Business Summary Links By Day
J.P.
Morgan has significant credit portfolio loss May 10th, 2012 by News Breaking…………“Shares of J.P.
Morgan Chase & Co. JPM -5.89% dropped after the bank said in a regulatory
filing late Thursday it had “significant” mark-to-market losses in its
synthetic credit portfolio. Shares fell 4.5% to $38.87 in after-hours activity.
In a Securities and Exchange Commission filing, the bank said its synthetic
credit portfolio had proved to be riskier and more volatile than expected.”MarketWatch
MK
comment: Sound familiar? Think Bear Stearns, early 2008. , J.P.
Morgan Reveals 'London Whale'-Size Losses , Surprising
JPMorgan loss hits stock market late NEW YORK
(Reuters) - Stock index futures fell sharply on Thursday evening as JPMorgan
Chase & Co stunned investors with news that its chief investment office had
incurred "significant mark-to-market losses... , Marc Faber Sees A 1987-Like Crash Approaching www.zerohedge.com Tyler
Durden, "Europe
Has Started The Endgame" And Biderman Says "The US Is Next" , Greece's
Jobless Soar By 42% As Unemployment Rises To Record, Industrial Collapse
Accelerates , Dave’s Daily: http://www.etfdigest.com STOCKS ATTEMPT TO RALLY 5-10-12
‘In overseas news, China’s exports were only 4.9% vs
8.5% expected (I guess that qualifies as a miss). China is also rumored to be
intervening to support the euro (or, defending their position) which should
explain why the currency hasn’t fallen further. In England, the Central Bank head Merwyn King has (gasp!) halted bond buying (QE) due to the
combination of inflation and recession—yes, commonly known as stagflation. In
the U.S.
Jobless Claims (367K vs 366K expected & prior
adjusted higher to 368K) allowed for a bullish headline as usual. The Bloomberg
Consumer Comfort Index (-40.4 vs prior -37.6) wasn’t
helpful but basically ignored. The data point formerly known as the trade
deficit (-$51.8B vs -$49.5B expected & prior
revised to -$45.4) wasn’t very supportive of global industrial growth. I
wonder, do iGadgets made in China that stay in China
count as U.S.
exports?The Bernank spoke and provided little news with this Bloomberg
summary: “There were no dramatic revelations with Chairman Bernanke's comments.
However, he repeated concerns that housing remains hindered by tight lending
standards and that expansion of bank credit is being hindered by
creditworthiness issues and soft demand.” Impressed? I thought not.Earnings news wasn’t great frankly as Kohls (KSS) provided a poor outlook and tech was held back
by a poorly received report from Cisco (CSCO).Stocks rallied early but then
faded into the close…’ , A
Chinese Group Plans To Construct A 200 Acre "China City" In Michigan http://albertpeia.com/chinamerica.htm , If
Spain’s Problems Are Solved… Why Are They Putting Together “Plan B”? http://albertpeia.com/spainnotsolvedsoplanb.htm , London
trader for JPM “amassed positions so large he’s driving prices” usagold.com
‘A JP Morgan Chase & Co trader of derivatives linked to the financial
health of corporations has amassed positions so large that he’s driving price
moves in the $10-trillion market, traders outside the firm said…’ , J.P.
Morgan has significant credit portfolio loss MK comment: Sound familiar? Think
Bear Stearns, early 2008. , Breaking
a German Taboo: Bundesbank Prepared to Accept Higher Inflation , Spain
Underplaying Bank Losses Faces Ireland Fate
, How a
Radical Greek Rescue Plan Fell Short (The Wall Street Journal) , Visualizing
The Saturation Of Hopium , S&P
Opens The Pandora's Box: The Wall Of Refi Worry Is $46,000,000,000,000 Tall
, Is
JPM Staring At Another $3 Billion Loss?
www.zerohedge.com Tyler Durden , 20
Second Summary Of What Just Happened What summarizes the clip below best:
A) Hubris; B) Greed; C) Stupidity; D) Moral Hazard; E) All of the above? , The
"World's Largest Prop Trading Desk" Just Went Bust A month ago we
warned that JPM's CIO office is nothing short of the world's largest prop trading
desk. Not only were we right, but what just transpired is just
shy of our worst possible prediction. At the end of the day, the real question
is why did JPM put in so much money at risk in a prop trade because we can
dispense with the bullshit that his was a hedge, right? Simple: because it knew
with 100% certainty that if things turn out very, very badly, that the
taxpayer, via the Fed, would come to its rescue. Luckily, things turned out
only 80% bad. Although it is not over yet: if credit spreads soar, assuming at
$200 million DV01, and a 100 bps move, JPM could suffer a $20 billion loss when
all is said and done. But hey: at least "net" is not
"gross" and we know, just know, that the SEC will get involved and
make sure something like this never happens again. , Bruno Iksil Is Dunzo The last time
a French trader delivered a bomb this big (Jerome Kerviel),
the Fed cut the discount rate by 75 bps. As for this particular Frenchman, his
best epitaph is his Bloomberg profile page. Recall: "Chuck is french ; champion of 'kick it', walking over water and humble.. yes" You can now add "fired."
