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JPM's $150 Billion FDIC Reality Adjustment' - Jamie Dimon Just Admitted To The World That JPM's Assets Are Overvalued By
Posted By: DannyCahalin [Send E-Mail]
Date: Saturday, 11-Aug-2012 00:45:43
JPM’s $150 Billion FDIC Reality Adjustment
Reuters published an exclusive story this morning
http://www.reuters.com/article/2012/08/10/us-banks-recoveryplans-idUSBRE87905N20120810
U.S. banks told to make secret plans for preventing collapse
Buried in the final paragraph:
In a presentation in March, JPMorgan Chase said it had a recovery plan in place and said it was ordered by regulators. The presentation was organized by Harvard Law School and was closed to the media at the time, but is now available online.
Here’s the BEST part of the JPM document.
It’s easy to see on the PDF:
http://www.law.harvard.edu/programs/about/pifs/symposia/europe/baer.pdf
Go to page 9. Under the wipeout scenario JPM describes a $50 billion trading loss turning into a $200 billion loss as soon as the FDIC takes over. Why… ? Because JPM says they would expect the FDIC to immediately writedown JPM’s assets by an additional $150 billion.
Holy mark to bullshit. Jamie Dimon just admitted to the world that JPM is mis-marking assets to the tune of $150 billion.
It gets better. Go to page 10. The chart shows that they only have $184 billion in equity, minus the $50 billion loss, minus ‘the $150 billion fdic reality adjustment’, which leaves them in a negative equity position of (-$16 billion).
So, we can extrapolate that without this phantom loss of $50 billion, JPM’s real equity position is just $34 billion currently, not the $184 billion on their books.
Found @
http://www.blacklistednews.com/index.php
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3 comments:
'Worst case' speculation! ....Very few common stock companies will survive such a situation!
These rats are stealing the segregated accounts of clients with impunity.
What they declare vs. what they're doing with off the books accounting is only the tip of the iceberg. Glaring examples are the LIBOR, Lehman, Tax Payer Bailout Extortion, and the MS Global massive frauds. That's just some of the MS stuff..
This and other banks real assets should have been seized, and taken over by congress. The constitutional law can then be overseen, and enforced by the people - trials, impeachments, recalls and constitutional mandates...
Every executive, influence peddler, and compromised govt employee should be tried for treason, fraud and conspiracy under RICO statutes.
By rights these financial and govt terrorists should be rendered and tortured for information... Disappeared without warrant and dispatched as the traitors they are. After all.. It's 'the law', and these are the guys who insisted on installing such criminal statutes... Just sayin
Of course all their personal and related business accounts should be seized as well.
- spit...
Besides all that...
The FDIC is broke.
At best they themselves would honor only 10% of insured accounts.
Also, they give themselves 99 years to make good on their obligations.
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