You heard it on "The Wall Street Shuffle" weeks before this release. And we have no inside information, just a lot of common sense...and we read everything.

NEWS ALERT
from The Wall Street Journal


July 17, 2008

J.P. Morgan Chase posted a 53% fall in net income to $2 billion, or 54 cents a share, from $4.2 billion, or $1.20 a share, a year earlier. The decline in earnings was driven partly by a higher provision for credit losses. Items related to the acquisition of Bear Stearns amounted to a net loss of $540 million. The firm beat analysts' expectations of on average 44 cents a share.

Chairman and Chief Executive Officer Jamie Dimon said, "Our expectation is for the economic environment to continue to be weak -- and to likely get weaker -- and for the capital markets to remain under stress. We remain conscious that since substantial risks still remain on our balance sheet, these factors will likely affect our business for the remainder of the year or longer."