JP Morgan Profits Surging

Shannon Bond reports that JP Morgan Chase is winning the future and “reported a 67 per cent jump in first-quarter profit, as better performance of its credit card division offset losses from its troubled mortgage business.”

Recall that as recently as March 31, JP Morgan Chase CEO Jamie Dimon was warning us that the new Dodd-Frank bill would be “the nail in the coffin” for giant American banks. He also warned one year ago that derivatives reform might cost his firm a few billion in revenue and Senator Jim DeMint (R-SC) cited the touching plight of Dimon and his business as a reason to further deregulate banks.