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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (444)6/13/2002 10:48:28 PM
From: Cactus Jack  Read Replies (1) of 89467
 
JW,

I thought this part was particularly interesting as well:

<JPM has been referred to as a house of cards because of the huge outstandings in derivatives. But of course we only know the gross position and not the net position that may be offset with physical holdings in bonds, loans, equity and gold. The vast majority of the positions are termed in JPM's annual report as trading positions as opposed to hedging positions. That could mean almost anything although oddly enough in twenty plus years in the investment industry many of them spent as a derivatives trader, trading positions meant speculative leveraged positions.>

Any idea who does their accounting?

jpgill
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