Hmmm…
With all the talk about JPMorgan’s losses out of the CIO’s office, nobody is discussing the money the firm made on Friday due to the accounting magic called DVA. After all, CIO’s positions were (at least in principle) meant to act as an offset to this earnings volatility.
Regarding the recent $2 Billion loss, I’ve not seen anything in Bloggo world regarding the fact JP Morgan Chase will likely get a significant tax write off on the loss.
So it’s alot like the marketing for the film Alien vs. Predator, “Whoever wins, we lose”.
http://soberlook.com/2012/05/jpmorgan-made-some-5bn-on-friday-using.html