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Politics : Stockman Scott's Political Debate Porch
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To: T L Comiskey who wrote (8943)11/7/2002 11:27:27 AM
From: Jim Willie CB   of 89467
 
J.P. Morgan denies gold loss rumors, stock down
Thursday November 7, 10:12 am ET

[shows how vulnerable JPM is now after rising from 15+ to 22+
of course I believe the rumors, which are confirmed by firings of both the JPM and Chase commodity trading VP's
my guess is the truth lies in the middle somewhere
as in, $50B in underwater gold shorts, not yet closed out
they havent lost money if they havent covered at a loss yet]

NEW YORK, Nov 7 (Reuters) - J.P. Morgan Chase & Co Inc. said on Thursday that rumors it had suffered large losses on gold trades were "false and irresponsible," as the rumors had damaged its stock price.

J.P. Morgan shares, a component of the benchmark Dow Jones Industrial Average, dropped to a low of $20.55 on Thursday before recovering somewhat to trade down 4.6 percent, or $1.01 a share, at $21.05. The stock fell on rumors arising in Europe that the No. 2 U.S. banking company had lost between $17 billion and $70 billion on gold trades. A spokesman denied the rumors and analysts also discounted them.

"It's (circulated) at least three or four times this year, and it's always out of Europe," UBS Warburg analyst Diane Glossman said of the rumor. "They should please come up with something more creative next time than recycling old rumors."
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