Thursday, July 15, 2010

JP Morgan - Earnings Fraud Once Again, Again...

Ok, this is getting to be like a habit. The last time they reported great earnings they used accounting gimmicks and loan reserves for most of their profits...even with all the free money and fake accounting given to them thanks to the Fed, they made most of their money by reducing loan reserves because everything was getting "better and better and better". Interesting, this time they make a point to say profits were reduced in the consumer lending division and performance was unacceptable in that division. Ohh, so  commercial and wholesale loans require 1.5 billion less in reserve requirements therefore we made 1.5 billion this quarter on bad loans?! If Dimon and company can't make money the old fashioned way when they still get money and credit given to them free and when they still mark assets a mystery prices - what's going to happen when things get really bad.

Jamie, is succession planning still priority #1? We really believe you in zombieland! Time for the market to go up on this solid news...we believe you Jamie and we believe you Benakejing. NOT!
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