Scott's back...
Market WrapUp is delivered...
Looks like the market is up, right? Our economic doom has been delayed. Plus, we are closer to a resolution of the Iraq mess. One way or the other.
I think Bush and company jumped the gun (pun intended) on the Iraq issue. Now that it is off the table the press will go after the economy and drive the market under just before the election. Metals are on a hiatus???
I'm a bit disappointed that Scott didn't detail the obvious points of intervention in today's trading by the Rise Protection Team...
JPM's derivatives Mar 1999 thru Jun 2002.
http://www.occ.ustreas.gov/ftp/deriv/dq199.pdf
(In Millions of Dollars)
March 1999
Company
Assets---Derivatives
CHASE MANHATTAN CORP NY--- $361,258 $10,547,024
JP MORGAN & CO NY
$269,070 $8,434,865
CITIGROUP INC NY
$690,649 $7,472,675
http://www.occ.ustreas.gov/ftp/deriv/dq202.pdf
June 2002
Company
Assets---Derivatives
JPMORGAN CHASE BANK NY----- 581,407 25,910,300
BANK OF AMERICA NA NC------ 562,116 10,248,597
CITIBANK NATIONAL ASSN NY-- 487,074 7,397,644
items of interest:
(1) JP & Chase were worth 630,000 million in March of 1999 as separate companies. Now that they are merged, they are worth $581,407 million three years later.
(2) JP & Chase had $19,000,000 million ($19 trillion) in derivatives in March of 1999 as separate companies. Together, the current notional value is $26,000,000 million ($26 trillion).
(3) The two companies have current assets worth $49 billion less now that they are combined into one. But yet, their total derivatives package is approx $7 trillion more.
(4) Bank of American overtook Citigroup as #2 derivative problem with $10,248,597 million ($10 Trillion). In 1999 they had a mere $4,279,830 million ($4 trillion) in derivatives.
(5) Citigroup's derivatives book has actually gone down by $75,000 million ($75 Billion) between March of 1999 to June of 2002.
(6) Citi assets are listed as being $200,000 million less in June 2002 compared with march 1999.