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Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By $150 Billion

 
Anonymous Coward
User ID: 3172567
United States
08/10/2012 08:54 PM
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Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By $150 Billion
Reuters published an exclusive story this morning:

U.S. banks told to make secret plans for preventing collapse
(Google for the link as Reuters links are no-no)

Buried in the final paragraph:

In a presentation in March, JPMorgan Chase said it had a recovery plan in place and said it was ordered by regulators. The presentation was organized by Harvard Law School and was closed to the media at the time, but is now available online.

Here’s the BEST part of the JPM document.

It’s easy to see on the PDF:

[link to www.law.harvard.edu]

Go to page 9. Under the wipeout scenario JPM describes a $50 billion trading loss turning into a $200 billion loss as soon as the FDIC takes over. Why… ? Because JPM says they would expect the FDIC to immediately writedown JPM’s assets by an additional $150 billion.

Holy mark to bullshit. Jamie Dimon just admitted to the world that JPM is mis-marking assets to the tune of $150 billion.

It gets better. Go to page 10. The chart shows that they only have $184 billion in equity, minus the $50 billion loss, minus ‘the $150 billion fdic reality adjustment’, which leaves them in a negative equity position of (-$16 billion).

So, we can extrapolate that without this phantom loss of $50 billion, JPM’s real equity position is just $34 billion currently, not the $184 billion on their books!


[link to dailybail.com]
Anonymous Coward
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08/10/2012 09:02 PM
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Re: Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By $150 Billion
LIBOR will put them out of biz
Anonymous Coward
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08/10/2012 09:22 PM
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Re: Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By $150 Billion
hmm is Jamie Dimon betting on JPM's collaspe?
gamesafoot
User ID: 10856022
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08/10/2012 09:39 PM
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Re: Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By $150 Billion
When a CEO does that it can mean one thing only. Get ready for another huge "trading loss". You can see the game now can't you? Find excuses at every angle until all of them are exhausted and then start over. All the while the 'too big to fails' are bailed out through more .gov loans etc, and etc to ad nauseum.

But it was predicted people. Why should this be so shocking. Let me check with my non umionized psychic over in India using my Chinese made iphone.
Anonymous Coward
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08/10/2012 09:50 PM
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Re: Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By $150 Billion
Is their 70 trillion in derivatives figured into the number of $150 billion?

That is a T in Trillion.

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