Richard Bove of Rochdales Securities is correct in his assertion that people shouldn’t make too much of the trading loss at JP Morgan (JPM). Yes it is a significant mistake and should never have happened but JP Morgan has $20-$25 Billion in earnings power. Although I do like JP Morgan here I’m more attracted to Bank of America (BAC) and Citigroup (C), which are both trading at a bigger discount, and they don’t have this massive uncertainty as far as ultimate losses go that JP Morgan has. It probably makes a lot of sense for JP Morgan to come out and comment on the New York Times article that states that the loss has escalated to $9 billion. I sure hope the New York Times is right to put that out there.