JP Morgan has a profit

[MichaelB]

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?

Michael

 

[Architect]

JPMorgan posts profit, but 'disappointing' one: Financial News - Yahoo! Finance

 

[ziggy29]

JPMorgan posts profit, but 'disappointing' one: Financial News - Yahoo! Finance

Ah, the good old financial media, always looking to turn lemonade into lemons...