JPMorgan’s saga continues—bank stops us$30 billion buyback

Today in early morning trading, JPM’s stock flickered up some 2 points. By the end of the trading day, it may sink.

JPM put a collar on the bank’s us$30 billion stock buyback.

What does this mean? Well, the losses from its hedges is worse than the Jaime Dimon says. GuamDiary, following the financial news, conservatively thinks the loss will reach us$100 billion.

The hold on the buyback means the largest US bank by assets is hemorrhaging badly.

JPM’s account is not convincing. The bank is in damage control, but the financial dyke is sprouting more and more leaks, and Dimon & co. haven’t enough plugs to staunch the losses.

Already, some institutional stockholders are threatening legal action. As the bank’s exposure to losses grows, Dimon will feel the head, and if he doesn’t do the right thing and step down, government investigation and his already loss of prestige will diminish him and the bank.

Follow the money…gentle readers!

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