by Calculated Risk on 3/17/2008 10:42:00 AM

Last night we discussed the conference call real time in the comments.

For those that missed the call, the WSJ has the transcript this morning. Here is the presentation material.

There is some good detail.

Guy Moszkowski - Merrill Lynch - Analyst
Okay, so then just to cap it off, it certainly doesn't sound as if when you went in there you found a massive problem with respect to risk management or hedging. It sounds like given that you're saying that it's very similar to your own, it sounds like you found something that you're fundamentally comfortable with. Is that fair?

Bill Winters - JPMorgan Chase - Co-CEO, JPMorgan Investment Bank
That's right. In fact what we've -- we were very pleasantly surprised to see that it was a very well run, tight operation with good risk controls and a risk discipline that was very similar to our own.

And on the $30 billion from the Fed:

[W]e have put in place with the Federal Reserve a special lending facility. It's a non-recourse facility to JPMorgan Chase for up to $30b or so of illiquid assets, largely mortgage-related. So that is in doing our due diligence an area that we needed to get comfort upon, was some of the more illiquid assets on the balance sheet. So obviously couldn't be in stronger hands than to be -- arrange for financing through the Federal Reserve and again with no recourse to JPMorgan Chase.