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Thread: JP Morgan loses 2 billion

  1. #1
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    Default JP Morgan loses 2 billion

    http://online.wsj.com/article/SB1000...=djemalertNEWS is where the down and dirty is. Basically Jp morgan chase took a whole lot of investor's money and lost it. The stock market could drop a couple of hundered if not several points tommorrow. Jp morgan chase is the nations largest bank.
    Eternity is a long time to be wrong.

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    Just researched this, its seems they hedged bets in some bad areas. This is going to be huge in the morning, the effect will be felt in Europe to. One day the really big one will hit, who knows this may be the beginning...

    The LORD is my shepherd; I shall not want. He maketh me to lie down in green pastures: he leadeth me beside the still waters. He restoreth my soul: he leadeth me in the paths of righteousness for his name's sake. Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me.... Living for Jesus - Listening for the Trumpet


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    Quote Originally Posted by In Christ View Post
    Just researched this, its seems they hedged bets in some bad areas. This is going to be huge in the morning, the effect will be felt in Europe to. One day the really big one will hit, who knows this may be the beginning...

    And we'll be



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    Quote Originally Posted by $teve View Post
    And we'll be


    to that Brother!
    The LORD is my shepherd; I shall not want. He maketh me to lie down in green pastures: he leadeth me beside the still waters. He restoreth my soul: he leadeth me in the paths of righteousness for his name's sake. Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me.... Living for Jesus - Listening for the Trumpet


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    Did you know that JP Morgan funds the food stamp?

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    Quote Originally Posted by In Christ View Post
    Just researched this, its seems they hedged bets in some bad areas. This is going to be huge in the morning, the effect will be felt in Europe to. One day the really big one will hit, who knows this may be the beginning...

    In Christ, my dad just passed away this morning at the age of 89. I had hoped and always felt like he and my mother would be here for the rapture. I'm a bit bummed by that but I am thinking my dad's funeral Monday will be maybe one last time some of my family will hear the gospel before the very very soon rapture. This could be therir escape from the wrath that is soon coming upon this world and while we are sad tonight my grief is subdued knowing I will be seeing dad again very very soon!!! He got a jump on us by seeing Jesus face to face this morning at 11:05 AM!!!

    I think this news is big. If we start to see a big drop in the stock market I think we are going home before things get really bad since Jesus will be coming back as in the days of Noah (business as usual) and as a thief in the night (big surprise). If we couple that with the rapidly occuring events with Israel in the middle east. I am on the edge of my seat just waiting for the trumpet shofar blast and Jesus calling us home.
    Jesus is coming now at "Any Moment"! Are you ready?

    Romans 10:9 That if you confess with your mouth, "Jesus is Lord," and believe in your heart that God raised him from the dead, you will be saved.

    Praying for the Peace of Jerusalem. Amen.

  7. #7

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    Quote Originally Posted by WVBORN56 View Post
    In Christ, my dad just passed away this morning at the age of 89. I had hoped and always felt like he and my mother would be here for the rapture. I'm a bit bummed by that but I am thinking my dad's funeral Monday will be maybe one last time some of my family will hear the gospel before the very very soon rapture. This could be therir escape from the wrath that is soon coming upon this world and while we are sad tonight my grief is subdued knowing I will be seeing dad again very very soon!!! He got a jump on us by seeing Jesus face to face this morning at 11:05 AM!!!

    I think this news is big. If we start to see a big drop in the stock market I think we are going home before things get really bad since Jesus will be coming back as in the days of Noah (business as usual) and as a thief in the night (big surprise). If we couple that with the rapidly occuring events with Israel in the middle east. I am on the edge of my seat just waiting for the trumpet shofar blast and Jesus calling us home.
    I'm really sorry to hear about your dad, but I'm also really happy for him that he's with the Lord now too. My dad passed away in December 2007, so I can say from experience, and not just platitudes, that I really do know how you feel. Just keep hangin' in there like you are now is all I can really say, and do keep trying to take comfort in the fact that your dad's in Heaven. I do hope (and suspect) that we will be seeing our dads again soon. Things are certainly getting interesting. I'll say that much.
    "Can a mother forget the baby at her breast and have no compassion on the child she has borne? Though she may forget, I will not forget you!" -- Isaiah 49:15 (NIV)

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    Quote Originally Posted by WVBORN56 View Post
    In Christ, my dad just passed away this morning at the age of 89. I had hoped and always felt like he and my mother would be here for the rapture. I'm a bit bummed by that but I am thinking my dad's funeral Monday will be maybe one last time some of my family will hear the gospel before the very very soon rapture. This could be therir escape from the wrath that is soon coming upon this world and while we are sad tonight my grief is subdued knowing I will be seeing dad again very very soon!!! He got a jump on us by seeing Jesus face to face this morning at 11:05 AM!!!

