JP Morgan Derivative/Props Desk 3+ Billion Losses. WHY did they release this info on a Thursday after market not Friday after market, as normal bad financial news is? Worse news to come?

UPDATE 5/17/12 - here is what I was looking for- the bigger story that was revealed last week that needed to be covered up immediately, in my opinion.  Naked Illegal Short Selling by Goldman Sachs.

Update 5/21/12 -  JPM losses eclipse 30+ Billion including stock value loss. 
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All the financial news sites are covering the information about JP Morgan losing 3+ Billion from their gambling on derivatives.  That information was released yesterday (5/10/12) Thursday after the markets closed in the U.S.

Here are just a few links about it:

http://www.zerohedge.com/news/jpm-staring-another-3-billion-loss

From above link:

That is where the media picked up the story and as we detail below leads us to today. Attempts to hedge his over-hedged positions and/or unwind them impacted the market too much and we suspect created the need for today's admission of guilt.

http://www.zerohedge.com/news/worlds-largest-prop-trading-desk-just-went-bust

http://www.bloomberg.com/news/2012-05-11/jpmorgan-s-drew-embraced-risk-before-egregious-loss.html

http://www.huffingtonpost.com/2012/05/10/jpmorgan-chase-london-whale_n_1507662.html

CNBC latest information about it is saying that it could not just be one "rogue" trader, but there has to be more bad news to come.

http://www.cnbc.com/id/47382541
Portion from above article:

The $2 billion trading loss announced by JPMorgan on Thursday as a result of a failed hedging strategy does not bear the earmarks of coming from only a “rogue” trader, and developments that follow are more likely to get worse for the Wall Street bank rather than better, Dennis Gartman, founder of The Gartman Letter, told CNBC on Friday.
"I operate under the old rule that there is never just one cockroach, when ill news comes out there is usually more ill news to follow,” the famed investor and former floor trader said.“This clearly isn’t a rogue. This is not the same thing that happened at SocGen, by any stretch of the imagination,” said Gartman, 

The above article confirms my thoughts and what I was telling a few people on the phone, last night.  Something just is not right about the news of the 3+ Billion losses coming out on a Thursday.  That just does not happen.  All bad financial news comes out after the markets close on Fridays, so the markets do not instantly react but have time to settle down over the weekend.

WHY was this news not held 24 more hours until today (Friday 5/11/12), after the markets closed?  This news began affecting the markets immediately.  The DOW futures were down 77 after the news came out. 

Bloomberg has written about how the news is affecting the future markets.

http://www.bloomberg.com/news/2012-05-10/u-s-stock-index-futures-drop-as-jpmorgan-reveals-losses.html


Is this why JPM has been lowering their shorts in metals?  They had lowered their silver shorts by 1300 at the beginning of the week.

FYI - funny how JPM's stock is up this morning by 10 cents. 

My questions:

Why release this bad news on a Thursday afternoon?


What worse news is to come?

Is this the news for financials to focus on, compared to something else that will be revealed at some point today, even after markets?

In other words watch the "small" stories that are not covered due to this "big" news.

I just have a problem and feel something is just not right about the releasing of this information on a Thursday and not a Friday.   They could have held on to it until Friday.  This is a real red flag to me.

So, stay aware of "other" news as the focus is on this one.  Something much worst must be revealed today and JP Morgan was/is the vehicle for the "other" financial news to be ignored.   Yeah, I know.... I sound very conspiracy minded.   But, something is just very very wrong about it coming out on a Thursday.

One other thing - the morning shows just started and they are not mentioning one word about this in their headlines!  

Update - CBS morning show, expert just said "The taxpayers are on the hook for these losses."
She said that this does not break the Volcker Rule.  I have been reading others believe it does, so lets see what happens.  We all know that JPM can get away with murder and not get in trouble.

Edit to add:  8:27 AM - CNBC just said they are having an interview with Jamie Dimon from JPM.  *They just said it was taped on Weds, for "Meet the Press" and so nothing is mentioned about the "Prop desk losses."

Santelli - on CNBC 8:34 Am - just said "When you supply easy free money to the 'big boys' this is what you get!"  "It is the Fed's fault - giving them free money."  He is saying "Goldman Sach's is doing the same thing!"


*** Working on an article - I have info that Dimon and Blankfein met with Bernanke earlier this week.  Bernanke also made a speech yesterday saying that the Banks were in great shape.  When I finish it I will link it here***  So.... Goldman Sach's worse news today that will be whitewashed over?** 

Update - 1:02 PM - Here is the article about both Dimon and Blankfein meeting with Bernanke this week and Bernanke's speech yesterday, saying the banks are in good shape.