While they pause today given the market wide pullback, dows singing 189 points. Nasdaq dropping 1. 47 . Its worth asking if this might be the pause that refreshes the old smokestack. Let me set the scene. Conventional wisdom has been if oil goes higher, its a good day for the market and if oil goes lower, sell, sell, sell. Its a bad one. So, it went down two bucks. Got hammered. We saw the urgency of that formula writ large today because we learned jpmorgan has 44 billion in oil and gas exposure. Thats 44 billion in oil and gas exposure. Kind of like making it the exxon of banking with hopefully exxons discipline. Oddly given the plumeting price of oil, only 15 million in loan loss reserves. Even though 19 billion is loan portfolios. Say firms with junk bond status. Boo. And 39 of it was made to Exploration Production companies. The wos f the worst when it comes to who is paying anybody back. Jpmorgan said the Energy Company could cost them. Hey. 20 billion. But to me, having lived tla
[indistinct chattering] [indistinct chattering] the funeral mass for Supreme Court Justice Antonin Scalia a has come to an end here at the basilica of the National Shrine of the Immaculate Conception and washington, d. C. Justice scalia will now be laid , thest at a private burial location for that burial has not been announced. The justice is survived by his wife, maureen, 9 children, and many grandchildren. Every weekend on American History tv on cspan3, feature programs that tell the american story. Some of the highlights for this weekend include this afternoon at 2 00 eastern, president Woodrow Wilson nominated a boston lawyer to the u. S. Supreme court great he became the first jewish justice to sit on the nations highest court. Of hismoration nomination, Brandeis University in massachusetts hosted a panel, including ruth bader ginsburg, to discuss his contributions to american democracy. At 6 55, professor joanne discusses the evolution of Political Parties and partnership. Sunda
Old smokestack. Let me set the scene. Conventional wisdom has been if oil goes higher, its a good day for the market and if oil goes lower, sell, sell, sell. Its a bad one. So, it went down two bucks. Got hammered. We saw the urgency of that formula writ large today because we learned jpmorgan has 44 billion in oil and gas exposure. Thats 44 billion in oil and gas exposure. Kind of like making it the exxon of banking with hopefully exxons discipline. Oddly given the plumeting price of oil, only 15 million in loan loss reserves. Even though 19 billion is loan portfolios. Say firms with junk bond status. Boo. Exploration production companies. The wos f the worst when it comes to who is paying anybody back. Jpmorgan said the Energy Company could cost them. Hey. 20 billion. But to me, having lived tlau low loss sickle i can only say give me a break. Im not buying it. Oil retreats hard here, they could double that number and i wouldnt believe it. Sorry. I didnt like anything about this disc
Of oil, only 15 million in loan loss reserves. Even though 19 billion is s an portfolios. Say firms with junk bond status. Boo. And 39 of it was made to Exploration Production companies. The wos f the worst when id comes toho is paying anybody back. Jpmorgan said the Energy Company could cost them. Hey. 20 billion. But to me, having lived tlau low loss sickle i can only say give me a break. Im not buying it. Oil retreats hard here, they could double that number and i wouldnt believe it. Sorry. I didnt like anything about this discussion. Yeah, reported a little more than a month ago. Why didnt they Say Something then . Not like oil was flying in january. It was low. Im not jamie diamond just plunked down 26 mill to buy five shares. Got enough cash. Oil goes much lower from here. Believe me. Buy some even lower. This oil and gas exputs a new swin. Before you freak autoout and say, wow, all under reserve, it is a really big bank. Its got billions and billions of dollars in goods and were
Comes to who is paying anybody back. Jpmorgan said the Energy Company could cost them. Hey. 20 billion. But to me, having lived tlau low loss sickle i can only say give me a break. Im not buying it. Oil retreats hard here, they could double that number and i wouldnt believe it. Sorry. I didnt like anything about this discussion. Yeah, reported a little more than a month ago. Why didnt they Say Something then . Not like oil was flying in january. It was low. Being hopeful. Im not jamie diamond just plunked down 26 mill to buy five shares. Got enough cash. Oil goes much lower from here. Believe me. Buy some even lower. Swin. Before you freak autoout and say, wow, all under reserve, it is a really big bank. Its got billions and billions of dollars in goods and were not watching the death of oil. If oil stays down, there wont be a lot more to fault, so a lot of banks just taking losses. The house of pain. Not just these three, but theyre all a lot of oil and Gas Companies that can manage t