By Reggie Middleton
You know, I don’t even bother to go over banking statements anymore. They are so steeped in bullshit, quasi-fraudulent fallacy and muppetology, that I’m simply waiting for Bernanke to slip up and true market pricing to come to the fore before I jump back into the game. ZeroHedge comments on JPM’s earnings as follows JPM Beats On Loan Loss Reserve Release Despite Drop In Trading Revenues And NIM, Surge In Non-Performing Loans:
There is a lot of verbiage in the official JPM Q3 Earnings press release which directs to a bottom line number of $1.40, or $5.7 billion on expectations of $1.24, with revenue of $25.9 billion on expectations of $24.53 billion. The primary reason for the lack of disappointment: no major losses in Corporate from CIO, with corporate generating $221 million in Q3, up from a loss of $(1.777) billion in Q2. And then come the adjustments: $900 million pretax benefit ($0.14 per share after-tax increase in earnings) from reduced mortgage loan loss reserves in Real Estate ………………………………..
- JPM Had A Blowout Quarter – What & Who They Blew Is the Question At Hand! (zerohedge.com)
- JPM Beats On Loan Loss Reserve Release Despite Drop In Trading Revenues And NIM, Surge In Non-Performing Loans (zerohedge.com)
- Citigroup Earnings Report – similar to JP Morgan , accounting manuevers manufacture so called Adjusted income . home equity loan losses surge and exposure to the PIIGS jump ……. (fredw-catharsisours.blogspot.com)
- Wells Fargo Posts Record Quarterly Profit on Mortgage Banking – Bloomberg (bloomberg.com)