If good news falls in the woods, and only a journalist is there to hear it, will it make a sound? That is basically what Jim Cramer asked on Friday at the beginning of "Mad Money." Journalists are bad at covering the good, he said. So Cramer decided to highlight some good news on his own.
He pointed out that
are doing what many thought was unfathomable a few months back. The banks are paying back the federal government for TARP funds.
He also said that for a bank supposedly near death and with talk of nationalization filling the news pages, it's amazing that
Bank of America
was able to raise $33 billion.
All cause for celebration, right? Perhaps.
Share prices are all over the map this morning. Just after the opening bell, JPMorgan Chase was up 70 cents at $35.11. This comes on the heels of reports that JPMorgan Chase is in a position to show another $29 billion in income. Because of a favorable accounting rule change, JPMorgan Chase may be able to turn those toxic, subprime mortgages from its $1.9 billion deal with
into a $29 billion bonanza thanks to some purchase accounting ninjutsu.
Goldman Sachs gained 27 cents out of the gate, hanging at $136.62.
Morgan Stanley was trading in negative territory, down 8 cents at $28.15, while Bank of America was changing hands down 6 cents at $11.02.
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