Oh, and it is all Egan Jones' fault of course, who downgraded
JPM on April 13, while all the other rating agencies were posturing for the
highest possible bribe to keep their mouths shut. , JPM
Crashing After It Convenes Emergency Call To Advise Of "Significant
Mark-To-Market" Losses In Bruno Iksil/CIO Group
Out of nowehere, JPM announced 40 minutes ago that it
would hold an unscheduled 5pm call to coincide with the release of its 10-Q.
Rumors were swirling as to why. The reason is as follows:
- JPMORGAN SAYS CIO UNIT HAS SIGNIFICANT
MARK-TO-MARKET LOSSES - "Fortress balance sheet" at least until Bruno
Iskil gets done with it.
- JPMORGAN SAYS LOSSES ARE IN SYNTHETIC CREDIT
PORTFOLIO - but, but, net is NEVER, EVER Gross.
- JPM WOULD NEED $971M ADDED
COLLATERAL IF RATINGS CUT ONE-NOTCH
- JPM WOULD NEED $1.7B ADDED
COLLATERAL IF RATINGS CUT 2 NOTCHES - how about three notches?
- JPMORGAN: MAY HOLD SOME SYNTHETIC
CREDIT POSITIONS LONG TERM - "Level 3 CDS FTW"
- "As of March 31, 2012, the value of CIO's
total AFS securities portfolio exceeded its cost by approximately $8
billion"
As a
reminder, the CIO unit is where Bruno Iksil was
making $200 billion-sized bets. Basically JPM has suffered massive losses at
its CIO group most likely due to its IG/HY positions held by Iksil.
3.6
Million Taxpayer Dollars Being Used To Support The Lavish Lifestyles Of Former
Presidents Such As Bush And Clinton http://albertpeia.com/nothingsucceedslikefailureinamerica.htm
, Guest
Post: Obama Embraces Gay Marriage I’m in favour
of consenting adults being able to do whatever they like with each other,
but the fact that the current push for gay marriage is supported by Lloyd
Blankfein and Goldman Sachs makes me very suspicious (does he want to
sell securitised gay marriage debt?). It just seems
like an easy issue for Obama to posture on, while trampling the Constitution
into the dirt. When it comes to civil liberties, Obama has
always talked a good game, and then acted more authoritarian than Bush.
He talked about an end to the abuses of the Bush years and an open and
transparent government, yet extended the Fourth-Amendment-shredding Patriot
Act, empowered the TSA to produce naked body scans and engage in humiliatingly
sexual pat-downs, signed indefinite detention of American citizens into
law, claimed and exercised the power to assassinate American citizens without
trial, and aggressively prosecuted whistleblowers. Under his watch the U.S.
army even produced a document planning
for the reeducation of political activists in internment camps. Reeducation camps? In America? And some on the
left are still crowing that talking about being in favour
of gay marriage makes him “pro civil liberties”? Is this a joke? , Obama criticizes Romney as 'backwards on equality' President Barack Obama wasted little time casting
Republican rival Mitt Romney as "backwards on equality" on Thursday,
eager to transform his historic embrace of same-sex marriage into donor... {
Except that wobama’s been as he puts it, backwards on
equality until one day ago when he embraced same sex marriage for election-year
expedience in desperation after opposing same for years; and, don’t forget,
despite promises to the contrary, no prosecutions for the big frauds on wall
street who remain in wobama’s monkey-eyes more equal
than others. The wobamas, wobama,
stand for nothing whatsoever and are just a pair of grifters
who make the entire nation, if not the world, look dumb and foolish! } , Millions
Of Illegal Immigrants Are Using A Massive Scam To Get Bigger Tax Refunds Than
You Are http://albertpeia.com/illegalimmigranttaxscam.htm
AP Business
Highlights
...Yahoo Market
Update…
Infowars.com | Now is the time to put an end to Obama’s
treasonous and tyrannical behavior.
http://albertpeia.com/impeachobama.htm
Nancy Pelosi Wants to Amend the First Amendment Kurt Nimmo
| When Pelosi says “special interests,” she means interests opposed to
establishment Democrats. [ Here’s a look at the pelosi
/ wobama styled new california ( 16 Reasons To
Move Away From California http://albertpeia.com/16reasonstomoveawayfromcalifornia.htm ) . pelosi’s incompetent / senile in that chronological order.
At this point, wobama the b for b***s*** is just
incompetent but acts and seems as if he’s senile, particularly with regard to
previous things he’s said and prior promises that he’s made. ]
Drudgereport: Obama: 'Sometimes I Forget' Magnitude of Recession…{
Oh! How conveniently forgetful, though the vast majority of americans don’t
have wobama’s luxury of feigned amnesia suffering from what wobama did and
didn’t do contrary to promises last time around the perpetual campaign trail
littered with his typical jive-talking b***s***! The following headline will
help him remember some of his sordid, pot-clouded high school past! }...
