[JimSEA]

The rumour about a Fed meeting is still making financial rounds. The Street gives it the spin that it is reported to have been about JP Morgan's derivitive involvement. They also say it probably didn't happen. Thus Citigroup is generally flat today and JPM is actually up based on upgrade.

[Fracas]

My guess is that there was a Fed meeting, but I doubt it was primarily to deal with JP Morgan. I think they know that Citigroup is not alone in 'creative loans' and 'oral agreements', and want a plan in place.

The WSJ writer on Kudlow and Cramer said that he was getting a lot of calls from lawyers and bankers saying that since the info was coming out about Citibank, that now 'the truth will be told'.

Sen. Fitzgerald told Neil Cavuto that none of the information on Citigroup was a surprise, that the committee had been aware of this for quite a while.

About JPM... how many reporters do you think can actually understand - not to mention explain! - derivitives. I'm excluding the financial people, of course. Imagine Dan Rather's explanation...grin.