Terrible, but not as terrible as predicted so the shares went up
http://www.bloomberg.com/apps/news?p...qxs&refer=homeJuly 17 (Bloomberg) -- JPMorgan Chase & Co., the largest U.S. bank by market value, said profit fell 53 percent, a smaller drop than analysts estimated, on mortgage-related writedowns and costs from the takeover of Bear Stearns Cos.
http://bankimplode.com/blog/2008/07/...-at-jp-morgan/The covert bail out of JP Morgan continues unabated along with those of Fannie Mae, Freddie Mac and the rest of the finical sector, all partially cloaked under the fog of Morgans fiscal second quarter 2008 earnings report.
J.P. Morgan Chase said on Thursday that losses on its $47 billion portfolio of prime mortgages could triple in coming quarters
http://www.nakedcapitalism.com/2008/...e-freddie.htmlI got this far in the Wall Street Journal article, "Capitol Hill Storm Envelops Fannie-Freddie Rescue" and started seeing red:
This cost estimate is a fraud. The so-called rescue plan is merely a first installment on whatever the cost of shoring up Fannie and Freddie will ultimately be.
http://www.housingwire.com/2008/07/1...look-terrible/JP Morgan's Dimon: Prime Mortgages Look "Terrible"
http://money.cnn.com/2008/07/17/news...ion=2008071716NEW YORK (CNNMoney.com) -- Merrill Lynch booked its fourth-straight quarterly loss Thursday, this time losing nearly $5 billion, as the nation's largest brokerage was forced to once again take massive writedowns.
http://www.econbrowser.com/archives/..._the_glob.htmlThe IMF released an update to it's World Economic Outlook yesterday.
IMF Gloomy on Growth, Sees Rising Inflation Threat
http://globaleconomicanalysis.blogsp...continues.htmlThe financials continue to bleed but the short squeeze continues.
Risk analysis statistics failMakes a good soundbite though
http://www.minyanville.com/articles/index.php?a=18101It was a rally for the ages. In fact, according to Doug Kass, Tuesday's 13% move in the financial services exchange traded fund, the XLF, was an 11-standard deviation event. Kass pointed out the odds of such an occurrence are roughly the same as the world ending - three or four times.
http://globaleconomicanalysis.blogsp...ing-right.htmlMassive Freddie Dilution Coming Right Up
http://www.marketwatch.com/news/stor...%7D&dist=msr_9Freddie commits to raising $5.5 bln in capital
Short selling restrictions just mean that the market will be less efficient for a little time. Some people are fine with thatThe buyers are paying up, it'll crash shortly - win.
http://globaleconomicanalysis.blogsp...hose-most.htmlLooking one step ahead, think what happens to the bid after everyone else is squeezed out and the market makers hold all the financial shorts.
http://globaleconomicanalysis.blogsp...ing-about.htmlMany banks are bitching about the new SEC rules on shorting. On the off chance you are new to the story, it's time for a full recap from the beginning.
Less today
http://edition.cnn.com/2008/WORLD/af...tes/index.htmlZimbabwe introduces the $100 Billon Dollar Bill. With it, you can buy four oranges.
http://bigpicture.typepad.com/commen...animous-b.htmlVery strange confluence of media coverage this morning on the banking sector. All three major financial papers (WSJ, NYT, Barron's) have stories on the bottom of the banking sector:
http://online.wsj.com/article_email/...TQxMjkzWj.htmlThrough history, outrageous financial behavior has been met with outrage. But today Wall Street's damaging recklessness has been met with near-silence, from a too-tolerant populace, argues James Grant
So what else has been going on over in the land of the free?




Makes a good soundbite though
The buyers are paying up, it'll crash shortly - win.
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I kid.

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