JPMorgan Chase Reports $3.6 Billion Profit

[Divine Discontent]

Source: NYT

I refuse to put an excerpt - how about instead, just a big FU to those bastards.

Read more: http://www.nytimes.com/2009/10/15/business/15bank.html?hp

[hobbit709]

1. Torches and pitchforks

[PuraVidaDreamin]

2. The masses aren't uncomfortable enough yet.

Oh.... but they will be

[No Elephants]

19. Will enough of them to matter really do anything? Skeptical here.

[rfranklin]

3. Financial wizards...they turned a government handout into bonuses!

I am in awe of their skill!

[tomm2thumbs]

4. they must have bought money-printing machines with their printed money

no irony there

[Robb]

5. How timely.

Only yesterday: "Dear Goddamn Chase Bank...." :D

[coalition_unwilling]

6. Any kindergartener could earn such profits, if

he or she were able to borrow from the U.S. at 0% and lend those funds back out at rates of between 15 to 30%.

It aint rocket science, folks, just welfare for Chase shareholders.

[frog92969]

7. K&R for the FU

Here's a video from 1969 that covers JPMorgan and Chase Manhattan.
I would say "amazing forsight", but perhaps "blatantly obvious" would be more accurate.

The Capitalist Conspiracy

That's pre-9/11 conspiracy...before it meant: degrading way of stopping discussion.

[lunatica]

8. Kick. Sigh...

[Joanne98]

9. JPMorgan profit soars

Source: Reuters

NEW YORK (Reuters) - JPMorgan Chase & Co reported sharply higher third-quarter results, topping Wall Street expectations, as gains at its investment bank offset deeper losses on credit cards and other consumer loans.

The second-largest U.S. bank on Wednesday posted net income of $3.6 billion, or 82 cents a share. That compares with $527 million, or 9 cents a share, in the year-earlier quarter.

"In this environment, this is a championship performance," said Mike Holland, president of Holland & Co in New York.

Analysts on average had forecast earnings of 52 cents a share, according to Thomson Reuters I/B/E/S.

Credit costs climbed as the bank added $2 billion to its reserves against future losses on consumer and other loans, bringing total reserves to $31.5 billion.

Loan losses jumped and the bank reported $7 billion in net charge-offs on consumer loans, up from $3.3 billion a year earlier.


Read more: http://www.reuters.com/article/newsOne/idUSTRE59D1UV20091014

[rfranklin]

10. Championship accounting fraud more likely...

this is total crap.

[Romulox]

11. $3.6B "profit"...on the strength of $25B in government handouts.

What an impressive feat. :eyes:

[LynneSin]

13. Despite repaying its $25 billion taxpayer investment in early June

And for all of Mr. Dimon’s bluster, JPMorgan still has not fully exited from the Troubled Asset Relief Program, or TARP. Despite repaying its $25 billion taxpayer investment in early June, the bank is awaiting the sale of the government’s warrants. At about $1.7 billion, their value has increased by about $460 million since rivals like Goldman Sachs cut deals to buy them back, according to Linus Wilson of the University of Louisiana at Lafayette.

__________________________________


JP Morgan already paid back it's TARP PLUS interest.

so you begrudge the company for making a profit?

[Romulox]

14. If the loan was a mere market transaction, then it would've taken place in the market...

It was a subsidized loan, meaning that whatever interest was paid was not the going market rate. If it were a market rate loan, it would've been obtained from a private party. QED. :hi:

[LynneSin]

17. JPMorgan Chase never wanted that loan in the first place

Seriously, look it up.

Point is, they have paid their loans and interest. And they have also not been in the middle of these companies with outrageous bonuses. Finally they have also been rehauling their fees.

Sometimes you find banks out there that aren't as vile as the others.

[Romulox]

18. And did JP Morgan Chase want a bailout of the entire financial industry, hmmm?

"Seriously, look it up."

LOL. You might have a thing or two to look up yourself.

"Sometimes you find banks out there that aren't as vile as the others."

Corporations are amoral. :hi:

[LynneSin]

20. Yes, let's just get rid of them all and toss all their employees out on the streets

:eyes:

[Romulox]

21. Or, we could just could post strawman arguments buttressed by rolly eyed smileys!

:eyes: back atcha! :hi:

[Dr.Phool]

26. Chase is almost as vile as Bank of America.

They jerked me around for 2 months and cost me about $2,000 delaying a home sale because they wouldn't give us a payoff amount. I was already taking a $20,000 loss on the place.

Back in January, they informed me that they were raising my credit card rate, that I always pay early, and at least double the minimum, from prime to prime+12%. I called and told them that if they do, they can close that account, and 2 others (they had zero balances). I kept an eye on the accounts online, and just before the effective date, they sent a letter saying their sent me the previous letter in error.

If they decide to get cute, I'll have the same attitude as the woman in the Youtube video. They can stick it up their ass. They abide by the agreement, I'll pay.

[Divine Discontent]

32. hi! see post 28.

[LynneSin]

12. JPMorgan Chase also repaid their TARP fund plus interest

The goverment made about a billion dollars off of JPMorgan Chase. Chase also wasn't really interested in the TARP fund to begin with since they were pretty stable throughout this time period.

