This caught my attention as well and I started to post on the matter. You are right though. It is a win win scenario. Additionally, because there is uncertainty, JPM can say all of these loans went bad so that they can work the taxes while at the same time they were never bad loans at all.
So... -1.9BB to pay for them +24BB in tax refunds on a $72BB "loss" +72BB worth in the portfolio that really isn't a "loss".
Seems they worked a great deal...lied about it to make it an even sweeter deal, which WE will pay for.
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