Skip to comments.JPM Crashing After It Convenes Emergency Call To Advise Of "Significant Mark-To-Market" Losses
Posted on 05/10/2012 2:47:31 PM PDT by tcrlaf
Out of nowehere, JPM announced 40 minutes ago that it would hold an unscheduled 5pm call to coincide with the release of its 10-Q. Rumors were swirling as to why. The reason is as follows:
JPMORGAN SAYS CIO UNIT HAS SIGNIFICANT MARK-TO-MARKET LOSSES - "Fortress balance sheet" at least until Bruno Iskil gets done with it. JPMORGAN SAYS LOSSES ARE IN SYNTHETIC CREDIT PORTFOLIO - but, but, net is NEVER, EVER Gross. JPM WOULD NEED $971M ADDED COLLATERAL IF RATINGS CUT ONE-NOTCH JPM WOULD NEED $1.7B ADDED COLLATERAL IF RATINGS CUT 2 NOTCHES - how about three notches? JPMORGAN: MAY HOLD SOME SYNTHETIC CREDIT POSITIONS LONG TERM - "Level 3 CDS FTW" "As of March 31, 2012, the value of CIO's total AFS securities portfolio exceeded its cost by approximately $8 billion"
As a reminder, the CIO unit is where Bruno Iksil was making $200 billion-sized bets. Basically JPM has suffered massive losses at its CIO group most likely due to its IG/HY positions held by Iksil.
(Excerpt) Read more at zerohedge.com ...
Do a LITTLE homework before you post about bailouts and Armageddon.
She was smarter or better-informed than the rest of us. Where did it come from? He borrowed it.
JPM closed with a .25% gain.
Then at 4:02, it was down $2.79 or 6.85%.
JPMorgan Chase & Co. JPM-NYSE 40.74 0.10(0.25%).
4:02PM EDT|After Hours: 37.95 2.79 (6.85%) 6:45PM EDT - Nasdaq Real Time Price.
How may investors not in on the reality bought JPM before it started to head down south?
On Fox right now. Big concerns . Maybe up to 4.2 Billion. JP Morgan was considered the safest bank.
is it brown or baby diaper yellow?
JPM and GS are two banks with friends in very high places. Like how about the treasury and the FED and the SEC, and Congress and on and on. Does anyone think that JPM will not get whatever they need from the US tax payer via the back door. They all have been right along.
Meanwhile the kenyan muslim in chief is giving billions to his muzzy brotherhood and paliscum terrorists.
Soros sold off most of his shares last year. Nothing to see, move along.
One more thing. JPM is the bank that it is rumored to have received much of that missing MF Global customer money in the wee hours before they declared bankruptcy. They should have to pay that back too.
In theory I agree. In practice that will destroy the economy.
We are no longer a place that makes and sells things.
I do believe I have heard assertions to that effect over the years.
This is bad news.. I bank at JP Morgan Chase..
Oh the media can’t be bothered with news like this, that whole Obama Biden gay thing is goin on...
Crank up the printing presses. JPM is going to need a large cash infusion.
A backdoor QE3? OXI!
4.2 Billion? That sounds so. . quaint... Is that a lot?
Tip of iceberg. ZeroHedge commenters giving up numbers up to $80B.
Should this be read as “get your money out of Chase”? I’ve no clue, but have been debating it for a while.
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