Traders Ignore J.P. Morgan's Enron Setback

Sometimes in the market, a setback isn't really a setback. At least not yet.

Take the case of J.P. Morgan Chase (JPM Quote), which came that much closer Tuesday to not getting the $965 million it says insurance companies owe it for failed Enron oil and gas contracts. Probably the most remarkable thing about the decision Tuesday was investors' reaction: There was hardly any at all.

Of course, some people would argue that J.P. Morgan has already been penalized enough when it comes to Enron and the other big corporate fiascoes of recent months. The bank has seen its shares fall 11% this year as investors worried about its $2.6 billion-worth of Enron debt, as well as its big exposure to the struggling Tyco(TYC Quote) and the now-bankrupt Kmart and Global Crossing. There's a new rumor about the big New York bank practically every day, it seems. ...