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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