Wednesday, October 15, 2008

Banking "Crisis"

JP Morgan Chase has blow-out quarter, amid reportedly worst banking crisis in the history of the Republic ....

Fixed Income Markets revenue was $815 million, up 19% from the prior year. The increase was driven by record results in rates and currencies, and strong performance in credit trading, emerging markets, and commodities, as well as gains of $343 million from the widening of the firm's credit spread on certain structured liabilities.

They had to write-up their ... acquisition.

They "paid for" ongoing write-downs on mortgage-related securities ... out of the change, almost.

Wait until their borrowing costs go down to the level at which the government borrows/lends!

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