poet1

The Great Bank Rush of 2008: What's the Money For?

yikes

The Great Bank Rush of 2008: What's the Money For?

so, if there is no bail out $$ for the little banks, and they fail, and jp, gs eat them up, we'd soon be left with just 4 banks running the usa? and if any bank fails, they pay depositors second? if there is any money left?

The Financial Light at the End of the Tunnel?

HOW DOES THIS FIGURE- JPM WAS INVOLVED IN THE VISA IPO & NOW THEY SAY THEY WILL LOSE MONEY ON CREDIT CARDS.....

JPMorgan Expects Banking, Cards to Post Lower Profit (Update2)
By Elizabeth Hester

May 12 (Bloomberg) -- JPMorgan Chase & Co., the third- biggest U.S. bank, will post lower earnings from investment banking and credit cards this quarter as the U.S. recession gets under way, Chief Executive Officer Jamie Dimon said.

JPMorgan is seeing lower revenue growth in its credit-card business and will probably have to set aside more money to cover bad loans in that unit, as well as in retail and investment banking, Dimon said today at a conference in New York sponsored by UBS AG.

``The recession is just starting,'' Dimon said. ``I don't know if it will be mild or severe.'' The chances of it being ``pretty bad'' are about one in three, the 52-year-old CEO said.

JPMorgan has posted about $10 billion of writedowns and losses since the beginning of last year, compared with more than $40 billion at bigger rival Citigroup Inc. Dimon said the capital markets crisis sparked by last year's collapse of the subprime mortgage market is about 75 percent over.

In home lending, New York-based JPMorgan expects to lose $200 million to $250 million in the second quarter related to subprime mortgages. Losses in prime mortgages, those made to people with the highest credit rating, could increase to about $100 million for the quarter, the bank said.

Dimon also said the integration of Bear Stearns Cos. was ``proceeding well,'' though he urged analysts to wait a year before judging whether the deal was a success. Once the fifth- biggest U.S. securities firm, Bear Stearns was forced to agree to the takeover on March 16 after customers and lenders fled because of speculation that the company faced a cash shortage.

JPMorgan has found jobs for about 40 percent of Bear Stearns's more than 14,000 employees, Dimon said today. All employment decisions are expected by June 1.

JPMorgan, up 8.2 percent on the New York Stock Exchange this year, rose 67 cents to $47.24 at 4:18 p.m.

To contact the reporter on this story: Elizabeth Hester in New York at [e-mail].

Last Updated: May 12, 2008 16:19 EDT

Time for Greater Oversight of Mortgage Lenders? Duh!

VIP investors receive a higher rate of return than the average guy, one way to fund that is by cutting dividends

What Are Brokers' Exposures to Carlyle Capital?

How great is the possibility that Citigroup will go bankrupt? If all these other shoes are set to drop, & Citi is playing down their problems-