! JPMorgan Makes Emergency After Hours Conference Call on Multi $ Billion LossesSubmitted by slowginfizz on Thu, 05/10/2012 - 21:01
Something big is happening. JPM CEO Dimon is talking about a 2 billion trade loss but zerohedge.com with Tyler and friends (Most of who constantly give Ron Paul love while calling MSM whores) are talking about 20 billion plus losses with positions that can't be unwound! These trades are not client money. No one really knows how much they are leveraged and have re-rehypothocated assets but this takes a meat cleaver to the banks reserves. If leveraged only at 30:1, a billion dollar loss could grow into 30 billion in margins calls! If Dimon is admiting a 2b loss while admitting judgement errors, it has to be bad. This is damage controll trying to calm Friday markets. This is can be a game changer.
Hell this could be the reason for MFGlobal. MF and Corzine took one for the team. JPM got 1 billion plus, tones of silver while JPM buddies in the bankruptcy/receivership locked out MF clients accounts/assets. They couldn't buy/sell/trade. Was the whole thing just to buy JPM time? This is speculation but ......
The market esp the banksters, Mittines and crew, are going to take a hit tomorrow.