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To: marginmike who wrote (197769)	10/16/2002 7:41:34 AM
From: orkrious	Read Replies (1) \| Respond to of 436258

how the hell is a person supposed to read JPM's earnings. From the announcement: Partially offsetting the decline in trading revenues were investment securities gains of $465 million. These gains resulted from the strong performance of global treasury, which manages the firm's interest rate exposures and investment securities activities. Global treasury's activities complement and offer a strategic balance and diversification benefit to the firm's trading activities. Global treasury manages interest rate risk of the firm on a "total return" basis, which measures both realized income (securities gains or losses and net interest income) and unrealized gains or losses on assets and liabilities of the firm. The total return from these activities was $363 million in the third quarter, up 70% from the second quarter. what a bunch of BS.