Credit Writedowns » JPMorgan http://www.creditwritedowns.com Finance, Economics and Markets Thu, 09 Feb 2012 05:30:49 +0000 en hourly 1 The FHFA Complaints and Control Fraud http://www.creditwritedowns.com/2011/09/fhfa-complaints-and-control-fraud.html http://www.creditwritedowns.com/2011/09/fhfa-complaints-and-control-fraud.html#comments Wed, 07 Sep 2011 19:30:41 +0000 William Black http://www.creditwritedowns.com/?p=32175 The FHFA complaints lose explanatory power and persuasiveness because they ignore compensation and accounting. It pays to understand accounting control fraud

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Related Posts ]]> http://www.creditwritedowns.com/2011/09/fhfa-complaints-and-control-fraud.html/feed/ 2 Ben Bernanke and J.P. Morgan on Gold http://www.creditwritedowns.com/2011/08/ben-bernanke-and-j-p-morgan-on-gold.html http://www.creditwritedowns.com/2011/08/ben-bernanke-and-j-p-morgan-on-gold.html#comments Tue, 02 Aug 2011 15:22:33 +0000 Frederick Sheehan http://www.creditwritedowns.com/?p=30630 On July 13, 2011 Chairman Bernanke explained: "The reason people hold gold is protection against tail risk, really, really, bad outcomes. To the extent that the last few years have made people more worried about the potential of a major crisis, then they hold gold as a protection."

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Related Posts ]]> http://www.creditwritedowns.com/2011/08/ben-bernanke-and-j-p-morgan-on-gold.html/feed/ 0 Simon Johnson: ‘We have done nothing that will prevent this from happening again’ http://www.creditwritedowns.com/2011/04/simon-johnson-on-large-financial-institutions.html http://www.creditwritedowns.com/2011/04/simon-johnson-on-large-financial-institutions.html#comments Mon, 18 Apr 2011 11:30:00 +0000 Edward Harrison http://www.creditwritedowns.com/?p=27594

Here's the question: Can sovereignty and effective international supervision be reconciled when it comes to complex large financial institutions? Simon Johnson lays out a compelling case that they cannot. As he has said time and again, there is no meaningful resolution authority capable of dealing with large complex cross-border institutions like Lehman Brothers. We either let them fail like Lehman or bail them out.

Meanwhile people like Tim Geithner are arguing that financial institutions should be allowed to get even bigger.

Video below.

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Related Posts ]]> http://www.creditwritedowns.com/2011/04/simon-johnson-on-large-financial-institutions.html/feed/ 2 Banks Harassing and Foreclosing on U.S. Soldiers http://www.creditwritedowns.com/2011/02/banks-harassing-and-foreclosing-on-u-s-soldiers.html http://www.creditwritedowns.com/2011/02/banks-harassing-and-foreclosing-on-u-s-soldiers.html#comments Thu, 10 Feb 2011 13:05:31 +0000 Edward Harrison http://www.creditwritedowns.com/?p=25981 This is from the testimony in the video below: Soldier’s wife: I’m dealing with Chase, getting their phone calls, getting their harassment around the clock. My husband Jonathan missed two hours of our daughter’s birthday party, because Chase simply would not hang up the phone until he made a payment in which we have already

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Related Posts ]]> http://www.creditwritedowns.com/2011/02/banks-harassing-and-foreclosing-on-u-s-soldiers.html/feed/ 0 Jamie Dimon on CNBC http://www.creditwritedowns.com/2011/01/jamie-dimon-on-cnbc.html http://www.creditwritedowns.com/2011/01/jamie-dimon-on-cnbc.html#comments Fri, 14 Jan 2011 18:00:39 +0000 Edward Harrison http://www.creditwritedowns.com/?p=25444 Jamie Dimon’s 17-minute interview by Maria Bartiromo below was done earlier in the week before JPMorgan Chase released their numbers. The numbers were good, showing quarterly profits of $4.8 billion or $1.12 a share. Dimon expects to resume a dividend of 75 cents a share when his firm gets the green light to do so.

