Thursday, January 16, 2020
JPMorgan sets a new quarterly record
For the quarter ending December 31, 2019 JP made $8.52 billion, which was the most it has ever earned in a quarter. Wall Street on Parade points out that in the same quarter JP and other Wall Street dealers received hundreds of billions of dollars in cheap "repo" loans from the NY Fed. The Fed began these loans on September 17, 2019. At that time the going interest rate for these loans was 10%. I guess the Fed thought this rate too high and decided to charge less than 2%. Did this help JP set its record?
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