you quoted includes service charges for SNAP? Or does that go somewhere else?
They’ve lost 2 billion at least from your numbers, which I’m going to assume you got from someone reasonable, like their 10-Q and.. are you quoting profits? or net results.

Tired shtick eh? Perhaps I don’t have a community college to cry over my soup at, or keep up with internet slang. You refuse to engage on anything other than comic dismissal, which is fun, but makes it hard to really discuss MFG, or JPM. Apparently implying the fed is supporting the banking industry is a sore spot for you, so thanks for all the data you’ve been quoting. Care to add anything on the downgrades of JPM that came out tonight? Those profits you were talking about are about to be needed if they get knocked down to many more notches. But hey, it’s a conservative and well respected bank. Bashing it isn’t nice or something.

Oh you know something about it eh? And you know what ZIRP is? Excellent, and yes, JPM did exist before 2008, didn’t have Chase at the end until 2004 though, and a long and storied history before then!

Uphill is actually one word, ironically. I seem to have forgotten that “over-account loan loss reserves”, and net operating losses are totally legitimate, make sense, and can be understood by anyone! So calling them gimmicks is entirely dishonest, or something. You only provided data on the health of the company that is clearly being manipulated, considering how much they are pulling damage control on their IG credit position and subsequent disaster, I don’t even feel bad implying that there is a problem.

JPM, (what I think you meant by “the bank”) does need zero interest rate policy, without that, they wouldn’t be able to operate the level of churn required to keep the system running. They wouldn’t be able to meet liabilities, and aren’t actually able to make much profit off of banking, thanks to treasuries not producing real yield, so it might make sense for them to push for higher rates. Or would it?

I believe you were the one who originally got upset over someone implying JPM was a “bad bank” and that people needed to stop with “BASELESS ACCUSATIONS!!1!”. I’ve actually been trying to listen to your eloquent and impassioned defense of the primary dealer known as J.P. Morgan Chase, and I’ve been greatly disappointed. But since you’re so knowledgeable I guess I should take your word for it. (I know nothing, nothing!) The fact that you’re even here, in this backwater (sorry FDL), says volumes.

Didn’t you hear the sirens when I pulled up?

This is getting comical, you’re gonna argue still that their “conservative nature” meme is something we should all trust? Over-allocation is great! Until you go back and look at the MFG instance where that’s how they found the wiggle room to hide the losses that MFG carried though the summer until they eventually went bust. Nice try, it’s just good obfuscation from the accounting department, and there’s a lot more than just loan loss reserves going on in that Q1 statement. I’ve not seen a shred of proof that JPM could give up its primary dealer status and remain functional, or are you somehow going to argue that it doesn’t actually need ZIRP and a lender of last resort to function? If you asked them to, as some have today, the obvious response is “everyone else on the street has it” right? This can only end well, and your shilling just adds to the popcorn value.

Q1 results got the tax breaks and adjustments factored in, nice try. 2.5 billion doesn’t actually cover nearly enough if wasn’t a deal on foreclosures pushed through by the admin, perhaps they weren’t too worried? Are you reading directly off there last earnings release? Or did you go off somewhere else for the interim. Repurchasing programs are cute, just shows you how badly they need to bleed cash out of their bank due to… ZIRP. But, wait, they don’t want rates to tighten? Not to mention after they finish cleaning up Iksil’s mess I’m sure their profits and bottom line will be so perfect.

If you’re making money off these, I really do hope you put some time into spell checking yourself. That last line is embarrassing.

Oh my, the person making person attacks was you, originally commenting on how I clearly know nothing, nothing (Sgt. Schultz voice) about JPM, or how to counter your statements on not “bashing the banking system” (or whatever you’d rather put there). MF Global is actually rather important, considering the largest bank in the US still hasn’t been honest about what happened to money that was stolen from customers, and ended up being posted as a margin call at JPM. But you’re right, nobody cares, its not something anyone should care about.

What work I have done? If you’d like to start with the fallacies you’d been committing endlessly over they past… Day you’ve been on here? Sure, let’s not beat any wives! Without the current system of easing coupled with ZIRP there would be no financial system at the moment. If you’d like to only discuss JPM, then the MFG problem is rather important, or the CEO’s lies over how exposed he was to the IG9 tranche. I’m lumping JPM in with the rest of the 5 banks, because if you’re smart enough to attempt to pin the burden of proof on parsing my incompetent language, we might as well just dance in circles and eat bon-bons or whatever you really enjoy. Also, how are you still having fun on here after all this time?

Back to your point though, if you look at Q4 JPM earnings, you’ll see a comically bad quarter that’s saved because they didn’t GAAP account for their possible litigation penalties due to pending foreclosure fraud accusations and didn’t factor in losses from MFG. Seriously, go look, (if you somehow haven’t).

It’s internet slang, I accidentally a (blank), go back to youtube where you came from if that’s hard to understand. Also personal attacks are cool, but I suppose I just called you a troll, so whoops.

