We live in an economy so through the looking glass that bad news is good news. So what constitutes actual bad news? Apparently, no news is potentially the worst news, although it is still shrugged off as nothing. So perhaps it’s really bad news after all, making it good news. It’s so hard to tell.
All we’re missing is a Mad Hatter. Everyone, change places!
The lack of news at hand is the lawsuit against JP Morgan filed by US Attorney Eric Holder alleging a violation of the Martin Act. That’s a somewhat obscure statute from 1921 that makes interesting lawsuits out of small violations. The reason this isn’t news is that it wasn’t even JP Morgan, as we know them, that has a problem – it’s from the firm of Bear, Stearns that they purchased in 2008 on its way underwater. And it involves mortgage problems that the industry supposedly corrected long ago. The White Rabbit is a solid four years late.
Or – is it really news after all? They picked up a lot of interesting stuff along the way, including some tidbits from Chase Manhattan Bank (aka Chased MadHatter) so is there more to come?
Barataria - The work of Erik Hare 