Political Wrinkles  

Go Back   Political Wrinkles > Political Forums > Economics
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

Economics Discuss JPMorgan expects $1.1 bln Q2 charge after TARP at the Political Forums; Other large banks incur charges from TARP repayment * 10 large banks repaid more than $68 billion NEW YORK (Reuters) ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 06-19-2009, 03:47 PM
dga's Avatar
dga dga is offline
Master
 
Join Date: Apr 2008
Location: New Jersey
Gender: Female
Posts: 1,622
Thanks: 825
Thanked 705 Times in 494 Posts
Default JPMorgan expects $1.1 bln Q2 charge after TARP

Other large banks incur charges from TARP repayment

* 10 large banks repaid more than $68 billion

NEW YORK (Reuters) - JPMorgan Chase & Co said it expects to record a $1.1 billion charge in its second-quarter results after returning $25 billion in taxpayer funds to the U.S. government.

The charge, relating to the early repayment of the government's investment, reduces second-quarter results by about 27 cents a share, the bank said in a regulatory filing Friday.

JPMorgan also said it has paid more than $795 million in dividends on the preferred stock it issued to the government in the fall, as part of the government's Troubled Asset Relief Program.

Ten large banks, including JPMorgan, repaid more than $68 billion to the TARP on Wednesday, in a bid to extract themselves from government restrictions on pay for top executives.

Goldman Sachs Group said it paid a dividend of $425 million, reducing second-quarter earnings by about 77 cents a share, the bank said earlier in the week. Morgan Stanley said it expects a $892 million charge in the second quarter relating to the early repayment of the government investment.

Both Goldman and Morgan Stanley received $10 billion from the bank bailout fund.

JPMorgan expects $1.1 bln Q2 charge after TARP

What's that? 'Bail-out' funds to banks producing a profit? Go figure, .
Reply With Quote
  #2 (permalink)  
Old 06-19-2009, 03:54 PM
cnredd's Avatar
Administrator
 
Join Date: Oct 2007
Location: Philadelphia
Gender: Male
Posts: 56,094
Thanks: 2,324
Thanked 37,016 Times in 20,964 Posts
Default Re: JPMorgan expects $1.1 bln Q2 charge after TARP

Quote:
Originally Posted by dga View Post
What's that? 'Bail-out' funds to banks producing a profit? Go figure, .
Where does it say that?...

I see the company producing a profit and I see the company repaying the loan...

What I DON'T see is anyone saying that they wouldn't have gotten a profit IF NOT for the bailout loan...

This has nothing to do with business transactions...You didn't bold the relevant part...

Quote:
Ten large banks, including JPMorgan, repaid more than $68 billion to the TARP on Wednesday, in a bid to extract themselves from government restrictions on pay for top executives.
THAT IS ALL...

The banks want this bailout bullsh*t out of their hair so can prevent the government from imposing their will on the private sector...

Nothing more...
__________________
"You get the respect that you give" - cnredd
Reply With Quote
  #3 (permalink)  
Old 06-19-2009, 04:06 PM
dga's Avatar
dga dga is offline
Master
 
Join Date: Apr 2008
Location: New Jersey
Gender: Female
Posts: 1,622
Thanks: 825
Thanked 705 Times in 494 Posts
Default Re: JPMorgan expects $1.1 bln Q2 charge after TARP

Quote:
Originally Posted by cnredd View Post
Where does it say that?...

I see the company producing a profit and I see the company repaying the loan...

What I DON'T see is anyone saying that they wouldn't have gotten a profit IF NOT for the bailout loan...

This has nothing to do with business transactions...You didn't bold the relevant part...

THAT IS ALL...

The banks want this bailout bullsh*t out of their hair so can prevent the government from imposing their will on the private sector...

Nothing more...
I don't understand, I thought you detest government intervention? Shouldn't you be happy the banks are trying to get government out of their business? Regardless of their motivations, I thought this would make you happy.

My point is that, like in a similar situation with the Continental Illinois Bank in the 80s, and as discussed ad nauseum a few months ago when the bailout was being argued back and forth, in the long run, the government will get its money back and then some.

"JPMorgan also said it has paid more than $795 million in dividends on the preferred stock it issued to the government in the fall..."

Dividends means profits. It is a return on an investment. It is not the early repayment fee, nor it is the repaid capital. It is a PROFIT,
Reply With Quote
  #4 (permalink)  
Old 06-19-2009, 05:49 PM
cnredd's Avatar
Administrator
 
Join Date: Oct 2007
Location: Philadelphia
Gender: Male
Posts: 56,094
Thanks: 2,324
Thanked 37,016 Times in 20,964 Posts
Default Re: JPMorgan expects $1.1 bln Q2 charge after TARP

Quote:
Originally Posted by dga View Post
I don't understand, I thought you detest government intervention? Shouldn't you be happy the banks are trying to get government out of their business? Regardless of their motivations, I thought this would make you happy.
I not happy about ANY of it, but I'm LESS disappointed knowing the banks are repaying the loans so they can get back to being FREE from government interference...

Quote:
Originally Posted by dga View Post
My point is that, like in a similar situation with the Continental Illinois Bank in the 80s, and as discussed ad nauseum a few months ago when the bailout was being argued back and forth, in the long run, the government will get its money back and then some.
I...DON'T...CARE....

Putting the government in bed with the private sector influences them POLITICALLY...That's is IRRELEVANT of whether thay get an extra penny or lose an extra penny...

You're are looking at the short-term bottom line...I'm looking at the long-term negative effects...

Quote:
Originally Posted by dga View Post
"JPMorgan also said it has paid more than $795 million in dividends on the preferred stock it issued to the government in the fall..."

Dividends means profits. It is a return on an investment. It is not the early repayment fee, nor it is the repaid capital. It is a PROFIT,
And you can make a profit with money the mafia loaned you, too...

Think that gets you off the hook?...
__________________
"You get the respect that you give" - cnredd
Reply With Quote
Reply

Tags
$11, after, bln, charge, expects, jpmorgan, tarp

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 03:57 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2021, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0