1 vote

JPMorgan Chase trading loss closer to $6 billion than $2 billion CEO had reported

NEW YORK -- JPMorgan Chase said Friday that its traders may have tried to conceal the losses from a soured bet that has embarrassed the bank and cost it almost $6 billion -- far more than its CEO first suggested.

The bank said an internal investigation had uncovered evidence that led executives to "question the integrity" of the values, or marks, that traders assigned to their trades.

"This has shaken our company to the core," CEO Jamie Dimon said.

The bank said managers tied to the bad trade had been dismissed without severance pay and that it planned to revoke two years' worth of pay from each of those executives.

JPMorgan said it had lost $4.4 billion because of the trade from April through June, and its chief financial officer said the bank had lost an additional $1.4 billion in the first three months of the year.

Dimon's original estimate of the loss from the bad trade, disclosed in a surprise conference call with Wall Street analysts in May, was $2 billion.


Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

per·di·tion / pərˈdiSHən / Noun

per·di·tion / pərˈdiSHən / Noun: (in Christian theology)
A state of eternal punishment and damnation into which a sinful and unpenitent person (aka: legal fiction corporation) passes after death.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

And The Road Thereto

“The road to perdition has ever been accompanied by lip service to an ideal.”
- Albert Einstein


Dark Nites bouncing along the road They pave intentionally with fairy tales.


Ruinous missions against our nature:

“Nearby is an interesting ruin--the meager remains of an ancient temple--a place where human sacrifices were offered up in those old bygone days...long, long before the missionaries braved a thousand privations to come and make [the natives] permanently miserable by telling them how beautiful and how blissful a place heaven is, and how nearly impossible it is to get there; and showed the poor native how dreary a place perdition is and what unnecessarily liberal facilities there are for going to it; showed him how, in his ignorance, he had gone and fooled away all his kinsfolk to no purpose; showed him what rapture it is to work all day long for fifty cents to buy food for next day with, as compared with fishing for a pastime and lolling in the shade through eternal summer, and eating of the bounty that nobody labored to provide but Nature. How sad it is to think of the multitudes who have gone to their graves in this beautiful island and never knew there was a hell.”
- Mark Twain, Roughing It


Where, oh where has my little Dollar gone?

Where oh where can it be?

With one trade cut short, the other cut long, where oh where could it be?

Jamie Dimon sucks $400 Billion. Other bankers suck $3.5 Trillion on Fed tit. 06/20/2012

Big Bank Theory: $250 Trillion Tender. JPM BoA GS MS. Bang! 09/25/2011

JP fairy tale: Golden Brick Road & Silver Slippers 09/22/2011

1% Trading Loss on $80 T by JP Morgan to Eviscerate Them! 07/03/2011

WANTED! JP Morgan. Insanely Perfect Trading 9 months straight. 02/15/2011

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

That "HUGE" loss

Is 2/3 what we just gave to isreal, yep 1100 or so dollars for every single one of them.

And they just had a six second voiceless ( unrecorded) vote to pass it thru the senate. Six billion here, nine billion there, don't even make these motherfloggers blink.

Share this:


I have sworn upon the altar of God eternal hostility to every form of tyranny over the mind of man.