Large banks hide a lot of stuff under their "level 3 assets". In this example, the bank supposedly have $109.2 billion of Level 3 assets. This value is "marked-to-belief" rather than marked-to-market. I will short this bank soon. Its stock price has returned to the 2007/2008 level.
Which bank is this?
ReplyDeleteIt's JP Morgan. The banks do not include these level 3 assets numbers in their annual reports to investors. One can only find these numbers through the SEC.
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