JP Morgan Chase is going down the shitter -- wait for markets to open Friday -- 'bye-'bye JPM



The stock price is in the shitter in after hours.

Looks like they had some bad derivative trades that went wrong and
now they might be out $800 million or so. Market Watch is calling it
a $2 billion trading loss.


ZeroHedge is looking under rocks and projects a loss of:
http://www.zerohedge.com/news/jpm-crashing-after-it-convenes-emergency-call-advise-significant-mark-market-losses

-- quote

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.

-- quote

It will probably take some time to nail what the losses might actually
be.

Did I say they might be out, well you might be out fellow taxpayers!

Zero Hedge is having fun with this:

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"
.

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