JPMorgan Fogs One By

JPMorgan Chase announced better than expected Q1 earnings, and there was great rejoicing. The problem was what was going on behind the scenes. JPM simultaneously filed notice with the SEC that it was trying to raise $6 billion real quick-like. Is the Bear Stearns buy-out failing to prevent the unwinding of JPM's CDS positions as it had hoped? Is JPM expecting some barbarians to show up at the gates?