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JPM’s superlative performance

May 13, 2012 by
Filed under: Uncategorized 

Jamie+Dimon+Banking+CEO+Testify+Before+House+yVmm9FDL4I l JPMs superlative performance By Brice Buckley (Editor-at-Large, Clarion Advisory) 5-13-12

What a superlative performance into the sublime carried out by JP Morgan’s Jamie Dimon earlier in the week; I guess there was good reason Mr. Dimon had JPM’s General Counsel seated adjacent to him on Thursday’s hastily arranged emergency conference call… a call Clarion Advisory participated in along with some of the Street’s top rated analysts, except, being the non-conformists as we are, we relished leaving our phone off of mute, we wanted to be able to provide a laugh track for the call.

Hey, it isn’t every day a global investment firm gets the opportunity to advise that it lost $2 Billion over a six-week period playing ahem, ”hedging” the derivative market by plying the last standing derivative index with hundreds of billions of dollars in some of the most complex market trading bets conceived by man.

These are the same type of bets that MF Global appears to have engaged in… however, in this case JPM didn’t dip into private account stash to cover its position.  No, in JPM”s case, they simply lost $2Billion of corporate side risk and now find themselves inside a slice of the market where they are stuck and where hedge fund managers are now squeezing JPM as a result of JPM’s egrigious attempt to overheat the CDX  Investment Grade Series 9 Index (IG9).

Everything JPM has stated concerning the “no -need” to regulate the derivative market has been impeached by the facts… facts that are firming up each day and that will show that JPM’s disclosed $2 Billion loss will turn likely into $4 Billion (plus) as they attempt to unwind their IG9 market positions.  Positions everyone now knows about, including those on the Hill.


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