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JP Morgan raises $1.6 Billion



JPMorgan has performed better than most rivals during the credit crunch but on Monday it revealed tough credit conditions had forced it to take a $1.5bn writedown in July.

People close to the situation stressed that the latest capital raise was not a direct response to the new writedown.

Jamie Dimon, JPMorgan's chairman and chief executive, has often extolled the virtues of building a "fortress balance sheet" capable of withstanding the turbulent conditions in capital markets and the economy.

Financial institutions have been the biggest borrowers in the debt markets this year, accounting for about 36 per cent of all investment grade debt issued, according to CreditSights data. The activity from financial institutions this week highlights that many are still seizing opportunities to raise fresh debt.


FT

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A Collection of Threnodies : Part 1

Whale Fall
-----------------

Dress me up in my new threads
clasp my greasy palms
grease my hair
I'm ready for the fall


Watch at all the decadence
watching the avalanche
I'm slipping down
losing my buoyancy


What's become of us
where have we come
this far, this close
close to the doors


I hear them, sublimal chants
I'm on the run
I race through the human sea
I am the king!


I'm the slave
to my own undoings
I'm the jester in my courtyard
We jest as we run


We're strolling on that thin rope
we grope as we rope
we're true heros
we're the survivors


we're the scavengers
we're the friends
we're the lovers
we're the unbred


Soon awaiting the fall
we're lurking on us
we're osedaxing us
we're soon going to be done
we'll soon be arrested




*osedax(bone devourer, newly discovered marine genus) feeds on a fallen(sunken) whale carcass(which is also called a whale fall). Read more here