So you know, perhaps learn the facts

[Romulox]

15. The government props up the entire industry. Which means it is disingenuous

to suggest that the trillions that the US has infused into the financial markets is a mere inconvenience, especially when so many of you "THANK GAWD IT PASSED!" types were screaming "ARMAGEDDON!" (which would presumably include JP Morgan Chase!) one year ago. :hi:

[lonestarnot]

41. Lynn, you may want to see how they did all that, just saying, maybe more facts that

you are not aware of at this time. :)

[nod factor]

16. Anyone remember

when Big Oil was reaping insane profits from inflated gas prices at the expense of the American household and in 2007 it seemed like not a day went by that our democratically controlled congress had the Oil execs do the perp walk for congress cameras? And all the pontification from Schumer to Biden to Obama made us feel so good at the outrage from our lawmakers that these evil execs could be so detached to the pain they were causing? What happened? We just witnessed the greatest heist in history by the financial sector. Where are all the execs? Why don't we know them by name and by face by now? Is our party and our Chicago team as beholden to Big Banking as was the republican party and the Bush Texas team to Big Oil? Where is Eric and the Justice Department and why is this obviously criminal behavior being swept under the rug?

[lonestarnot]

22. And how many complaints to the Comptroller of the Currency again?

[ananda]

23. A huge FU to Chase works for me!

Bigtime!

[Dreamer Tatum]

24. Those of you with the witty barbs

I sure hope you don't have ANY investments in the market AT ALL, because earnings reports like the one from JPM
help buoy investor confidence, which MAKES YOU RICHER.

And JPM paid us taxpayers our money back, plus interest.

If you have a 401K and you still think you have the moral high ground to roast JPM, then STFU and do it quietly so no one has to listen to your hypocrisy.

[Divine Discontent]

29. OK, so I don't have any of that, so a giant fuck you to Chase for their nasty practices that can be

found all over the net if you take the time to read them, there are several in this thread. These banks do not care who they destroy as long as they make profit at any cost, rules be damned, because they figure what their fines will be will not equal their obscene profits - and they are obscene. Enjoy your increased 401K.

[Dreamer Tatum]

35. Eh nt

[Divine Discontent]

33. also, see post 28.

[Joe Chi Minh]

25. Could even be enough to pay all the firm's bonuses.

[LeftHander]

27. They made $1000 bucks off me in the last 60 days...closing my account.

Holding and stacking transactions to facilitate overdrafts.

[Divine Discontent]

30. very very common. some on here are shockingly pro-corporation & its disgusting, apparently, as long

as they're making something they think these leaches of the banking industry are somehow great! BS!!!!!!!!!!!


sorry about your misfortune. are you getting by?

[LeftHander]

37. squeaking by....dumping chase....

pissed at them.

[Mark D.]

28. To The Above

I have no issue with profits. This in particular doesn't bother me about the JPMChase empire. Their problem is deeper. It's about history, and who set up the economic house of cards that 'surprisingly' collapsed recently. First a fact check. They are the 2nd largest 'bank' in terms of typical banking. As a financial institution, however, they are the largest in the world. They were the 3rd largest before the recent 'crisis' they helped manufacture. But it goes farther.

JP Morgan's grandfather founded Aetna (largest health insurer, leading fighter against reform or universal coverage. Aetna administers Medicare. Who writes the checks for Medicare? JP Morgan Chase. One must consider the massive amount of money they hold in deposit (I.E. to invest for profit) before those checks are released. While Bank of America writes Aetna's checks, who writes the 2nd largest insurer's checks (United Healthcare)? Chase Manhattan does.

JP Morgan helped collapse the US economy three times before, and then bailed it out. They caused the scare of 1907 that lead to the 'need' for a Federal Reserve. The island the Fed was founded on was owned by JP Morgan & they chartered the Federal Reserve's founding. They owned the Titanic. They brokered WW1, took control of the Bank of England (torch passed to them by Rothschild). JP Morgan Chase controls the bank of Baghdad. War profits at work.

Rockefeller's Chase grabbed Manhattan (Warburg's bank) and later grabbed JP Morgan to make JP Morgan Chase in 2001. The year of the greatest of distractions (the 'war on terror') to take focus off white-collar crime. Newly set up deregulations, of Clinton & Bush & GOP controlled legislature gave them what they needed. JPM Chase CREATED Credit Default Swaps. They were the largest Hedge Fund. The main factors in the collapse of real-estate in this collapse.

Morgan Stanley was the largest speculator in energy, including gas. Something deregulation allowed. THAT drove up gas prices, not supply/demand/OPEC or scapegoat 'A-Rabs' to keep simpletons mad at 'people over there' we are at war with for their profit. This Anglo banking dynasty (Morgan / Rockefeller) eludes blame by many far-right Anti-Semites who go after 'Jewish (scapegoat) bankers', akin to fear of OZ on the wall, not the real 'men behind the curtain'.

The biggest energy company (and polluter, via coal), GE, formed by JP Morgan. GE headquarters sits on Rockefeller Center. Coal is the leading source of environmental mercury & arsenic, 2nd largest source of radioactive material, and 2nd largest waste stream (coal sludge) behind sewage which is and unregulated. Who bought Encyclopedia Britannica, to take out every word on the risks of Vaccinations? JP Morgan & JD Rockefeller. Who profited off IG Farben most?

Rockefeller. That was the Nazi's biggest chemical supplier. IG Farben lives on as Bayer and BASF. During WW2, Allies bombed around their headquarters, but not IG Farben. Despite it's being the top Nazi chemical company. That former IG Farben headquarters is now home to the German headquarters of the USA's C.I.A.. My point here isn't just a history lesson, it is to show you how powerful those involved in this bank are in almost everything that has happened.

[Divine Discontent]

31. Thank you for your post. Sincerely.

[Mark D.]

34. You're Welcome!

Thanks for taking the time to read it. I know I can type long messages sometimes. But the case is there to be found for anyone.

[Nihil]

36. Excellent post. (n/t)

:toast:

[HCE SuiGeneris]

38. Recommended.

Thank you, Mark.

[nightrain]

39. obscene. I have closed all Chase and BOA accounts and I feel much better

to be out of their grasp. Credit unions are a great alternative.

[lonestarnot]

40. K & R