JPMorgan Chase & Co’s fourth-quarter profit plunged 76 percent as it wrote down bad loans, signaling that even the bank that has avoided the worst of the credit crunch is struggling with the recession.
The bank turned a profit only because of special items; and after Moody’s Investors Service cut the bank’s debt rating one notch to AA3, its shares dropped as much as 4.5 percent before recovering.
I wouldn’t be surprised if they show up at the White House door with their own little tin cup.
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