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Related Posts ]]> http://www.creditwritedowns.com/2011/01/jamie-dimon-on-cnbc.html/feed/ 0 Banks Making Shed Loads But Fannie And Freddie May Be “Losing Money as a Matter of Policy” http://www.creditwritedowns.com/2010/05/banks-making-shed-loads-but-fannie-and-freddie-may-be-losing-money-as-a-matter-of-policy.html http://www.creditwritedowns.com/2010/05/banks-making-shed-loads-but-fannie-and-freddie-may-be-losing-money-as-a-matter-of-policy.html#comments Thu, 20 May 2010 19:25:59 +0000 Edward Harrison http://www.creditwritedowns.com/2010/05/banks-making-shed-loads-but-fannie-and-freddie-may-be-losing-money-as-a-matter-of-policy.html The FDIC is out with its Quarterly Banking Profile for Q1 2010. And despite a rise in the FDIC’s ‘Problem List of Banks’ to 775 in Q1 from 702 at the end of 2009 and 552 in Q3 2009, banks earned a ton of money – more than $18 billion in the quarter. Big banks

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Related Posts ]]> http://www.creditwritedowns.com/2010/05/banks-making-shed-loads-but-fannie-and-freddie-may-be-losing-money-as-a-matter-of-policy.html/feed/ 2 Free money: JPM paid to borrow on $271 billion worth of repos http://www.creditwritedowns.com/2010/04/free-money-the-government-paid-jpm-to-borrow-on-271-billion-worth-of-repos.html http://www.creditwritedowns.com/2010/04/free-money-the-government-paid-jpm-to-borrow-on-271-billion-worth-of-repos.html#comments Fri, 16 Apr 2010 14:14:45 +0000 Edward Harrison http://www.creditwritedowns.com/2010/04/free-money-the-government-paid-jpm-to-borrow-on-271-billion-worth-of-repos.html We know that JPMorgan is not substantially increasing lending anytime soon. And we also know that banks are recapitalizing courtesy of a steep yield curve and near zero rates, what I would call free money.  What I didn’t know is how free these funds truly were. An investor friend pointed out something curious buried deep

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Related Posts ]]> http://www.creditwritedowns.com/2010/04/free-money-the-government-paid-jpm-to-borrow-on-271-billion-worth-of-repos.html/feed/ 0 JPMorgan is not substantially increasing lending anytime soon http://www.creditwritedowns.com/2010/04/jpmorgan-is-not-substantially-increasing-lending-anytime-soon.html http://www.creditwritedowns.com/2010/04/jpmorgan-is-not-substantially-increasing-lending-anytime-soon.html#comments Wed, 14 Apr 2010 20:08:12 +0000 Edward Harrison http://www.creditwritedowns.com/2010/04/jpmorgan-is-not-substantially-increasing-lending-anytime-soon.html JPMorgan Chase had a blowout quarter for earnings. We’re talking earnings of $3.3 billion for the quarter here.  That’s up over 50% from last year’s already high $2.1 billion. Does that signal an increase in lending? No. If you read between the lines of a comment Dimon made on the quarterly conference call about paying

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Related Posts ]]> http://www.creditwritedowns.com/2010/04/jpmorgan-is-not-substantially-increasing-lending-anytime-soon.html/feed/ 0 Links: 2010-03-28 – JP Morgan pulling a Hunt Brothers and deficit doves and hawks http://www.creditwritedowns.com/2010/03/links-2010-03-28-jp-morgan-pulling-a-hunt-brothers-and-deficit-doves-and-hawks.html http://www.creditwritedowns.com/2010/03/links-2010-03-28-jp-morgan-pulling-a-hunt-brothers-and-deficit-doves-and-hawks.html#comments Sun, 28 Mar 2010 23:32:51 +0000 Edward Harrison http://www.creditwritedowns.com/?p=15047 I am publishing a lot more links at my twitter feed. Follow my tweets here – and be sure to re-tweet my posts as that helps me immensely in reaching a wider audience. Who Will Tell The President? Paul Volcker « The Baseline Scenario interfluidity – A different perspective on interest rates Google’s Chrome Leaves

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Related Posts ]]> http://www.creditwritedowns.com/2010/03/links-2010-03-28-jp-morgan-pulling-a-hunt-brothers-and-deficit-doves-and-hawks.html/feed/ 0 Short sale fraud http://www.creditwritedowns.com/2010/01/short-sale-fraud.html http://www.creditwritedowns.com/2010/01/short-sale-fraud.html#comments Wed, 20 Jan 2010 22:28:25 +0000 Edward Harrison http://www.creditwritedowns.com/2010/01/short-sale-fraud.html CNBC’s Diana Olick has the breaking story on alleged fraud in the mortgage industry. She has been writing about this for a few days now.  See Big Banks Accused of Short Sale Fraud – Realty Check with Diana Olick at CNBC’s website. Basically, second liens on properties like home equity loans have a blocking interest

