You'd think it would be a humbling setting: After posting $2 billion in trading losses, JP Morgan CEO Jamie Dimon stood before House lawmakers today to explain the trail of wreckage his bank left.
It's just getting harder to trust financial experts isn't it? There's news that JPMorgan's $2 billion loss, was actually off by, well, about a billion dollars. But, hey, what's a billion among friends?
JPMorgan Chase CEO Jamie Dimon may be having a rough time after his bank lost $2 billion on a bad trading position, but it does not mean he is sparkly on the inside.
Rewarding failure is back in vogue with multi-million dollar packages following recent high-level resignations at JP Morgan Chase, Best Buy, Yahoo and elsewhere.
Matt Zames was destined to move up the JPMorgan chain of command one way or another--replacing one of the most respected and well paid executives and making sure there won't be any more $2 billion blunders probably fits into the latter.
After the news of its $2 billion loss, the outlook for JP Morgan Chase's future has taken a slight turn for the worse. Fitch Ratings announced they've changed their Long-term Issuer Default Rating from "AA-" to "A+" and changed their long-term outlook for the company to Ratings Watch Negative.
Things just went from bad to worse for JP Morgan Chase. Losing $2 billion is bad enough, but now it turns out the SEC is looking into the bank's trading practices as possible "civil violations" in addition to the "egregious mistakes" CEO Jamie Dimon has already conceded.
JPMorgan Chase revealed in a late-day SEC filing on Thursday that it's lost $2 billion due to some reckless trading of synthetic credit securities.
It's always a bad sign for those still waiting to get their MF Global money to wake up to a front-page Wall Street Journal story saying that "officials hunting for an estimated $1.2 billion in missing customer money increasingly believe that much of it might never be recovered."
Those farmers, traders, and other assorted customers of busted trading firm MF Global probably won't like hearing the news that JP Morgan got money it was owed, on the day before it filed for bankruptcy, The New York Times reports.
On Wednesday and Thurday night, Occupy Princeton protesters visited information sessions for J.P. Morgan and Goldman Sachs, respectively.
The money will go to the SEC; JP Morgan promises to improve their mortgage practices
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