how does a bank do that type of #'s with 10% unemployment and massive foreclosure unless they're screwing customers to death or using free taxpayer money at 0%. this is the clearest sign yet it times for the fed to fuckin cut off all funding to banks period.
Don't tell me u been short !! <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/lnmvRB64n6I&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/lnmvRB64n6I&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
Every bank is going to beat earnings by a huge margin. As I said a few times before 75% of companies in the s$p are going to beat. Jpm was looking for an estimated .52, .82 was the number. The next bubble is forming. Liquidity is is too much in this market and has to be curbed with higher interest rates. If bernanke thinks he could wait till the end of 2010 he is crazy. You think the last bubble was big, this one will be 10x bigger with trillions and trillions running through the system.
When Exxon was raking in billions during the oil bull market, folks were practically rioting in the street and congressmen were threatening windfall profits taxes. JPM is making billions because the Fed is printing money and giving it to them for free to play the carry trade with, and few are raising a peep. Lesson to our corrupt political leaders and the financial oligopolists - keep the price of gas below $2.50/gallon, the McD's value meal below $4.99, and lots of American Idol spinoffs on TV, and the sheeple will stay in their place. I honestly never thought I would live in a country like this.
I guess when you borrow at 0% and lend at 8% you will earn record breaking profits. I can't understand why there aren't riots over this.
Hereâs an interesting footnote to JP Morganâs consensus-crushing earnings released on Wednesday. Net revenue was $7.5 billion, an increase of $3.4 billion, or 85%, from the prior year. Investment banking fees were up 4% to $1.7 billion, consisting of equity underwriting fees of $681 million (up 31%), debt underwriting fees of $593 million (up 19%) and advisory fees of $384 million (down 33%). Fixed Income Markets revenue was $5.0 billion, up by $4.2 billion, reflecting strong results across most products and gains of approximately $400 million on legacy leveraged lending and mortgage-related positions, compared with markdowns of $3.6 billion in the prior year.
Currently they don't have to write down toxic assets against current earnings... all in an effort to make things look better than they really are... and to goose the market in the hope that investors will focus on rising stocks... instead of Obama's and the Administration's [many] negatives.
Do you think the millions of people out there know whats going on, half of them never heard of jp morgan or goldman sachs. There will never be riots or anything close to that matter because NO ONE CARES, as long as they can get a cell phone signal, find a crowded bar with good dance music, a $5 cup of starbucks coffee and 1000 HD channels on their 62" plasma no one is going to give a Fu$k what happens on wallstreet or how these companies rake in billions of dollar on taxpayers expense. They dont care.