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Related Posts ]]> http://www.creditwritedowns.com/2010/01/short-sale-fraud.html/feed/ 0 Jamie Dimon makes the best case for not breaking up banks http://www.creditwritedowns.com/2009/11/jamie-dimon-makes-the-best-case-for-not-breaking-up-banks.html http://www.creditwritedowns.com/2009/11/jamie-dimon-makes-the-best-case-for-not-breaking-up-banks.html#comments Fri, 13 Nov 2009 14:11:50 +0000 Edward Harrison http://www.creditwritedowns.com/2009/11/jamie-dimon-makes-the-best-case-for-not-breaking-up-banks.html The Jamie Dimon piece in today’s Washington Post is a must-read. Dimon, head of behemoth JPMorgan Chase makes the best case for not breaking up large too-big-to-fail financial institutions. His idea: set up a robust resolution process and let reckless lenders fail regardless of size. Now, back in September, I attended a meeting at the

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Related Posts ]]> http://www.creditwritedowns.com/2009/11/jamie-dimon-makes-the-best-case-for-not-breaking-up-banks.html/feed/ 3 Quote of the day: “Jamie is always hanging around the hoop” http://www.creditwritedowns.com/2009/10/quote-of-the-day-jamie-is-always-hanging-around-the-hoop.html http://www.creditwritedowns.com/2009/10/quote-of-the-day-jamie-is-always-hanging-around-the-hoop.html#comments Mon, 05 Oct 2009 17:38:20 +0000 Edward Harrison http://www.creditwritedowns.com/2009/10/quote-of-the-day-jamie-is-always-hanging-around-the-hoop.html In a 9-page Vanity Fair article “Wall Street’s Near-Death Experience,”giving us a sneak peek into the lives of bankers during the global meltdown last Autumn a hilarious quote of great significance was buried. At issue was the near-death experience that Lehman’s demise caused for Morgan Stanley and Goldman Sachs. After receiving a mysterious call from

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Related Posts ]]> http://www.creditwritedowns.com/2009/10/quote-of-the-day-jamie-is-always-hanging-around-the-hoop.html/feed/ 0 JPMorgan has record revenue and $2.7 billion in profit http://www.creditwritedowns.com/2009/07/jpmorgan-has-record-revenue-and-2-7-billion-in-profit.html http://www.creditwritedowns.com/2009/07/jpmorgan-has-record-revenue-and-2-7-billion-in-profit.html#comments Thu, 16 Jul 2009 14:06:10 +0000 Edward Harrison http://www.creditwritedowns.com/2009/07/jpmorgan-has-record-revenue-and-2-7-billion-in-profit.html While Citi and BofA are getting taken to the woodshed for double secret probation, JPMorgan Chase is showing record revenue of $25.6 billion and a large profit of $2.7 billion.  As profit is up 36% from a year earlier and 27% from just last quarter, you can see that JPM is now firing on all

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Related Posts ]]> http://www.creditwritedowns.com/2009/07/jpmorgan-has-record-revenue-and-2-7-billion-in-profit.html/feed/ 0 JPMorgan’s $29 Billion windfall http://www.creditwritedowns.com/2009/05/jpmorgans-29-billion-windfall.html http://www.creditwritedowns.com/2009/05/jpmorgans-29-billion-windfall.html#comments Tue, 26 May 2009 14:00:21 +0000 Edward Harrison http://www.creditwritedowns.com/2009/05/jpmorgans-29-billion-windfall.html The following Bloomberg article points out why I have repeatedly argued that banks will be earning a lot of money, Meredith Whitney’s counter-arguments notwithstanding. It also points out why the likes of John Hempton believe that the FDIC ‘stole’ Washington Mutual from shareholders and awarded it to JPMorgan, a view I have not supported (hat

