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Memories of WaMu…

By now, the $2.7 billion in profits that JP Morgan reported last week are starting to fade into the ether. After all, during earnings season, it’s hard to keep track, even when it comes to the bigger names.

But we were far more interested in the second quarter slideshow that JPMorgan Chase filed with the SEC on Friday afternoon.

While most of the slides aren’t all that different from the earnings release, a few definitely stood out. We particularly liked slide #10, which showed a sharp (and scary) increase in 30-day delinquencies for so-called prime borrowers. At the end of June, that number was running around 9%, compared with around 5% at the end of 2008 — yet another indication that the rosy economic headlines lately may be a tad bit overstated.

We also liked slide #19, which had Chase’s card services losses approaching 10%. That sounds pretty awful until you look at the very next line which notes that WaMu’s card losses “to approach 24% by the end of 2009.” Let’s think about that for just a moment: does this really mean that nearly 1 out of every 4 people who had a WaMu card aren’t able to pay it back?

And then we started to remember some of the posts we’ve done on WaMu over the years, like this one on the hiring of Stephen Rotella or this one on WaMu’s $1,325 an hour consultant and we started to get all misty-eyed. It’s hard to believe that it’s only been 10 months since WaMu fell.

We’ll be taking the rest of this week off from posting before Q season starts in earnest. But we’ll still be keeping an eye on the filings!