JP Morgan Chase Releases Earnings: Glad We Could Help Out

JP Morgan Chase Releases Earnings

JP Morgan Chase (JPM) has released their Earnings today. Here is the report from MarketWatch:

LONDON (MarketWatch) -- J.P. Morgan Chase on Thursday reported first-quarter net income of $2.14 billion, or 40 cents a share, compared to $2.37 billion, or 67 cents a share, in the same period the previous year. Analysts at Thomson Reuters had, on average, expected the firm to post a profit of 32 cents a share. The company said total net revenue was $25 billion, up from $16.9 billion a year ago. Provisions for credit losses rose to $8.6 billion from $4.4 billion the previous year...

We at Fileunderi are we and the other John And Jane Q. Publics out there get a great big Thank You Card for our help with the $2.14 Billion Dollar Profit? Our Federal Government (that's us, folks) had a great big assist with the JP Morgan takeover of Bear Stearns...and the takeover and rape of WaMu, and who knows how many dollars flowed into JP Morgan Chase from the "bailout".

Shouldn't it be a net profit of zero, with 2.14 Billion Dollars being paid towards The Federal Debt?

Guess Not.

What a crock of shit.


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