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 curious...do 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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WaMu Bank Parent Company Sues FDIC For 13 Billion

Washington Mutual has filed a 13 Billion Dollar lawsuit against the FDIC charging that the sale of WaMu Bank to JP Morgan Chase didn't bring in enough bucks. The FDIC arranged for the sale of WaMu's banking operations to J.P. Morgan Chase in September of 2008 for 1.9 Billion Dollars. WaMu the Parent filed for Chapter 11 Bankruptcy protection just after the sale.

WaMu had more than $300 billion of assets and about $900 billion of customer deposits, and was also known as one of the largest sub-prime mortgage lenders and holder of "toxic assets" when the "sub-prime" crisis hit. The federal Office of Thrift Supervision had closed WaMu and appointed the FDIC as receiver

According to Reuters, the lawsuit filed in U.S. District Court in Washington claims that 4 Billion Dollars in trust preferred securities were wrongfully transferred to the banking unit and that Washington Mutual may be entitled to as much as $3 billion of tax refunds.

Not sure what the other 6 Billion is for...perhaps pain, suffering and longevity bonuses contractually owed to execs who steered the company into oblivion.

But, that's just a guess.

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The $75 Billion Housing Rescue Plan

Did you overreach with your last home purchase? Buy more home than you could afford? Refinance to pay off debts and borrow more than your home was worth? Are you a chronic slow pay?

Fear not...help could be on the way.

Mr. Obama has unveiled his $75 Billion Housing Rescue Plan, which will bail out you and the other 10 percent or so of homeowners that have a little problem playing by the rules, don't read or understand the implications of contracts before they sign, or just generally go willy nilly through life and hope someone will help them out when crunch time arrives.

Mr. Obama's plan calls for measures that will allow up to 9 million homeowners to reduce their mortgage payments through government-backed refinancing arrangements. The Obama administration said it will provide more details on the plan and when it will go into effect on March 4th.

Granted, there are people who have played the game of life responsibly and need a helping hand during these tough times. They have lost their jobs, and they are hurting. But it's obvious who this plan is designed for...the folks in the first paragraph. We also understand that, if implemented, this money will go directly to the Mortgage Lenders and Mortgage Service Companies so they can "help out" those about to, or in danger of, losing their homes. In effect, this plan would give ANOTHER 75 BILLION to financial institutions to bail them out. To ease their losses from foreclosed homes that they have to sell and take huge losses on.

House Republican Leader John Boehner, R-Ohio, and Republican Whip Eric Cantor, R-Va., sent the president a letter asking, "What will your plan do for the over 90% of homeowners who are playing and paying by the rules?"

In addition to the above program, it appears that the government has pledged ANOTHER
Two Hundred Billion Dollars to Fannie Mae and Freddie Mac.

To keep them viable...

The Insanity continues.

Quick Hits: Stanford Financial, Rip Fuel,Chrysler Wants More, US Bank CEO speaks Out

Today's quick hits from Fileunderi:

The SEC charges Stanford Financial and Robert Allen Stanford with "massive, ongoing fraud" in an $8B dollar scam. Also named in the suit were two other executives and some affiliates of the financial group. Apparently, about 40 armed authorities raided their offices in Houston today...And yet another financial firm charged with fraud. Imagine that.

At the Alex Rodriguez press conference today, A-Rod said he used Rip Fuel which was easily obtainable at the time. He denied using HGH (at least knowingly).
Our take? Who gives a damn? Asterisk all these guys. Make Aaron the Home Run King again. And for God sakes...put Pete Rose in the Hall of Fame. He's the All-Time Hits leader. And Play Ball.

Chrysler Corp asked for ANOTHER FIVE BILLION DOLLARS today. Folks, their sales are down 50% from last year. They build crap. Sorry. Let it die. This firm is privately owned...let them self-rescue.

Finally...the US Bank CEO, Richard Davis, said today that TARP is "a lousy program".
He informs us that his bank has been forced to participate in the program and that the program is a drain on healthy banks.

“There’s no A, R or P in TARP,” Davis said, adding that “troubled” is the only word in the phrase that’s accurate. “The ‘asset relief program’ has yet to occur.”
Davis said he would be “darned” if U.S. Bank would suffer collateral damage from the government’s “sloppy attempt at nationalizing the industry.”

And the Insanity continues...