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JP Morgan has a profit
Old 01-15-2009, 07:29 AM   #1
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JP Morgan has a profit

from today’s WSJ – this is the lead

J.P. Morgan Stays in Black

A gain related to WaMu helped J.P. Morgan post a profit despite surging provisions for credit losses and markdowns on leveraged loans.
So, let me see if I understand. A bank with billions in credit losses buys a bank with billions more in credit losses, and together they have – a profit!

Isn’t accounting wonderful?


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Old 01-15-2009, 08:27 AM   #2
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JPMorgan posts profit, but 'disappointing' one: Financial News - Yahoo! Finance

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Old 01-15-2009, 08:28 AM   #3
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Ah, the good old financial media, always looking to turn lemonade into lemons...
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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