JP Morgan, Wells Up, WaMu Struggles

JP Morgan and Wells Fargo both posted better-than-expected quarterly earnings even in the face of greater loan-loss provisions and asset writedowns reminding us that not everyone who gorged during the mortgage buffet did so with complete abandon. While I continue to keep a skeptical eye towards all companies (remember Bear Stearn's aphorism? ‘We have plenty of liquidity') who were big players in the mortgage game there is definitely room for some winners. I can see Wells coming out of this (assuming they managed their risks appropriately - define ‘appropriately' in this market?) as a big winner and if they are able to scoop up another Federally-insured buy-out (a la Stearns) they may put themselves in a long-term winning position as others around them fail. WaMu doesn