A billion here, a billion there

JPM misplaces a bit of money:

JPMorgan Chase disclosed in a regulatory filing on Thursday that a trading group had suffered “significant” paper losses in a portfolio of credit investments. The troubles at the unit, the so-called chief investment office that makes trades to balance the bank’s assets and liabilities, could weigh on the bank’s broader earnings. The corporate group, which includes the C.I.O. group, is expected to lose $800 million in the second quarter, although the final results will depend on the market and other activity, the company said in the filing. Previously, JPMorgan had estimated that the group would report net income of roughly $200 million.

How long will it be before the first giant US bank is nationalized? Before the end of the year? Before the election?