Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

JPM Crashing After It Convenes Emergency Call To Advise Of "Significant Mark-To-Market" Losses
ZEROHEDGE ^ | 5-10-12 | Tyler Durden

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 ...


TOPICS:
KEYWORDS: bank; jpmorgam; obama; qe
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-73 next last
To: tcrlaf
You guys prove there is a sucker born every minute. In 2011 JPM netted nearly $17 billion in profit. Even the high end number of $4.2 billion is a fraction of last year's net.

Do a LITTLE homework before you post about bailouts and Armageddon.

41 posted on 05/10/2012 3:45:02 PM PDT by LRoggy (Peter's Son's Business)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tomkat

She was smarter or better-informed than the rest of us. Where did it come from? He borrowed it.


42 posted on 05/10/2012 3:45:02 PM PDT by expat2
[ Post Reply | Private Reply | To 29 | View Replies]

To: tcrlaf

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?


43 posted on 05/10/2012 3:49:21 PM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf
Well I hope I don't get screwed in the process. That Outfit sits on the Va backed mortgage to my house and property. Payments are current and always have been and I have dropped below the point where I don't have PMI (private Mortgage Ins. anymore. JP has been sending me second day air (UPS letter) wanting me refinance because they will give me a 2 point better rate for “FREE” there is no such thing as a “free lunch”, In the trash it goes. When that doesn't work they call, I ignore them. Seems that they want to put the loan back to 30 years so they can make more money. They don't say that up front but it isn't too hard to figure out their scam. F them!
44 posted on 05/10/2012 4:00:19 PM PDT by mongo141 (Revolution ver 2.0, just a matter of when, not a matter of if!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

On Fox right now. Big concerns . Maybe up to 4.2 Billion. JP Morgan was considered the safest bank.


45 posted on 05/10/2012 4:04:44 PM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: willibeaux

is it brown or baby diaper yellow?


46 posted on 05/10/2012 4:09:24 PM PDT by elpadre (AfganistaMr Obama said the goal was to "disrupt, dismantle and defeat al-hereQaeda" and its allies.)
[ Post Reply | Private Reply | To 38 | View Replies]

To: tcrlaf

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.


47 posted on 05/10/2012 4:09:33 PM PDT by Revel
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

Meanwhile the kenyan muslim in chief is giving billions to his muzzy brotherhood and paliscum terrorists.


48 posted on 05/10/2012 4:18:23 PM PDT by soycd
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

Soros sold off most of his shares last year. Nothing to see, move along.


49 posted on 05/10/2012 4:23:26 PM PDT by bgill
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

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.


50 posted on 05/10/2012 4:29:26 PM PDT by Revel
[ Post Reply | Private Reply | To 1 | View Replies]

To: dfwgator

In theory I agree. In practice that will destroy the economy.

We are no longer a place that makes and sells things.


51 posted on 05/10/2012 4:38:03 PM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Neidermeyer

I do believe I have heard assertions to that effect over the years.


52 posted on 05/10/2012 4:45:32 PM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
[ Post Reply | Private Reply | To 35 | View Replies]

To: All

This is bad news.. I bank at JP Morgan Chase..


53 posted on 05/10/2012 4:53:14 PM PDT by KevinDavis (The birther movement was started by a 9/11 truther..)
[ Post Reply | Private Reply | To 52 | View Replies]

To: tcrlaf

Oh the media can’t be bothered with news like this, that whole Obama Biden gay thing is goin on...


54 posted on 05/10/2012 4:55:31 PM PDT by Freddd (No PA Engineers)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

Crank up the printing presses. JPM is going to need a large cash infusion.


55 posted on 05/10/2012 5:10:03 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Theoria
"Enter Uncle Ben to the rescue."

A backdoor QE3? OXI!

56 posted on 05/10/2012 5:27:14 PM PDT by StAnDeliver (=)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Georgia Girl 2


57 posted on 05/10/2012 5:29:50 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 55 | View Replies]

To: tcrlaf

4.2 Billion? That sounds so. . quaint... Is that a lot?


58 posted on 05/10/2012 5:35:28 PM PDT by Freedom4US
[ Post Reply | Private Reply | To 6 | View Replies]

To: tcrlaf
"Losses of $4.2 Billion “reasonably possible."

Tip of iceberg. ZeroHedge commenters giving up numbers up to $80B.


59 posted on 05/10/2012 5:35:44 PM PDT by StAnDeliver (=)
[ Post Reply | Private Reply | To 6 | View Replies]

To: tcrlaf

Should this be read as “get your money out of Chase”? I’ve no clue, but have been debating it for a while.


60 posted on 05/10/2012 5:44:19 PM PDT by TheZMan (Obama is without a doubt the worst President ever elected to these United States)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-73 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson