JP Morgan AKA Humpty Dumpty
Anyway they say whoever they are that the losses for
JP MORGAN are up now around $7 Billion. tick toc tick tock.
I wonder can Hay contact Obi wan Kenobi in time to defeat the dastardly near socialist hordes of COMMUNAZI traders.
"The crisis at JP Morgan escalated yesterday as it emerged its trading losses in London could rise to as much as $7bn (4.5bn Pounds) and the US bank cancelled a share buyback. Fears were growing that the losses could spiral from an initial $2bn, which was declared on 10 May, as JP Morgan struggles to unwind the massive bets made by the so-called "London Whale" trader Bruno Iksil".
The $7 billion number comes from "rival traders," who probably aren't completely unbiased on this. Still, it was rival traders that inflicted these losses in the first place, by taking the other side of Bruno Iskil's bets. So I don't doubt that, as one trader says, "The markets know pretty much what JP Morgan has and in what sizes."
Moreover, as I said yesterday, JPMorgan Chase's suspension of share buybacks looms really large here. They are clearly not suspending that $15 billion purchase just because they suddenly decided to be prudent on capital requirements, or because they just figured out how much reserves they have to hold under Basel III, which was put together in September of 2010. The only things that have significantly changed at JPMC between the March buyback announcement and the May suspension are the Fail Whale trades. So it's almost certain that this is just a much bigger deal than the $2 billion number most media outlets are still going with.
I'm positive The banking committee will shine a big spotlight on the problem and set everything right.
Senator Tim Johnson head of the banking Committee a Dem (got to get the blame correct) hired Dwight Fettig in 2010 Fettig was is, was, is a lobbyist.
As chief of staff he will more than likely investigate the Company he used to shill for, Oh that sounds so dirty Joe!
Perhaps Hay could contact Obi wan Kenobi to stop the dastardly Cummunazi traders sticking it to good old JP and than bam boff pow knock out that bad old Banking Committee investigation.
The Honorable Tim Johnson The Honorable Spencer Bachus
Chairman, Senate Banking Committee Chairman, House Financial Services Committee requests the pleasure of your company for an informal soiree & investigation.
Cocktail hour to be announced!
Here is a link that might be useful: VALUE