Tuesday, June 8, 2010

JPMorgan (NYSE:JPM) Denies $250 Million Coal Losses

Reports that JPMorgan (NYSE:JPM) has lost about $250 million in the quarter in losing coal bets is being denied by the giant financial institution, calling the reported losses, which originated in the New York Post, incorrect.

JPMorgan spokeswoman Kristin Lemkau said the story wasn't accurate, adding there would be no further comment, while the bank outlet in London also said they don't comment on trading positions taken by the company.

The question is whether or not the story was correct, but just too exuberant in its losses reported on for the company. Maybe it was huge losses but just not to the level mentioned.

Even if the numbers were correct, it wouldn't have much impact on the bottom line of the company, as shown by the market shrugging off the news as pretty much irrelevant.

What could result from the alleged losses would be the way politicians may use it to try to shut down proprietary trading at the financial institutions.

In unrelated JPMorgan news, they had their 12-month price target slashed by analyst Richard Bove from $55 to $47.

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