22thoroughbred

JPMorgan Chase: Poisoned by Bear's 5,000 Counterparties

I have no idea what assets or longer term liabilities JPM, BAC, WFC, C have, neither does anyone else, including those institutions, what I do know is that things in the financial world are bad, very bad, both here (USA) and abroad, and if there isn't a fix soon, and a real fix, not just a creditline we will be in much worse shape than anyone realizes or admits. Unfortunately if anyone from treasury or the fed were to state the truth it would start an unraveling of the entire house of cards. I am not a bear or a fear mongerer, but a realist and what I read and see tells me to be very worried.

History Suggests the Financial Bottom May Be Near

Ken Lewis never saw a takeover he didn't like. He blew the Fleet takeover, got zip for that deal, except to settle lawsuits for insider trading by the Fleet specialists, settle lawsuits for inappropriate sales by the brokers, settle a lawsuit on selling ARPS, terminated everyone in the company, lost brokerage assets, lost some deposits (as is expected) bought Countrywide which he could have gotten free had he waited, and now paid a premium for Merrill which he didn't have to pay, than gives himself a raise and says the deal was too good to pass-up, eventhough every other bank passed them up. He will tur out to be as bad as Dennis Koslowski, minus the illegal stuff, he destroys solid businesses.