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Related Posts ]]> http://www.creditwritedowns.com/2009/05/jpmorgans-29-billion-windfall.html/feed/ 6 Jamie Dimon: ‘we don’t need’ your money http://www.creditwritedowns.com/2009/04/jamie-dimon-we-dont-need-your-money.html http://www.creditwritedowns.com/2009/04/jamie-dimon-we-dont-need-your-money.html#comments Thu, 16 Apr 2009 17:41:37 +0000 Edward Harrison http://www.creditwritedowns.com/?p=7904 On the back of a decent quarter at JPMorgan Chase, CEO Jamie Dimon has signalled his desire to repay government money as quickly as possible and remove the strings attached to that money.  Dimon has often said that JPMorgan Chase did not need the TARP bailout money it has received and only accepted  because it

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Related Posts ]]> http://www.creditwritedowns.com/2009/04/jamie-dimon-we-dont-need-your-money.html/feed/ 0 Quote of the day: Wells and BofA are choking on acquisitions http://www.creditwritedowns.com/2009/02/quote-of-the-day-wells-and-bofa-are-choking-on-acquisitions.html http://www.creditwritedowns.com/2009/02/quote-of-the-day-wells-and-bofa-are-choking-on-acquisitions.html#comments Tue, 24 Feb 2009 13:09:05 +0000 Edward Harrison http://www.creditwritedowns.com/?p=6390 Chris Whalen, a well-regarded bank analyst, ran an interview piece with Nouriel Roubini on Barry Ritholtz’s site. The conversation was very illuminating and I highly recommend reading the whole post linked below. However, I wanted to point out a quote from Chris in the piece that I find significant in light of the recent dividend

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Related Posts ]]> http://www.creditwritedowns.com/2009/02/quote-of-the-day-wells-and-bofa-are-choking-on-acquisitions.html/feed/ 0 JPMorgan cuts its dividend fom 38 to 5 cents http://www.creditwritedowns.com/2009/02/jpmorgan-cuts-its-dividend-fom-38-to-5-cents.html http://www.creditwritedowns.com/2009/02/jpmorgan-cuts-its-dividend-fom-38-to-5-cents.html#comments Mon, 23 Feb 2009 22:10:36 +0000 Edward Harrison http://www.creditwritedowns.com/?p=6347 From MarketWatch: J.P. Morgan Chase said late Monday that its board cut the company’s quarterly dividend to 5 cents from 38 cents, effective for the dividend payable April 30. “The board anticipates maintaining this level for the time being. This action will enable the company to retain an additional $5 billion in common equity per

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Related Posts ]]> http://www.creditwritedowns.com/2009/02/jpmorgan-cuts-its-dividend-fom-38-to-5-cents.html/feed/ 0 Banking Committee: Videos of CEOs’ opening statements http://www.creditwritedowns.com/2009/02/banking-committee-videos-of-ceos-opening-statements.html http://www.creditwritedowns.com/2009/02/banking-committee-videos-of-ceos-opening-statements.html#comments Wed, 11 Feb 2009 19:46:29 +0000 Edward Harrison http://www.creditwritedowns.com/?p=5978 We heard testimony before the House Banking Committee in Washington today. The CEOs of eight large financial institutions are being raked over the coals by Congress. It was a scene which reminded me of the Pecora Hearings during the Great Depression. It was also one which is being repeated in London. The Congressmen are ludicrously indignant -- after all, Congress has been complicit in the state of affairs. One member of Congress asked the men (there are no women) to raise their hand to questions on several occassions like schoolboys in a classroom -- questions akin to "when did you stop beating your wife." I see these proceedings as more show trial to reassure the public than anything substantive. Nevertheless, they are entertaining. Below are videos of the opening statements from each of the CEOs. You might find their comments illuminating regarding their thinking now that the economy has collapsed and they have needed governement assistance. You should also note that not all of these banks are in a precarious way. Some are better off than others

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Related Posts ]]> http://www.creditwritedowns.com/2009/02/banking-committee-videos-of-ceos-opening-statements.html/feed/ 0 Bank of America: Bailout hides huge bank subsidy deep in press release text http://www.creditwritedowns.com/2009/01/bank-of-america-bailout-hides-huge-bank-subsidy-deep-in-press-release-text.html http://www.creditwritedowns.com/2009/01/bank-of-america-bailout-hides-huge-bank-subsidy-deep-in-press-release-text.html#comments Fri, 16 Jan 2009 15:45:18 +0000 Marshall Auerback http://www.creditwritedowns.com/?p=4821 Marshall Auerback here. I wanted to add a few thoughts to the discussion about recent events in U.S. banking. Below is the Federal Reserve press release on the Bank of America bailout. Here are the most important words from the release: where the debt is supported by collateral and the issuance supports new consumer lending. The carrot and stick in the paragraph in red above and below is something brand new and out of the box. It is surprising that it came on Bush’s watch but it has Obama’s fingers all over it. This is a big new push by the government and it has Barney Frank and Shelia Bair’s names all over it

