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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJPMorgan’s Trading Loss Is Said to Rise at Least 50%
The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the banks initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses.
When Jamie Dimon, JPMorgans chief executive, announced the losses last Thursday, he indicated they could double within the next few quarters. But that process has been compressed into four trading days as hedge funds and other investors take advantage of JPMorgans distress, fueling faster deterioration in the underlying credit market positions held by the bank.
A spokeswoman for the bank declined to comment, although Mr. Dimon has said the total paper trading losses will be volatile depending on day-to-day market fluctuations.
The Federal Reserve is examining the scope of the growing losses and the original bet, along with whether JPMorgans chief investment office took risks that were inappropriate for a federally insured depository institution, according to several people with knowledge of the examination. They spoke on the condition of anonymity because the investigation is still under way.
http://dealbook.nytimes.com/2012/05/16/jpmorgans-trading-loss-is-said-to-rise-at-least-50/?hp
kentuck
(111,079 posts)A bunch of fucking criminals.
.
AnotherMcIntosh
(11,064 posts)gratuitous
(82,849 posts)Last edited Thu May 17, 2012, 12:31 AM - Edit history (1)
You can bet the true number is going to be higher. Much higher. But the best banker in America has his bonus all sewed up, they put the blame squarely on the woman, and it's all too complicated for investigators to figure out. You taxpayers don't mind cleaning up this little mess again, do you? Yeah, they said it was just investor money, but doggone if it turns out the losses were all federally insured.
Rex
(65,616 posts)Or Enron. Both allowed to be buried without any questions.