Lets not forget that the accounting changes for the banks came very timely and handy as they can now price their tier 3 capital too their liking and banks do hide losses anyway as they hold houses above market value in their credit books with most of them not put under foreclosure or on the market.
JPM was with Citi one of those who triggered the rally early March and might have been within the insider group who bought heavily calls at the low.
Dimon Says He’s Eager to Repay ‘Scarlet Letter’ TARP (Update1)
By Elizabeth Hester
April 16 (Bloomberg) -- JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, who today reported first-quarter profit that beat analysts’ expectations, said his firm could repay U.S. government rescue funds “tomorrow.”
Dimon, calling money received through the Troubled Asset Relief Program “a scarlet letter,” and “the TARP baby,” said on a conference call today that the New York-based bank is awaiting guidance from the U.S. Treasury Department. “We could pay it back tomorrow,” he said.
The 53-year-old CEO took $25 billion in U.S. government rescue funds last year. He’s fared better than most of his rivals in guiding the company through the financial crisis, taking $33.3 billion in writedowns, losses and credit provisions through the fourth quarter. That compares with $88.3 billion at New York-based Citigroup Inc. and $55.9 billion at Merrill Lynch & Co., now part of Bank of America Corp., the biggest U.S. bank.