JPMorgan writes off $143mm margin loan to one customer

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Did Jamie Dimon short bitcoin?
No.
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That’s pretty incredible.
What is?

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Why be a diq ? He was joking about Jamie and a bank losing 143M on one person is incredible

And they still beat earnings

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Why be a do a?

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I used to be a "do a" but I've changed since then.....

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He was joking about Jamie and a bank losing 143M on one person is incredible

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No, he wasn't. He was saying the CEO of JPM shorted bitcoin. There's nothing in the link that says that.

In fact, the article discloses who the loan was made to: "a syndicated margin loan facility to related parties" of Steinhoff International.

According to wikipedia, "Steinhoff International is a South African international retail holding company that is dual listed in Germany. Steinhoff deals mainly in furniture and household goods, and operates in Europe, Africa, Asia, the United States, Australia and New Zealand.

On 6 December 2017, Steinhoff's CEO, Markus Jooste, resigned after Steinhoff's auditors refused to sign off on the audited financials as a result of reported accounting irregularities in its accounts. Certain fraud and corruption allegations are currently being investigated in Frankfurt by the German authorities. As a result of the resignation, Steinhoff's share price plummeted."

LINK

So, obviously, certain related parties borrowed money from JPM to buy shares in Steinhoff International and after the Steinhoff CEO got caught cooking the books, the share price fell so much there was a margin call. The borrowers couldn't meet the call so JPM has written the loan down to reflect its collection value.

It's difficult to tell by reading this forum but not everything that happens in the financial world involves bitcoin.

In fact, very little of what happens in the financial world involves bitcoin. Just last week someone posted a story that said just under half of all bitcoins in the world are owned by fewer than a thousand people worldwide.

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JPMorgan writes off $193mm margin loan to one customer

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umm no they didn't.....it clearly states in the first couple of bullets.....

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"Equity markets revenue was flat compared to a strong prior year and included the impact of a mark-to-market loss of $143 million on a margin loan to a single client," J.P. Morgan said in its fourth-quarter release.

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Equity markets revenue was flat compared to a strong prior year and included the impact of a mark-to-market loss of $143 million on a margin loan to a single client," J.P. Morgan said in its fourth-quarter release.

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one single client

Goodness, what a tough fricking crowd today. I debated not making the bitcoin joke given the board composition lately, but it was clearly a joke, no I don’t think Jamie Dimon lost $143mm shorting bitcoin.

Yes, it’s incredible that a margin loan to a single client, as referenced by the article, kept their trading revenue flat YoY instead of a 12% increase.