JP Morgan got to see what’s really on their balance sheet. The public didn’t on Friday, although one would have to be completely out of touch not to realize that there were BK rumors that caused the Fed loan to go into motion.
Funny what happens when the off-the-balance-sheet obligations get added back to the balance sheet. The stock price drops from $27 to $2.
Good thing is that the other banks will follow suit, admit it has no value and get that junk written off once and for all.