Feel The Whoo Hoo!

Goodbye WaMu.

Hello largest bank failure in U.S. history.

Are Jamie Dimon's gnads the size of medicine balls? He is either the smartest banker in the world, or he's digging JP Morgan's inevitable grave. I'm leaning towards the latter, but it's JP Morgan so I'm sure I'll be proven wrong.

The mortgage backed security and credit default swap problems haven't disappeared. On the contrary, with each new phase of this financial shitstorm we peel back another layer of the onion and what's revealed stinks more than the last. Leverage is a mother-fucker.

JP Morgan has now swallowed two of the largest ticking time bombs in Bear Stearns and WaMu, and has got to have the mother of all stomach aches. Pass the Pepto-Bismol. JP Morgan's growing derivatives exposure may turn out to be its Achilles' heel. Will JPM be able lift the weight of Bear Stearns and Washington Mutual or will these two cement shoes drag JPM down? Only time will tell.

Either way, they should probably eighty-six the "Feel the Whoo hoo!" WaMu advertising campaign a.s.a.p. - I assume it's rubbing some customers the wrong way.