Word: jpmorgan
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...bank management's ability to gauge future loan losses, something no major bank has gotten right during this downturn. And if there's even a bit of disappointment, Wells Fargo shares have further to fall than its rivals. The stock trades at a price-to-book multiple of 1.6; JPMorgan, another bank deemed to be in relatively good shape, has a price-to-book of just 1. On earnings, Wells trades at 16 times its expected bottom line this year. That's better than even Goldman Sachs, which has a price-to-earnings multiple of just...
...Federal Reserve would last two days--not 28. Kelly flicks at Bear Stearns' backstory--how its eat-what-you-kill culture and deep dive into mortgage securities sowed the seeds of its demise--but the real draw is the book's surgical detail. The day Bear sold itself to JPMorgan Chase for a paltry $2 a share, its CEO, worn down by round-the-clock negotiations, stood in a Starbucks and softly cried as he waited for his coffee. Street Fighters won't hold up as the most comprehensive history of how high finance fell apart...
...back TARP funds until they can raise money on their own. Some banks have been able to venture out into the market on their own, but the rates they are now paying investors - without government backing, that is - are significantly higher. Analyst Brad Hintz of Bernstein Research estimates that JPMorgan, one of the healthiest banks, will have to pay three percentage points more per year to borrow without the FDIC guarantee. That would boost the interest JPMorgan has to pay on five-year loans to 6%, from an FDIC-backed rate of 3%. For Goldman, the cost of borrowing could...
...Banks exiting the TARP program are also looking to buy back the warrants they issued to the government in order to receive TARP funds. David Hendler, an analyst at CreditSights, estimates that it would cost JPMorgan nearly $2.6 billion to buy back their warrants from the government. "Banks may have to spend substantial sums to pay back their TARP warrants," says Hendler. Proponents of the banks paying back the government say the higher borrowing costs will only be temporary. As the market improves, banks will be able to issue bonds on their own at lower rates. Indeed, so-called bank...
...Investors in Goldman and JPMorgan may find that out the hard...