JPM plays \'Hide the sausage\'(rasputin)

JPM plays "Hide the sausage"	rasputin	NEW 1/16/2008 4:25:16 AM
So,JPM just reported 4th quarter results. In the release they claim theyare ONLY writing down $1.3 billion, as reflected in this statement: "Investment Bank fourth-quarter results declined significantly. Results included: - Markdowns of $1.3 billion (net of hedges) on subprime positions, including subprime CDOs" However, if you take a closer look at the thirty-five page supplement, released separately, the link to which is here: We sure hope the sheeple won't wade through this thick-as-molasses report ..youwill find, buried on page twenty-seven, that their exposure towholesale loans,subprime loans, credit card loans, automobile loans and"other" loansis: ONE POINT ONE TRILLION DOLLARS!!! (AndI can't even find the reference to the CDOs--perhaps they are lumped inthe "other" category or buried somewhere else in the report--so theexposure might be higher). So, ya gotta ask yourself if youbelieve that JPM is soooo special, soooo different that they are onlytaking a $1.3 billion hit ("net of hedges" of course, so let's hopethat their counterparties aren't bankrupt) in credit losses. Frankly, I don't. Inany event. CNBC is spinning this release as some sort of positive newsand JPM's stock actually bounced up a little bit in the futures. Will it be enough to save the markets today? I'll let you be the judge.