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Related Posts ]]> http://www.creditwritedowns.com/2009/01/bank-of-america-bailout-hides-huge-bank-subsidy-deep-in-press-release-text.html/feed/ 0 JPMorgan: Beats expectations despite writedowns http://www.creditwritedowns.com/2009/01/jpmorgan-beats-expectations-despite-writedowns.html http://www.creditwritedowns.com/2009/01/jpmorgan-beats-expectations-despite-writedowns.html#comments Thu, 15 Jan 2009 13:14:52 +0000 Edward Harrison http://www.creditwritedowns.com/?p=4753 JPMorgan Chase moved up its earnings announcement to today in order to surprise the market with better than expected earnings. The company reported full-year income of $5.6 billion and 4th-quarter income of $702 million or $0.07 a share, beating consensus estimates of $0.01 a share. You should note, these numbers do not include the estimated $31.2 billion of writedowns associated with the Washington Mutual transaction. But, folks, for banks, this is as good as it gets

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Related Posts ]]> http://www.creditwritedowns.com/2009/01/jpmorgan-beats-expectations-despite-writedowns.html/feed/ 0 Jamie Dimon on the economy http://www.creditwritedowns.com/2008/12/jamie-dimon-on-the-economy.html http://www.creditwritedowns.com/2008/12/jamie-dimon-on-the-economy.html#comments Thu, 18 Dec 2008 01:30:23 +0000 Edward Harrison http://www.creditwritedowns.com/?p=2760 It's interesting to hear a chief executive of a major Wall Street firm speak openly and on the record about the economy. So, it's refreshing to watch this video and see Jamie Dimon's take on a number of economic issues ncluding house prices and infrastructure spending. A few days ago, I showed you a video from a long session he did with Erin Burnett of CNBC. This is another segment of that session. On the whole, he sounds very reasonable. Take a look. Jamie Dimon on the Economy

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Related Posts ]]> http://www.creditwritedowns.com/2008/12/jamie-dimon-on-the-economy.html/feed/ 0 Jamie Dimon: November was terrible, December is terrible http://www.creditwritedowns.com/2008/12/jamie-dimon-november-was-terrible-december-is-terrible.html http://www.creditwritedowns.com/2008/12/jamie-dimon-november-was-terrible-december-is-terrible.html#comments Thu, 11 Dec 2008 21:49:10 +0000 Edward Harrison http://www.creditwritedowns.com/?p=2110 Jamie Dimon tells it like it is. When asked by CNBC's Erin Burnett's how business is going, Dimon replied "terrible." Here's how Reuters describes his comments: "November itself has been a terrible trading month ... (and) December so far is pretty terrible," Jamie Dimon told CNBC. "It will be a tough quarter." Dimon said he was referring to the trading, loans and mortgage segments of the largest U.S. bank

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Related Posts ]]> http://www.creditwritedowns.com/2008/12/jamie-dimon-november-was-terrible-december-is-terrible.html/feed/ 0 JPMorgan Chase: Large exposure to real economy downturn http://www.creditwritedowns.com/2008/11/jpmorgan-chase-large-exposure-to-real-economy-downturn.html http://www.creditwritedowns.com/2008/11/jpmorgan-chase-large-exposure-to-real-economy-downturn.html#comments Mon, 01 Dec 2008 01:55:57 +0000 Edward Harrison http://www.creditwritedowns.com/?p=1645 The financial services sector has been the hardest hit sector in the credit crisis so far. Banks with large exposures to mortgage-backed securities like Citigroup, UBS and Merrill Lynch have suffered the most. This is largely because the crisis has been in asset prices -- chiefly home prices. However, as credit has become severely restricted, the credit crisis has become a global recession and that means the real economy will be impacted. This spells trouble for JPMorgan Chase