    I think this news is big. If we start to see a big drop in the stock market I think we are going home before things get really bad since Jesus will be coming back as in the days of Noah (business as usual) and as a thief in the night (big surprise). If we couple that with the rapidly occuring events with Israel in the middle east. I am on the edge of my seat just waiting for the trumpet shofar blast and Jesus calling us home.

    Praying for you and your family.

  9. #9
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    Quote Originally Posted by WVBORN56 View Post
    In Christ, my dad just passed away this morning at the age of 89. I had hoped and always felt like he and my mother would be here for the rapture. I'm a bit bummed by that but I am thinking my dad's funeral Monday will be maybe one last time some of my family will hear the gospel before the very very soon rapture. This could be therir escape from the wrath that is soon coming upon this world and while we are sad tonight my grief is subdued knowing I will be seeing dad again very very soon!!! He got a jump on us by seeing Jesus face to face this morning at 11:05 AM!!!

    I think this news is big. If we start to see a big drop in the stock market I think we are going home before things get really bad since Jesus will be coming back as in the days of Noah (business as usual) and as a thief in the night (big surprise). If we couple that with the rapidly occuring events with Israel in the middle east. I am on the edge of my seat just waiting for the trumpet shofar blast and Jesus calling us home.

    WVBorn... I am praying for the grief that your family is feeling during this family time. I also am very glad to hear that your Dad is a "living" Christian with the Lord as of 11:05am yesterday, I like to think physical death is akin to the Rapture as the spirit within us ascends to the Lord in microseconds... May God give peace to your family during this time...

    Yes, I am keenly watching the financials this morning to see just what fallout may occur from JPMorgan, while also keeping a close eye on the ME. May God keep us from the coming wrath by removing us just at the right time as he always does (rescues us) when we fall into troubled times.

    God be with you and your family!

    The LORD is my shepherd; I shall not want. He maketh me to lie down in green pastures: he leadeth me beside the still waters. He restoreth my soul: he leadeth me in the paths of righteousness for his name's sake. Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me.... Living for Jesus - Listening for the Trumpet


  10. #10
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    Not to worry, I have no doubt that the lost 2 billion will turn up in DC.


    I can here Obama now....

    Pardon JP, did you loose a stray 2 bill-yon?
    Sign Here....


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  11. #11
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    Quote Originally Posted by Wally View Post
    Not to worry, I have no doubt that the lost 2 billion will turn up in DC.


    I can here Obama now....

    Pardon JP, did you loose a stray 2 bill-yon?
    Sign Here....


    Grey Pupon commercial.....
    LOL! haha... Right on!
    The LORD is my shepherd; I shall not want. He maketh me to lie down in green pastures: he leadeth me beside the still waters. He restoreth my soul: he leadeth me in the paths of righteousness for his name's sake. Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me.... Living for Jesus - Listening for the Trumpet


  12. #12
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    Quote Originally Posted by WVBORN56 View Post
    In Christ, my dad just passed away this morning at the age of 89. I had hoped and always felt like he and my mother would be here for the rapture. I'm a bit bummed by that but I am thinking my dad's funeral Monday will be maybe one last time some of my family will hear the gospel before the very very soon rapture. This could be therir escape from the wrath that is soon coming upon this world and while we are sad tonight my grief is subdued knowing I will be seeing dad again very very soon!!! He got a jump on us by seeing Jesus face to face this morning at 11:05 AM!!!
    Very sorry for your loss, but very happy for your daddy.WV, my daddy passed away last year and as a direct result my baby brother got saved. Praise God!! And we will all be together soon for all eternity. I will pray for your family.
    John 1:29 Behold the Lamb of God, who takes away the sin of the world


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  13. #13
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    What Jamie Dimon Doesn’t Know Is Plain Scary

    Could Jamie Dimon really be as clueless as he sounded on the phone yesterday?

