It pays to be President Obama's favorite banker. Both Bear Stearns and Washington Mutual were gifted to JPMorgan by the United States government, and the results are showing.
Net income for the third quarter climbed to $3.6bn, or 82 cents a share, from $527m, or 9 cents, in the same period a year ago.
JPMorgan, itself, said it had continued to benefit from its acquisition of Washington Mutual and that it had seen fewer markdowns on legacy leveraged lending and mortgage positions.
Investment banking was also strong. No doubt helped by the fact that, as NyPo reported, JPM is scoring lead mandates to help both troubled auto companies restructure as well as handling the planned merger of Chrysler's finance arm with GMAC, resulting in lucrative fees for the bank...