Board-Ansicht
Mix-Ansicht- Fällt J.P.Morgan? - 29 Billionen Derivate! - R.Deutsch, 08.02.2002, 09:02
- Re: Fällt J.P.Morgan? - 29 Billionen Derivate! - Euklid, 08.02.2002, 09:13
- J.P.Morgan wird fallen - 29 Billionen Derivate! - Toplevel, 08.02.2002, 10:16
- Wenn ich nicht schon voll investiert wäre, würde ich einen Put wagen.:-)) (owT) - ufi, 08.02.2002, 10:31
- Re: J.P.Morgan wird fallen - 29 Billionen Derivate! - 2good4you, 08.02.2002, 10:44
- Noch was: Erst wenn die Macht der Banken gebrochen ist, kann es wieder aufwärts - ufi, 08.02.2002, 10:33
- Re: Fällt J.P.Morgan? - 29 Billionen Derivate! - Standing Bear, 08.02.2002, 10:48
- J.P.Morgan - Toplevel, 08.02.2002, 11:12
- Re: J.P.Morgan - Quelle - kingsolomon, 08.02.2002, 18:00
Fällt J.P.Morgan? - 29 Billionen Derivate!
Is J.P. Morgan Chase too big to bail?
>
> By John Crudele
> New York Post
> February 7, 2002
>
> Is J.P. Morgan Chase too big to bail?
>
> Last week I posed the more common question: Was the
> bank too big to fail, or allowed to fail by the government?
>
> It's a logical question, since J.P. Morgan Chase has had
> a string of bad luck recently, including involvement with
> Enron. The bank says its luck hasn't been as bad as it
> looks, and I'll get to that in a minute. But J.P. Morgan
> chief exec William Harrison admitted publicly yesterday
> that the bank had assumed too much risk in dealings
> with Enron.
>
> But I saved potentially the most ominous and admittedly
> most confusing of J.P. Morgan Chase's bets for last --
> derivatives. Lot and lots and lots of derivatives. Enough
> derivative exposure, in fact, to dwarf the entire gross
> domestic product of the United States.
>
> What are derivatives? They are investments -- gambles,
> really, like those made by Enron -- on things that are
>"derived" from other investments. The dollar, interest
> rate spreads, stocks, livestock -- you name it, because
> your guess will be as good as anyone else's outside
> of J.P. Morgan.
>
> J.P. Morgan declined a request to discuss its massive
> derivative position even as it was defending its streak
> of bad luck.
>
> Just how massive is Morgan's derivative gamble? Get
> this -- it has a potential, or notional, value of $29
> trillion. That is in addition to net credit exposure
> of $94.7 billion. Trillions in derivatives. As in
> three times the nation's entire annual gross domestic
> product.
>
> Here is another comparison to consider: Citigroup,
> another giant bank, only has $9 trillion in derivative
> exposure. Says Jim Grant of Grant's Interest Rate
> Observer:"So dominant is Morgan Chase in the
> derivatives market that its exposures look like
> typographical errors."
>
> Adds bank analyst Charles Peabody of Ventana
> Capital,"It's an incredible figure and it's very
> dangerous. There's no exit."
>
> On the bright side, J.P. Morgan Chase's derivative
> position has been growing steadily for years, so far
> without an apparent mishap. But, then again, the
> country and the banking industry hasn't been through
> a recession in recent years. As for its bad luck in
> loans to companies like Kmart, Global Crossing,
> Enron et al., as well as Argentina, J.P. Morgan
> Chase says that its losses on commercial loans
> are equal to less than 1 percent of its total portfolio.
> And it promises that it isn't hiding any losses off the
> balance sheet -- like PNC Bank is accused of doing.
>
> And apparently taking one from the Ken Lay quote
> book, J.P. Morgan Chase says I'm relying too much
> on a small group of bank industry analysts in my
> critique.
>
> I hope the bank is right, because J.P. Morgan Chase's
> dabbling in derivatives makes it too big for even the
> Federal Reserve to bail out.
>
> -END-
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