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Related Posts ]]> http://www.creditwritedowns.com/2008/11/jpmorgan-chase-large-exposure-to-real-economy-downturn.html/feed/ 1 Jamie Dimon: “If You Are Not Fearful, You Are Crazy” http://www.creditwritedowns.com/2008/10/quote-of-day-jamie-dimon.html http://www.creditwritedowns.com/2008/10/quote-of-day-jamie-dimon.html#comments Thu, 16 Oct 2008 18:43:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/quote-of-the-day-jamie-dimon.html I love Jamie Dimon, JPMorgan Chase’s CEO. He really tells it like it is. At last quarter’s earnings call, he called a spade a spade and said “prime looks terrible” in reference to prime mortgage loans. This quarter his quote is even more to the point: “If You Are Not Fearful, You Are Crazy.” -Deal

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/quote-of-day-jamie-dimon.html/feed/ 0 Did JP Morgan cause Lehman’s bankruptcy? http://www.creditwritedowns.com/2008/10/did-jp-morgan-cause-lehmans-bankruptcy.html http://www.creditwritedowns.com/2008/10/did-jp-morgan-cause-lehmans-bankruptcy.html#comments Sun, 05 Oct 2008 08:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/did-jp-morgan-cause-lehmans-bankruptcy.html According to the Times of London, that’s what Lehman’s creditors seem to suggest in Lehman’s bankruptcy filings. Apparently, JP Morgan cut Lehman off the night before it filed for bankruptcy and creditors are blaming this action for Lehman Brothers failure. RUUUBBISH! I don’t buy it one bit — Lehman was bankrupt all on its own.

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/did-jp-morgan-cause-lehmans-bankruptcy.html/feed/ 0 JP Morgan Chase buys WaMu out http://www.creditwritedowns.com/2008/09/jp-morgan-chase-buys-wamu-out.html http://www.creditwritedowns.com/2008/09/jp-morgan-chase-buys-wamu-out.html#comments Fri, 26 Sep 2008 00:42:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/09/jp-morgan-chase-buys-wamu-out.html JP Morgan Chase has taken over the deposit taking subsidiary of Washington Mutual. The transaction is effective immediately, meaning it has closed. This is the biggest deal in FDIC activity yet. Note: I originally heard this story just before 9PM ET and Yves Smith at naked capitalism has her take on the news. Obviously, this

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Related Posts ]]> http://www.creditwritedowns.com/2008/09/jp-morgan-chase-buys-wamu-out.html/feed/ 3 Relative value in financial services http://www.creditwritedowns.com/2008/08/relative-value-in-financial-services.html http://www.creditwritedowns.com/2008/08/relative-value-in-financial-services.html#comments Mon, 18 Aug 2008 14:30:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/08/relative-value-in-financial-services.html Not every financial services sector company is a basket case destined for bankruptcy. There are many well-run lower risk organizations in the bunch. Moreover, let’s not blame the banking model for individual companies’ woes. The Economist had a good article this weekend highlighting the fact that it is not the universal banking model which is

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Related Posts No related posts. ]]> http://www.creditwritedowns.com/2008/08/relative-value-in-financial-services.html/feed/ 4 Quality financials are out there http://www.creditwritedowns.com/2008/07/quality-financials-are-out-there.html http://www.creditwritedowns.com/2008/07/quality-financials-are-out-there.html#comments Fri, 18 Jul 2008 11:44:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/07/quality-financials-are-out-there.html Just because the financials are in for a few further rounds of pain doesn’t mean that quality financial institutions in the U.S. don’t exist. There is a stark difference in the level of risk some institutions took during the heydays of the housing and credit bubble. For example, take yesterday. Dour Jamie Dimon reported results

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Related Posts ]]> http://www.creditwritedowns.com/2008/07/quality-financials-are-out-there.html/feed/ 0 Prime looks terrible http://www.creditwritedowns.com/2008/07/prime-looks-terrible.html http://www.creditwritedowns.com/2008/07/prime-looks-terrible.html#comments Thu, 17 Jul 2008 17:27:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/07/prime-looks-terrible.html “Prime looks terrible.” Those are the words of Jaime Dimon, CEO of JP Morgan Chase regarding the future of prime mortgage loans. Wall Street analysts were ecstatic at the largely positive news in JP Morgan’s earnings report even though earnings were down by more than half compared to a year ago. Yet, Dimon attempted to

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