"A government which robs Peter to pay Paul can always depend on the support of Paul." -- George Bernard Shaw

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President Biden used campaign donations to help pay his legal bills last year during the special counsel's probe into his handling of classified documents, according to two people familiar with the matter and an Axios review of campaign finance records.

Why it matters: The payments, made through the Democratic National Committee, are at odds with the Biden campaign's recent attacks on Donald Trump for spending his campaign funds on legal fees.

Driving the news: The DNC — which has been collecting the biggest donations to Biden's re-election effort — paid more than $1.5 million to lawyers or firms representing Biden during the probe, according to the committee's financial filings.

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By Tyler Durden

Q1 earnings season officially opened moments ago when JPM became the first mega bank to reports results, and even though JPM beat on across the board - and even unexpectedly released reserves instead of setting money aside for yet another quarter - the stock is lower by ~3% after Jamie Dimon had some gloomy words about the bank's net interest income (which dropped in Q1) and the bank's NII outlook for 2024 missed estimates. But before we get to all that, let's start with the Q1 historicals which were solid across the board:

  • Q1 Net Income of $13.4 billion, up 6% from $12.6 billion a year ago and stronger than the median estimate, which translated into EPS of $4.44 (and $4.21 ex the impact of First Republic), beating estimates of $4.15; JPM clarified that “excluding a $725 million increase to the FDIC special assessment," net income would have been $14 billion or $4.63 a share.

  • The EPS of $4.44 would be the second highest in the company's history, and the highest in three years, going back to Q1 2021 when JPM reported a record $4.50.

  • Q1 Adjusted revenue $42.55 billion, +8.2% y/y, and beating the estimate of $41.64 billion
    • FICC sales & trading revenue $5.30 billion
    • Equities sales & trading revenue $2.69 billion
    • Investment banking revenue $1.99 billion
    • CIB Markets total net revenue $7.98 billion, estimate $7.71 billion
      • Advisory revenue $598 million
      • Equity underwriting rev. $355 million
      • Debt underwriting rev. $1.05 billion
      • Corporate & investment bank IB fees $2.00 billion
  • Net charge-offs $1.96 billion, up from $1.1 billion a year ago, but below the estimate $2.2 billion
  • Provision for credit losses $1.88 billion, lower by 17% y/y, and far below the estimate $2.78 billion, thanks to a reserve release of $72 million, vs a $1.1 billion reserve build in Q1 2023.

Needless to say, the reserve release was a very favorable swing factor in the company's bottom line: a year ago, the reserve build was substantially higher, and rightfully so: charge offs have nearly doubled since then, rising from $1.1BN to $2.0BN.

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