...to give our shareprice a nice boost

Jim Sinclair’s Commentary

What OTC derivatives and litigation fail to do to the international investment banks, the crap out in earning will. Derivatives accounted for more than 50% of all investment banks earnings.

Where do you think all the billions came from, commission on buying and selling common stock or new issues?

Matching analyst’s estimates somehow is intended to read GOOD.

JPMorgan Net Drops 50%, Matching Analysts' Estimates
By Elizabeth Hester

April 16 (Bloomberg) -- JPMorgan Chase & Co., the third- biggest U.S. bank, said the credit-market crisis is almost over after it reported a 50 percent drop in first-quarter profit on $5.1 billion of writedowns and provisions.

JPMorgan rose as much as 5.4 percent in New York trading as the losses from home-equity loans, financing for leveraged buyouts and subprime mortgages were smaller than analysts predicted and revenue exceeded expectations. Net income dropped to $2.37 billion, or 68 cents a share, matching estimates.

``In this environment, being able to post earnings as they did is I think all-in good news,'' Charles Bobrinskoy, vice chairman of Ariel Capital Management LLC in Chicago, which owned more than 611,000 JPMorgan shares as of Dec. 31, said in a Bloomberg Television interview.

JPMorgan, which has posted about $10 billion of writedowns and losses since the beginning of last year, is now grappling with a sagging labor market that has hurt clients' ability to pay credit cards and consumer loans on time. The New York-based company set aside $1.1 billion in the first three months of 2008 for future home-equity loan defaults, after boosting those provisions by $395 million in the fourth quarter.

Chief Executive Officer Jamie Dimon, 52, said on a conference call with reporters that the credit-market crisis is more than halfway finished as financial firms reduce leverage, and may be as much as 80 percent over.

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