We're not quite as healthy as we thought we were. Oops. (WSJ)
Convenient that they decided to dump this information on Friday afternoon, and at the close of a very good week].Readers may recall that a few weeks ago, those two CEOs---along with Citi's Vikram Pandit---said the first two months of the year had been very good: Chief Executive James Dimon said...that March was a little tougher than the first two months of the year.... ...CEO Kenneth Lewis also said that March had been a tougher month for his bank. [
Pandit, March 10th: “We are profitable through the first two months of 2009 and are having our best quarter-to-date performance since the third quarter of 2007.”This was possibly the most nakedly self-serving bullshit the big bank CEOs have offered to date. ("bullshit" being a technical term of course, see Harry Frankfurt)
Dimon, March 11th: "Jamie Dimon, the chief executive of JPMorgan Chase, said Wednesday that the bank was profitable in January and February..."
Lewis, March 12th: "We have been profitable for the first two months of the year,” Lewis told reporters after a speech in Boston today.