New York (AP) – JPMorgan Chase says it earned $2.1 billion, thanks to rising deposits and lower borrowing rates. The profit was 13 percent lower than last year, but better than expected.
JPMorgan has not posted a quarterly loss since the financial crisis began.
As some may recall, it was JP Morgan Chase who sold Joe Cassano and AIG on the idea of credit default swaps. You may also recall that it was JP Morgan Chase who benefited most from FAS Rule 157, as Federal regulators seized Washington Mutual after declaring it”insolvent” under FAS 157, then sold WaMu’s $307 billion in assets (including $188 million in deposits) to JP Morgan Chase for $1.2 billion.
Coincidentally, JP Morgan Chase is one of the banks that make up the Federal Reserve System.