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
Re: 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-
Die Leute sind doch verdammt zäh bis sie einsehen ins Gold zugehen oder brauchen wir noch einen Anschlag;-)
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