MFG is actually comically easy to understand, but the situation is locked up because the CFTC’s Gensler managed to block discovery, then recluse himself, the various committees aren’t able to understand counter party risk or segregated accounts. But Corzine influence peddled to get the chance to play for real money as a primary dealer, and blew it, so we’re left with the smoking ruins of segregated customer funds. By the way that’s not actually happened before, and JPM has admitted to receiving the money, then letting it “vaporize” as the Wall Street Journal put it.

I’d be interested to see you counter anything I said in the original comment without complaining to authority. I actually don’t really listen to people on here much about the current financial system, its not the best forum for it sadly. If you think the firms on the street can survive without ZIRP then enjoy whatever cognitive dissonance agent you are on, or go read up on practically anything that’s happened in the last 4 years. It’s a fun time, I assure you.

Perhaps you’d like to explain how they managed to accidentally MF Global then? Or does demanding another company absolve you of guilt while you attempt to pillage the accounts of legally protected customers make you a responsible bank?

Not to mention JPM wouldn’t exist without the largess of the Fed, so I’m not sure why you’d come out and suggest they “don’t” need help at this point. If they can’t get that investment grade credit position unwound while everyone piles on top of them they are going to be hurting. Not to mention they somehow seemed to have known Fitch was going to downgrade them this afternoon an hour after markets closed. This weekend will be fun for them.

It’s all a questions of what set of rules you want to follow, and convincing your people that they are/are not important for your country to follow. Germany isn’t united either, there clearly is some political turmoil there, and losing the system’s integrity by a true Greek default, or loss of Spain/Italy will result in some serious hiccups for the German, and then world’s economy.

+1

Eventually banging enough rocks together makes fire right?

What? Bankers feel guilty about making money off of idiot borrowers? I see no pattern here. Aryan is a bit loaded for me though, at least as a definable concept. The Greeks aren’t faultless, they just elected Golden Dawn pukes into their parliament for example.

Yes, but that’s my point, the debasing of the German Weimar currency was a result of a shell game to keep the funds flowing through Germany, do the triple double entente, back to the USA. It was financial warfare, waged upon the people of the world. The US was just the beneficiary of such largess, only to lose it in the ’29 crash.

As for the European Central Bank taking a haircut on Greek debt, good luck getting that one through. They won’t even listen to the Germans who have resigned in protest over the ECB not following its own guidelines and creating a moral hazard by not letting the bond market correctly value Greek debt. If they wanted to default, it should have been done in 2010, and saved billions of dollars, and a lot of blood and tears. They won’t admit this, and are off to the races in Spain at the moment.

Oh, hey, you’re back. Sorry, I was busy being lazy.

I’m not a local, from what I can tell though, their society is currently wracked with the pain of families trying their hardest to hold together, and the spiral of destruction continues. With a situation like that, it’ll only be a matter of time before they start aiming guns at more than just themselves.

That’s a really wonky workaround. Going back to the Drachma and exiting the Eurozone would cause a recession in their economy, but they would be able to devalue their currency to make their agricultural exports, and tourism very ideal. The problem would be what the other countries in the Eurozone would be forced to do to them in response. Also trying to find bridge loans to keep their country running in some way until they are able to restart their economy. Nobody in Europe would be happy to deal with them, but Greece also has access to resources, I’m sure the Russians or Chinese, or other groups with money would be more than happy to give some credit for the right price. But hey, it’s easier to just go for the status quo right? It’s not like people aren’t starving to death in the streets of Athens.

The only meaning they really have is some equation balancing the amount of legal spending you can lever off of the words that are written. If the legal society is morally bankrupt, you get W & O and no justice. If you’re Germany, trying to keep the EU together so you can continue to profit massively, you pay back your ww1 debt so that the Greeks can’t complain about it, but you do it quietly, without fanfare.

The Greeks raised the issue of war reparations again last summer during the middle of this. It’s always easy to borrow and then feign outrage. The blame falls both on the Lender, and the Borrower, but when the legal avenue fails we will resort to warfare.

Hey know, we all know who the “morally solid” President should be supported as he takes his nomination in a building named for that bank =P (snark)

I don’t really want to advocate terrorism, but cosmic justice would be served if someone repossessed that stadium during the convention with forged documents. Or an asteroid fell directly on it… Wait, why I do hear helicopters?

Anyways, thanks as always DD for keeping up with this, I never cease to be more disgusted with how little coverage this gets, so your posts are ALWAYS welcome.

Yeah, debts are debts. My original point was more that Germany had all of the blame put on it for a breakdown in the international system, and the massive resource drain of the war would have caused even more devastation, if someone wasn’t forced to pay. The irony was that at the time, Britain and France owed the U.S. their war debts, so we ended up rescuing Germany’s finances… Twice, in order to get our money paid back. Everything worked out until the Dawes plan failed miserably during the 1929 market crash. Go figure.