JPChase Losses are a Harbinger

The irresponsibility at SVB was more contagious than I thought.

Chase upped their unrealized bond losses to $40 Billion last quarter. Bank of America lists theirs at $131 Billion. Moody's estimates a total US banking industry loss of $650 Billion.

I have to assume they all knew this day was coming but figured there's safety in numbers. It feels like a breach of fiduciary responsibility to me. It's not like they'll get anything more than a perfunctory hand slap or talking to. Maybe a few days of bad press. Business as usual in the good old boys club.

https://dailyhodl.com/2023/11/03/40000000000-in-unrealized-losses-hits-jpmorgan-chase-as-bank-of-america-wells-fargo-and-citigroup-face-exposure-to-us-treasuries-report/