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May 13, 2012


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Bill Turnier

Dawn Kopecki who has covered JPM for Bloomberg for a number of years said they do not meet the FASBI standards for a hedge and consist in part of a position on European mortgages which is premised on the value of those mortgages rising.

Kim Krawiec

Hi Bill -- the IG9 is actually a corporate credit index, not a mortgage index.

Bill Turnier

Kopecki did say they took positions betting on mortgages as part of the hedging. It surprised me as it made no sense but I reran it a few times and she said it made no sense to her. I got it from Bloomberg TV+ that I get on my iPad that has now become my window to the world. I intend to leave it behind when I head for Sicily and the Veneto relying only on my own eyes in the lovely Italian sun (and an iPod for occasional cheating).

Kim Krawiec

"when I head for Sicily and the Veneto"

Oh, I'm so jealous! Bring photos back, please . . .

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