Thursday July 15, 2010
The headline says that J P Morgan made $4.7 B in the second quarter.
Now read the rest of the announcement,
JPMorgan Chase & Co. said Thursday its second-quarter net income soared 77 percent to $4.8 billion as a slowdown in losses from failed loans helped offset a difficult spring in trading and investment banking.
In other words, Morgan is not losing as much as it WAS on loans and so that helped the fact that it had a 'difficult' spring in trading. The S & P was down 11%, difficult is banking speak for we lost our shirts and failed to see this coming......Anyway, this sort of double speak is the sort of thing that is hardly reassuring. The fact that things are not as bad as they were but the one way we claimed to make money, trading, fell off the screen, well, what ever happened to banking anyway?
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