JPMorgan Chase may have outsmarted itself when it chose to let an auction determine the price for warrants the federal government obtained in its banking sector bailout last fall, but it won't be the end of the world.
The Seattle retailer’s performance was exactly what analysts polled by Thomson Reuters First Call expected: They predicted earnings of 48 cents per share and sales of $2.14 billion.
JPMorgan in June eagerly became one of the first big banks to repay the Treasury Department's preferred equity investment made through the Troubled Asset Relief Program. CEO Jamie Dimon has long maintained that the company had never needed the $25 billion investment, and had only accepted it at the government's insistence that all of the nation's biggest banks stand united so as not to make some appear weaker than others.
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