JPMorgan Chase & Co. (JPM) Financial News - New York Fed: Toxic assets from AIG gaining value
JPMorgan Chase & Co. (JPM)
New York Fed: Toxic assets from AIG gaining value
2010-07-30 01:23:44
Keywords: New York Fed: Toxic assets from AIG gaining value, gs,jpm, economy-govt-and-policy
Quote: The government is still expected to lose billions on AIG's $182 billion bailout.The Bear Stearns investments are held by a company owned jointly by the New York Fed and JPMorganChase & Co. The New York Fed created the company to share losses with JPMorgan. It wanted JPMorgan to buy Bear Stearns. JPMorgan insisted that the government share the pain.Those investments are now worth $29.4 billion, up from $28.6 billion.The AIG investments are in two separate companies. The first holds mortgage investments that were owned by AIG's subsidiaries. The second holds investments that AIG agreed to insure against losses. The billions spent buying them went to megabanks such as Goldman Sachs Group Inc. In exchange, Goldman and others canceled AIG's obligations to them.The two companies are worth $16.2 billion, up from $15.6 billion; and $23.5 billion, up from $23.0 billion. The New York Fed said it made the revision to the companies' estimated value during a quarterly update performed at the end of last month....
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JPMorgan Chase & Co., a financial holding company, provides a range of financial services worldwide. It operates in six segments: Investment Bank, Commercial Banking, Treasury & Securities Services, Asset Management, Retail Financial Services, and Card Services. Investment Bank segment provides investment banking products and services, including advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market-making in cash securities and derivative instruments, and prime brokerage and research. It serves corporations, financial institutions, governments, and institutional investors. Retail Financial Services segment offers regional banking, mortgage banking, and auto finance services that include checking and savings accounts, mortgages, home equity and business loans, and investments through bank branches, ATMs, online banking, and telephone banking. Card Services segment issues credit cards and processes MasterCard and Visa payments. Commercial Banking segment provides lending, treasury services, investment banking, and asset management services to corporations, municipalities, financial institutions, and not-for-profit entities. Treasury and Securities Services segment offers transaction, investment, and information services. It also offers cash management, trade, wholesale card, and liquidity products and services to small and mid-sized companies, multinational corporations, financial institutions, and government entities. Asset Management segment provides investment and wealth management services to institutions, retail investors, and high-net-worth individuals. It also offers global investment management in equities, fixed income, real estate, hedge funds, private equity, and liquidity, including money market instruments and bank deposits; provides trust and estate, banking, and brokerage services; and retirement services. JPMorgan Chase & Co. was founded in 1823 and is headquartered in New York, New York.
