Three bits of news for JPMorgan Chase
First, although not breaking news, note that JPMorgan shares are now up over 15% over the past year. Not three months. Not six months. But the past year. When you think of everything that's happened since -- the collapse of Freddie Mac
Second, Chase announced plans to issue a premium card aimed at breaking American Express's
Will it work? Frankly, I've always thought of cards as being somewhat commoditized. Consumers want a card with a low rate and good rewards. I've never met anyone who cares whether it says Visa
Third, JPMorgan will lend California $1.5 billion so the state can redeem IOUs that it's paid vendors and creditors with since July. California hopes to repay the loan next month by issuing short-term debt.
Bailing out small governments is nothing new for the bank: In 1895, J.P. Morgan (the man) corralled a gold-backed loan syndicate to lend $65 million (big bucks back then) to the U.S. Treasury.
The irony of issuing debt to repay your bank loan that paid off your IOUs is impressive, but whatever. California's gubernatorial races have been between the Terminator, a porn star, and Gary Coleman. It's long past the point of doing what makes sense.
Fool contributor Morgan Housel calls himself a resident of the Golden State, but owns no shares in any of the companies mentioned in this article. American Express is a Motley Fool Inside Value recommendation. The Fool has a disclosure policy.