    Last month, after Bloomberg News broke the story that JPMorgan Chase & Co. (JPM)’s chief investment office had, in essence, become a ticking time bomb, Dimon, the bank’s chief executive officer, called the press coverage “a complete tempest in a teapot.” That explanation no longer works.

    Yesterday, Dimon changed tacks. Losses on the investment office’s “synthetic credit portfolio” had reached $2 billion so far this quarter, though he refused to give any meaningful details on how that had happened. Presumably, these are derivatives of some sort, but even that basic fact was too much for the bank to specify.

    What Dimon lacked in information, he more than made up for in assigning blame -- to himself and JPMorgan employees. “There are many errors, sloppiness and bad judgment,” he said, as JPMorgan’s stock sank in after-hours trading. “These were egregious mistakes. They were self-inflicted.” He called himself and his colleagues “stupid.”

    But there is more to it than that. Either Dimon misled the public about the gravity of the festering trades during his company’s first-quarter earnings call last month. Or he didn’t know what was happening inside the bowels of his own company. History tells us the latter is the norm for Wall Street bosses, though it’s hard to say which is worse.

    Don’t bother asking JPMorgan how it accumulated all these losses. That information is proprietary, as if the taxpayers who bailed out the bank in 2008 don’t have any business knowing. Here’s an idea for a new rule: If a too-big-to-fail bank can’t disclose what its trading desk is doing for fear of blowing itself up, then the bank shouldn’t be allowed to do it.

    It’s not often that a huge company calls an emergency teleconference on short notice to discuss an intra-quarter trading loss that’s equivalent to only 1 percent of shareholder equity. So when a Deutsche Bank AG stock analyst named Matt O’Connor asked Dimon why the company had disclosed it at all, the answer was bound to be revealing.

    “It could get worse, and it’s going to go on for a little bit unfortunately,” Dimon replied. The meaning was clear. Worse could mean disastrous.
    http://www.bloomberg.com/news/2012-0...ain-scary.html

    This last part of the cited section of the article has my interest. How much worse and how deep is the loss that is finally to be realized? Clearly the coming days and weeks will show.

  14. #14
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    Remember the wicked servant who buried his talent and gave it back with zero accrual when called to account? The sad thing is, he did better than J.P. (Just Pathetic) Morgan.

  15. #15
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    Sad to say that 2 billion is a drop in the bucket compared to the debt this country is in.

  16. #16

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    Can't wait to see the taxpayer funded bailout for this one. Hint...it'll be more than the $2 billion...

  17. #17
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    FINKELSTEIN & KRINSK LLP ("Finkelstein & Krinsk") and MURRAY FRANK LLP announced today that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of JPMorgan Chase & Co. ("JPMorgan") (JPM) common stock during the period between April 13, 2012 and May 10, 2012 (the "Class Period").
    http://finance.yahoo.com/news/finkel...191600926.html

  18. #18
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    I was at the Chase bank the other day.I told the clerk "Too bad what happened to JP Morgan".They said it had nothing to do with the bank and that it was an internal thing.

  19. #19
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    JPMorgan’s Trading Loss Is Said to Rise at Least 50%

    The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses.

    When Jamie Dimon, JPMorgan’s chief executive, announced the losses last Thursday, he indicated they could double within the next few quarters. But that process has been compressed into four trading days as hedge funds and other investors take advantage of JPMorgan’s distress, fueling faster deterioration in the underlying credit market positions held by the bank.

    A spokeswoman for the bank declined to comment, although Mr. Dimon has said the total paper trading losses will be volatile depending on day-to-day market fluctuations.

    The Federal Reserve is examining the scope of the growing losses and the original bet, along with whether JPMorgan’s chief investment office took risks that were inappropriate for a federally insured depository institution, according to several people with knowledge of the examination. They spoke on the condition of anonymity because the investigation is still under way.
    http://dealbook.nytimes.com/2012/05/...imes&seid=auto

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