Economy
Related: About this forumJP Morgan finally admits the trading loss was huge: now 9 billion.
JPMorgan Slips on Report Trading Loss Widened to $9 BillionJPMorgan Chase & Co. (JPM) fell more than 6 percent in European trading after the New York Times reported
the lenders trading losses from credit derivatives may total as much as $9 billion, exceeding the firms initial estimate.
JPMorgan Chief Executive Officer Jamie Dimon said on May 10 the bank lost more than $2 billion on bets in credit markets
taken by its chief investment office in London and
that the loss could increase by as much as $1 billion this quarter.
Dimon, 56, has said JPMorgan is in no rush to unwind the trades, even if adverse market moves produce bigger losses in the short term.
http://www.bloomberg.com/news/2012-06-28/jpmorgan-slips-on-report-of-trading-loss-widening-to-9-billion.html
gosh, he was only off by...450%.
PM Martin
(2,660 posts)How much did they really lose?
dixiegrrrrl
(60,010 posts)Course, that just may be ..inflation.
wordpix
(18,652 posts)dixiegrrrrl
(60,010 posts)And the bank will use the loss of their imaginary money to offset the non-taxes they pay.
FBaggins
(26,799 posts)They approach $100B/yr in revenues.
$9B hurts (and $20B would hurt much more), but bankruptcy isn't in the cards.
DrewFlorida
(1,096 posts)I read somewhere that it could go as high as $30 billion.
I'm not sure where I read that but that is what I remember.
xchrom
(108,903 posts)bemildred
(90,061 posts)benld74
(9,914 posts)bemildred
(90,061 posts)Or being a sucker.
hay rick
(7,678 posts)struggle4progress
(118,379 posts)rusty fender
(3,428 posts)you'd think that they would have taken away the rest of the money...?
Po_d Mainiac
(4,183 posts)You either hold till maturity, or pawn off the shit on some sucker.
JPM is having a difficult time finding suckers
mbperrin
(7,672 posts)If you don't know who it is, it's you."
Looks like JPM didn't know.
Sushi_lover
(1,430 posts)Easy money.
You don't even have to be smart enough to find the whale's bad bet. Just attend the conference where Weinstein presents his slideshow and points out the whale's folly.
Individualism
(33 posts)those vermin bankers get it.