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Cramer on BloggingStocks: JP Morgan made a huge mistake

 Jun 20, 2008 08:57 AM UTC
Return Risk
-6.66% LOW
Tracked Blogger
Symbol Sentiment Start Return Closed
NCC Negative 06/20/08 -2.27% --
JPM Negative 06/20/08 -9.92% 08/12/08
BAC Negative 06/20/08 +15.58% 07/03/08
MER Negative 06/20/08 +11.33% 06/27/08
LEH Negative 06/20/08 +4.97% 07/03/08
GS Negative 06/20/08 +4.00% 06/24/08
CFC Negative 06/20/08 +100.00% --
WB Negative 06/20/08 +8.26% 07/03/08
WM Negative 06/20/08 +10.56% 07/03/08

Graphic_arrow1 Via BloggingStocks:  

Filed under: Industry, Market matters, JPMorgan Chase (JPM), Bank of America (BAC), Merrill Lynch (MER), Countrywide Financial (CFC), Goldman Sachs Group (GS), Wachovia Corp (WB), Washington Mutual (WM), Lehman Br Holdings (LEH), Stocks to Sell, Cramer on BloggingStocks

TheStreet.com's Jim Cramer says the acquired Bear Stearns portfolio is worth even less than he thought.

How bad was that Bear Stearns portfolio? I am beginning to believe that JPMorgan's (NYSE: JPM) (Cramer's Take) buy of Bear is looking like a big mistake. It can only be justified by what might have been an even bigger problem for JPM -- the collapse of the trades that Bear made, which were being processed by JPM's clearing.

We are now beginning to get a real sense of the worthlessness of the mortgage portfolios. Not that we got any help from the SEC, which has taken a "we don't care what's in...



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guliamo   53%     1 point   commented 33 days ago reply

Cramer is very wrong. JPM got 20 billion in government guarantees for the deal and a few extra buildings in down town Manhattan to boot. The deal is sweet!
http://www.marketguru.com/guliamo

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