http://finance.yahoo.com/news/JPMor...21635.html?sec=topStories&pos=4&asset=&ccode= They are jumping for joy as they will be able to take over more banks with the help of the government.
I'm not sure about "jumping for joy." I mean, look at the dressing-down Dimon had to take before Congress, and all that rigmarole about bonuses for firms receiving TARP funds - they took TARP because they were *asked* to, just like they bought Bear Stearns because they were *asked* to. I'm not so sure JPM is so keen to do the government any more favors.
...plus, I think the debacle over Ken Lewis being strongarmed by Paulson into buying ML has really cast a light on what happens when Uncle Sam asks you to "do your bit" for the economy. I think there will be tremendous skepticism among shareholders and boards of directors regarding due diligence on financial sector takeovers from now on...
Did Dimon see the magnitude of the credit crises? Obviously not. Would the hell does he know? He's not a psychic.
http://www.google.com/hostednews/ap/article/ALeqM5gCNsHnYdX4olLBhRKC1uMDGenYawD97VK1H80 on the other hand http://latimesblogs.latimes.com/mon...t-conditions-are-easing-somewhat-for-bus.html
When you are sitting on massive derivatives counterparty risk somehow you always find more appealing a world where everybody merges and there are no failures