you’ve wondered what investment banks have been doing with those hard earned bail-out tax dollars
lent to them by the Federal
Reserve and US government at
nearly zero percent interest, here’s your answer and a demonstration in how to vaporize
the GDP of a small nation in just
a few weeks’ time.
an unexpected after hours call with investors CEO Jamie Dimon said JPMorgan was facing massive losses – legal losses of $4.2 billion were reasonably possible, he said — with trading losses totaling $800 million in the second quarter.
Dimon said it could take
until the end of the year
to restructure the portfolio.
Although information was
still coming together at the time of writing, the Fast Money traders
say developments look like they’re a game changer.
can almost guarantee it’s
not just JPMorgan.”
adds trader Guy Adami.
“JPMorgan looks like it’s going to bring down the entire space,” adds Steve Grasso.
other words, all the
traders are expecting financials
to sell-off broadly on
sector hasn’t been doing well anyway,”
explains Steve Grasso.
“The group has been breaking down. This feels like it
could be a nail in the coffin.”
…”could easily get worse”
out below because this one has traders spooked and it could be a Lehman-like
domino that causes a widespread market panic.