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To: RetiredNow who wrote (261137)	7/15/2010 1:37:13 PM
From: DebtBomb	Respond to of 306849

That bill is meaningless, IMO.

To: RetiredNow who wrote (261137)	7/15/2010 1:49:05 PM
From: tejek	Read Replies (4) \| Respond to of 306849

Why doesn't he know whether the bill will help us deal with the next financial crisis? He didn't say financial crisis.....he said economic crisis.....which is inevitable. You're too negative and you're hearing what you want to hear. On the other side, I hear bankers like JPM's Dimon unhappy because they have new regs that control their businesses. We need banks.....we can't kill them. The bill can always be fine tuned going forward.

To: RetiredNow who wrote (261137)	7/15/2010 1:55:56 PM
From: tejek	Respond to of 306849

Goldman on J.P. Morgan: ‘Shoe Seems on the Other Foot’ By Matt Phillips Bank earnings are always somewhat opaque affairs riddled with write-ups, write-downs, provisions, pre-provisions, pre-pre-provisions and various other temptations for a bit of — as one of our commenters put it — “hanky-panky with accounting rules.” That’s why we thought we’d spotlight a very clear takeaway on Thursday’s J.P. Morgan Chase’s earnings, from Goldman Sachs analysts: The story of the past year at big banks has been absorbing big provisions with even bigger preprovision, led by capital markets results. This quarter the shoe seems on the other foot – great credit but weaker pre-provision. Translation: For the last year, as the economy struggled. The bank lost money on bad loans, but made money on its booming Wall Street businesses such as bond trading and investment banking. That’s how The Journal sees it too. WSJ.com’s headline? ”Main Street Lifts J.P. Morgan.” If that’s the takeaway, one is left to wonder why the banks that cater to main street — the regionals — are getting hammered. The KBW Regional Banking Index is down 1.9%. Regions Financial is off 3.2%. SunTrust is down 3%. BB&T is down 1.7%. KeyCorp, Zions, Fifth Third and PNC are all down around 1%. They were worse earlier but have pared some of their losses on the day. One explanation might have something to do with the Financial Regulations that cleared the Senate Thursday. J.P. Morgan actually upped its estimate for how much restrictions on retail overdraft fees would cost the bank. Previously it put the figure at plus or minus $500 million on an after tax basis. J.P. Morgan raised that to plus or minus $700 million, Thursday. J.P. Morgan also tighted its range up on how much the Card Act — credit card legislation passed a year ago — would cost it. Previously it put that at a range between $500-$750 million. Now it’s a solid $750 million. It would be easy for the markets to transfer the specter of rising of those costs onto the regional banks. And finally, the fact remains that though there is some performance improvement in terms of the loans that are out there, there’s very little in terms of demand for new loans, which definitely clouds the revenue picture for banks. Here’s J.P. Morgan executive Mike Cavanagh on the call Thursday: “We continue to see maybe some signs of activity on the horizon but not yet translating into actual increase in loan demand and continued low level of utilization in the low 30%, 30, 32% utilization rates against the committed lines we have to our clients in this space.” blogs.wsj.com

To: RetiredNow who wrote (261137)	7/15/2010 2:01:01 PM
From: Cal Amari	Read Replies (1) \| Respond to of 306849

Is it the FinReg bill, or the F'inReg bill? Either way, we're F'ed.