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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

Quote:
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?

Michael
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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...
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