Thursday, June 17, 2010
JP Morgan says that the Gulf oil spill will help the economy.
This is an odd thing to say, given that the spill is our modern dust bowl, which could very well deepen and prolong our economic woes.
What might explain such an odd statement?
Well, JPM is apparently BP's largest shareholder. So happy talk meant to drive BP's share prices higher can only help JPM.
Then again, maybe JPM's prop desk is making a fortune shorting BP, just like Goldman famously shorted the CDOs it was selling like hotcakes.