- JPMorgan Profit Rises 55% on Trading, Beats Analysts’ Estimates
- U.S. bank chief mobbed by angry borrowers
- Soros Says Risk of Greek ‘Death Spiral’ Remains
- Morgan Stanley Said to Lose 61% on Real Estate Fund
- M Stanley warns of $5.4bn property losses
- Sale of ResCap a flop
- Tiger Woods Enters June’s U.S. Open at Pebble Beach
JPMorgan Profit Rises 55% on Trading, Beats Analysts’ Estimates – Bloomberg
JPMorgan Chase & Co., the second- biggest U.S. bank by assets, beat analysts’ estimates as first- quarter earnings rose 55 percent on higher trading revenue.
Net income climbed to $3.33 billion, or 74 cents a share, from $2.14 billion, or 40 cents, in the same period a year earlier, the New York-based bank said today in a statement. The per-share earnings compared with the 64-cent average estimate of 21 analysts surveyed by Bloomberg…..
U.S. bank chief mobbed by angry borrowers – Reuters
“Come to me,” said David Lowman, chief executive for JPMorgan Chase & Co’s home mortgage business in response to the question from Massachusetts Democrat Barney Frank.
Minutes later, around 50 borrowers burst from the audience and presented Lowman with a 6-page document alleging his bank reneged on a pledge to help struggling homeowners.
The activist who organized the protest said Lowman did not want to talk and left the hearing.
“He ran. He ran like a dog with its tail between his legs,” said Bruce Marks of the Neighborhood Assistance Corporation of America (NACA), which helps homeowners avoid foreclosure. “He was scared to death because he doesn’t really want to talk to homeowners.”….
Soros Says Risk of Greek ‘Death Spiral’ Remains – Bloomberg
Greece still faces the danger of a “death spiral” because the cost of borrowing in the euro region’s rescue package is too expensive, billionaire investor George Soros said.
“While it’s better than what the market is currently willing to offer, it’s still rather high,” Soros said at an event in London late yesterday organized by the Economist magazine. “It is a question of solvency. If you start charging very high rates as the market does in anticipation of solvency then that pushes you into insolvency.”…..
Morgan Stanley Said to Lose 61% on Real Estate Fund – Bloomberg
Morgan Stanley, which once ran the biggest property-investment arm among Wall Street banks, expects to lose $5.4 billion, or 61 percent, of its $8.8 billion global fund from 2007, said a person familiar with the situation.
The firm sent a fourth-quarter update to investors in recent weeks showing the fund was likely to recover $3.4 billion of the investment, said the person, who declined to be identified because the information wasn’t public. A spokesman for New York-based Morgan Stanley declined to comment…..
M Stanley warns of $5.4bn property losses – FT
Morgan Stanley has warned investors that an $8.8bn property fund could face the worst losses in real estate private equity history owing to the fall in value of investments made at the peak of the market.
Msref (Morgan Stanley Real Estate Fund) VI International could lose as much as $5.4bn, having been forced to take writedowns or hand back the keys on a range of investments round the world…..
Sale of ResCap a flop – NY Post
Government-owned GMAC Financial Services is having trouble selling its Residential Capital mortgage business — and that could mean another taxpayer bailout.
“The original notion that someone would buy this quickly is not happening,” a source close to the situation told The Post.
GMAC declined to comment…..
Tiger Woods Enters June’s U.S. Open at Pebble Beach – Bloomberg
Tiger Woods officially entered the U.S. Open at Pebble Beach Golf Links, the site of his widest major tournament victory.
Woods, who tied for fourth at the Masters Tournament two days ago following an almost five-month absence, signed on to play in the golf season’s next major event June 17-20, Pete Kowalski, a spokesman for the United States Golf Association, said in an e-mail. The deadline for entry is April 28. Woods’s plans were first reported by the Monterey Herald of Monterey, California…..
Tags: George Soros, Greece, JP Morgan, Morgan Stanley, mortgages, Real Estate, Sovereign debt, Tiger Woods
