One can only imagine how much more of this is out there. It’s anyone’s guess whether this market is is going back up, heading down or going nowhere so more losses remain a strong possibility.

The value of the Bear Stearns’ portfolio held by the Federal Reserve hase declined 9% to $26.8 billion from $29.5 billion last quarter, the Fed said. The portfolio is now valued at $2 billion less than initial loan to JPMorgan Chase earlier this year.

It’s important to remember though that even with these losses, on top of previous losses, Congress still can’t find time to make Wall Street bonuses an issue. If you want nightly news TV theater, there’s plenty of it in Washington but when it comes to the serious issue of a $70 billion bonus pool for Wall Street they will have none of it. Heaven forbid we ask Wall Street to sacrifice their bonus money because accountability isn’t fair…for Wall Street.