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JPMorgan Dips into Cookie Jar to Offset "London Whale" Losses

From cnbc.com

JPMorgan Chase has sold an estimated $25 billion of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank's now-infamous "London Whale," compounding the cost of those trades. As a result, the bank will not have to report as big an earnings hit for the second quarter. The sales of profitable securities from elsewhere in the bank's investment portfolio will increase its costs by triggering taxes on the gains and by eliminating future earnings from the securities. Gains from the sales could provide about 16 cents a share of earnings, about one-fifth of the bank's ... (full story)

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