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Joey Buttafueco Jr

Jp Morgan Q2

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So it's not just GS - the surviving US investment banks are flourishing, having got rid of a few competitors...

Is the TARP money going to provide a decent investment return in the medium term ?

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are they revaluing their financial "assets" accordingly, or are they just "forgetting" them and let them in a locked filing cabinet?

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TARP money shouldn't have been allowed to be repayed for a longer period.

Taxpayer have taken the risk (again). Banksters have taken the profits (again).

Plus, fewer musical chairs left in the game.

Edit: What do these analysts get paid for? Their estimates are mostly utterly sh1te.

Edited by Red Kharma

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You think?

Depends if it's the mob with pitch forks, if that's the case then yes justice will be done.

I wonder what the odds are for a Timothy McVeigh style attack on the Wall Street banks? Would they get a jury to convict?

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are they revaluing their financial "assets" accordingly, or are they just "forgetting" them and let them in a locked filing cabinet?

IIRC mark to market was canned. So yes - I reckon your filing cabinet analogy is probably spot on.

Anyone else know for sure ?

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PMorgan Chase posts 2Q profit, surpasses Street

JPMorgan Chase posts 2nd-quarter profit of $2.72 billion helped by investment banking business

* By Ieva M. Augstums, AP Business Writer

* On Thursday July 16, 2009, 7:13 am EDT

CHARLOTTE, N.C. (AP) -- JPMorgan Chase & Co. posted a 36 percent jump in second-quarter profit Thursday, easily surpassing Wall Street expectations as strength in its core consumer and investment banking businesses offset a jump in credit losses.

The New York-based banking giant, the second big financial institution in a week to release upbeat earnings news, reported net income of $2.72 billion, or 28 cents per share, up 36 percent from $2 billion, or 53 cents per share, a year earlier. Revenue rose 39 percent to $25.62 billion from $18.4 billion.

Earnings per share fell despite an increase in profit because the company had more stock outstanding in the most recent quarter ending June 30.

Analysts forecast earnings of 4 cents per share on revenue of $25.89 billion for the quarter.

The profit came despite a $1.1 billion charge, or 27 cents a share, as JPMorgan repaid in full $25 billion in loans it received from the government as part of the Troubled Asset Relief Program, or TARP. The bank was also hit by a 10-cents-a-share FDIC special assessment penalty.

CEO Jamie Dimon said he was "pleased" by the results, even as the company's latest numbers were weighed down by higher credit costs, particularly in the company's consumer lending and credit card businesses.

The bank said it set aside $9.7 billion for credit losses, up from $4.29 billion a year earlier but down from the first quarter's $10 billion.

JPMorgan's upbeat report followed strong earnings earlier Tuesday from Goldman Sachs Group Inc.

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So it's not just GS - the surviving US investment banks are flourishing, having got rid of a few competitors...

Is the TARP money going to provide a decent investment return in the medium term ?

What I find galling is that they made their money by working the market. A market that is being supported by many, not just their own, bail out. Therefore their profits are nothing more than a skimming of the bailout money.

Yet again medalling in the ‘free market’ has an unintended consequence. Merely creating profits for those with the ability to milk the misery of others.

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