Excuse me while I panic

15 Jun
I got a phone call from a college friend this morning.  He asked me what I did when Bear Sterns collapsed.  Before I could answer, he went into the following analysis.  JP Morgan has assets of $2.3 trillion (15% of GDP).  An Internal Memo was written where the JP Morgan finance nerds estimated the company would collapse with $50 billion in loses.  This is only 2.17% of total assets.  This memo was prepared a day before Dimon–the head of JP–was called before the Senate to testify about trading losses at the firm.  This is odd because the estimated losses of about $3 billion, while large, do not warrant a CEO and head of probably the largest banks in the world to testify before Congress.  One of the questions Dimon was asked was, if JP Morgan failed, would it cost the tax payers any money.    
Why did JP Morgan prepare an estimate the day before the CEO testifies Congress?  Was this a prepared questions?
Greece is currently having a run on its banks where deposits are being withdrawn and people are stock pilling food.  The largest bail out in the history of the world is being organized to stabilize Greece.  What is JP Morgans exposure to Greece?
Why, in the name of $%*#()$ G-d, did a Senator, who overseas the regulatory agencies in charge of JP Morgan (a bank that also purchased the toxic assets of Bear Sterns), ask a question with the word “fail” in it?  
If anybody needs me, I’ll be having a panic attack on my floor.  

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