FLASHBACK: Obama's Sordid High School Past...
By Ben Shapiro ‘While the Washington
Post has been diligently digging into relatively innocent high
school pranks
by Mitt Romney, they’ve spent the last few years diligently ignoring President
Obama’s far more controversial high school days.Obama,
by all accounts, was a habitual drug user in high school. He tried cocaine, he
admits in Dreams From
My Father; he “tried drugs enthusiastically.” The Chicago Tribune reported back in 2007
that Obama thanked the “Choom Gang” in his high school yearbook; “chooming” was Hawaiian slang for smoking pot. The Honolulu Advertiser reported that Obama’s
senior portrait “prominently displayed … A package of ‘Zig-Zag’
rolling papers and a matchbook.” One of Obama’s close friends was arrested for
drug possession during high school.In his memoir,
Obama talked about routinely getting high. “Junkie.
Pothead,” he wrote. “That’s where I’d been headed: the final, fatal role of the
young would-be black man.” But, according to Obama, he only got high because he
was contemplating deep matters: drugs could “push questions of who I was out of
my mind.” Obama told students in 2007 that this activity constituted “goofing
off” and “wasting time”:"I will confess to you
that I was kind of a goof off in high school as my mom reminded me," Obama
said. "I went to high school in Hawaii,
so there's a lot of opportunity to goof off because the weather is really good
all the time …"You know, I made some bad decisions …. You know, got into
drinking and experimenting with drugs. There was a whole stretch of time where
I didn't apply myself. It wasn't until I got out of … high school, and went to
college that I started realizing, man, I wasted a lot of time.”The
New York Times, however, went
out of its way to find Obama’s classmates to testify that drugs played only a “bit
part” in Obama’s youth. Yet Obama would later brag on the campaign trail
that he “inhaled frequently … that was the point.”During
his high school years, Obama hung out with communist radical Frank Marshall
Davis; in 2007, the Los Angeles Times
reported that during his high school days, “he felt the first stirrings of
anger toward whites. He says he also delved into black
nationalism.” He was “offended or even enraged when white classmates
adopted black street slang or revealed their underlying consciousness of his
race by going out of their way to tell him how much they admired a black
musician or athlete.” This activity is certainly more reflective of Obama’s
ideological history than Mitt Romney’s pranks on teachers and fellow students.
And as for the drug use – well, that seems just a bit more serious than walking
a teacher into a door or cutting a student’s hair. But leave it to the Post to ignore or downplay all of that in
favor of continuing stories about Romney’s dog, his high school hijinks, and whatever other nonsense they can use to
protect President Obama from his own incompetence.’ Ben Shapiro is Breitbart
News Editor-at-Large. Follow him on twitter @benshapiro.
Cracks
in the Washington Post story on Romney’s ‘pranks’ emerge
Correction
Request: Washington Post Uses Falsehood in Romney Hit Piece
Media
Downplays Obama's Past, Tries to Define Romney with Teen Prank
If we're going to delve deep into a candidate's past, let's delve deep into a
candidate's past. Here's Obama in his own words admitting to physically shoving
a little girl named Coretta. Yes, it was at this moment that the first
shot in the War on Women was fired.http://albertpeia.com/obamashovesgirl.png
No doubt that after expending all that energy
bullying an innocent little girl, young Obama readied himself for round two by
eating a Golden Retriever. More on this breaking story here.If
you're wondering what the rules are regarding a candidate's past; how far back
we're allowed to go in an attempt to define them -- the answer is simple: the
corrupt media will let us know.
Washington
Post Disgraces Itself By Targeting Romney's 'Anti-Gay' High School Pranks by Ben
Shapiro { It is true! The once great now failed
newspaper, the washington post, is an absolute disgrace! But a shadow of its former self, the post is biased presumably owing to shared desperation with the failed
president wobama in return for access. So egregious
had the bias become wherein ‘sensitive’ commentary antithetical to wobama and his, seldom seemed to work/post properly; and, then of course, the post’s
pro-wobama perpetual darkness-induced blind
‘constituency’. I stopped posting
there and have not visited their site since nor will I ever again. A rather pathetic swansong / end / wind-down / final chapter for what was once a great
newspaper for which I had the utmost regard and respect! }
Obama WILL NOT pursue gay marriage as part of party
platform...
STONE: 'Playing a
cruel and cynical game'...
Unites Republicans?
New Black Panther Niggers Plan Newspaper Cover With
Zimmerman In Noose { and civilized people everywhere should respond with
niggers in nooses and contributions to the Klu Klux Klan! } ...
LOONEY CLOONEYLAND: BIG CAMPAIGN BOXOFFICE FOR NIGGERO
– Meanwhile, looney clooneyland ain’t doin’ so well with the niggero model –
see next headline! ...
Failed Wobama model illustrated: 16 Reasons To
Move Away From California http://albertpeia.com/16reasonstomoveawayfromcalifornia.htm
Postal Service loses $3.2b in first quarter...
78% of California 8th graders fail national science
test...
_______________________________________
{ some prior links of current interest }
