By the way,
Citi also just marked fat share of that, by reporting 1q2009 Net Income of $1.6 billion:
- Fixed income markets revenues of $4.7 billion reflected strong trading performance, as high volatility and wider spreads in many products created favorable trading opportunities. Interest rates and currencies and credit products had strong revenue growth. Revenues also included (all reflected in Schedule B):
- A net $2.5 billion positive CVA on derivative positions, excluding monolines, mainly due to the widening of Citi's CDS spreads
- A net $30 million positive CVA of Citi's liabilities at fair value option
- A $541 million benefit related to the revenue accretion of non-credit marks on assets that were moved from fair value accounting to accrual accounting in the fourth quarter 2008.
JPMorgan
has it too (1st paragraph on page 3) by reporting 1q2009 Net Income of $2.1 billion ...
...and gains of $422 million from the widening of the firm’s credit spread on certain structured liabilities.
So, if you are the problem, make money by shorting yourself!
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