something doesn't add up... or does it?, page-2

No. They'll start coming out of the woodwork just as J P Morgan has declared.

JPMorgan Profit Drops 76 Percent on $2.9 Billion of Writedowns

By Elizabeth Hester

Jan. 15 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank by assets, said profit fell 76 percent as rising defaults and the U.S. recession forced the bank to write down $2.9 billion of assets and boost reserves for bad loans.

Fourth-quarter net income was $702 million, or 7 cents a share, compared with $2.97 billion, or 86 cents, a year earlier, the New York-based bank said today in a statement. That included a $1.3 billion gain from closing a joint venture and “risk- management results,” the company said. Without the gains, JPMorgan lost 28 cents a share.

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