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Thread: JPMorgan Trading Loss Reportedly May Reach $9 Billion

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    JPMorgan Trading Loss Reportedly May Reach $9 Billion

    The CEO doesnt get fired and neither does his top people that CAUSED this huge FAIL....the rich have no consequences for failure obviously...they pay fines because they can afford them then its business as usual...dispicable.



    JPMorgan Chase stock declined more than 2 percent on Thursday, making it one of the worst-performing banks, after a published report said its loss on a bad trade could be far higher than the bank first estimated. The New York Times, citing an internal report at the bank, reported that the loss could reach $9 billion. JPMorgan's initial estimate was $2 billion when it disclosed the trade in May, although CEO Jamie Dimon said then that the loss could grow.

    JPMorgan Chase stock closed down 90 cents, or 2.4 percent, at $35.88. Financial stocks as a group lost 0.2 percent. JPMorgan traded at about $41 before the loss was disclosed and has closed as low as $31 in the weeks since.
    The Times story said the $9 billion figure reflected a worst-case estimate by the bank. But because the bank has sold the most volatile part of the trading position, the loss could be $6 billion to $7 billion, The Times reported.
    A JPMorgan representative declined to comment.
    "The bottom line is the reputation of JP Morgan is hurt," said Paul Miller Jr., an analyst for FBR Capital Markets & Co. "I don't think people care if it is a $6 billion or $9 billion loss."
    The company is expected to provide more detail when it reports its quarterly earnings July 13.
    "There's not a lot they can give us until they back out of the trade," Miller said. " I don't care what the number is, what I care about is are we done with the trade and do we need to adjust earnings moving forward."
    In May, JPMorgan said the loss came from trading in credit derivatives designed to hedge against financial risk, not to make a profit for the bank.
    Dimon apologized to shareholders, and days after the loss was disclosed, Chief Investment Officer Ina Drew, who oversaw the trading group responsible for the trade, left the company.
    The loss has heightened concerns that the biggest banks still pose risks to the U.S. financial system, less than four years after the financial crisis in the fall of 2008. JPMorgan has lost about $23 billion in market value since the loss came to light.
    In a hearing before the House Financial Services Committee last week, Dimon was dismissive when asked if JPMorgan's losses could total half a trillion or a trillion dollars. He replied bluntly: "Not unless the Earth is hit by the moon."
    While Dimon avoided putting an exact number on the bank's trading loss, he did say that JPMorgan will have a solidly profitable quarter.
    ___


    JPMorgan Trading Loss Reportedly May Reach $9 Billion

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    Re: JPMorgan Trading Loss Reportedly May Reach $9 Billion

    And Mr. Dimon's lies keep getting revealed.
    Quote Originally Posted by Moderate Right View Post
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    Re: JPMorgan Trading Loss Reportedly May Reach $9 Billion

    “JPMorgan is one of the best-managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,”

    Read more: Morgan Is One Of The Best-Managed Banks There Is And They STILL Lost $2 Billion - Business Insider

    Yep...doin a helluva a job there Jamie...

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    Re: JPMorgan Trading Loss Reportedly May Reach $9 Billion

    Guess it's really time to switch banks...
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    Re: JPMorgan Trading Loss Reportedly May Reach $9 Billion

    Quote Originally Posted by tessaesque View Post
    Guess it's really time to switch banks...

    Hes been lieing through his teeth...now their saying the loss's can be upward of 13 billion...kinda a bit more than he admitted to when in front of congress...he said 1 maybe as high as 2 billion...which he said the bank is quite able to accept...12 billion later uhhhhhhhhh

    Sorry conservatives, I truly dont understand how you can keep defending these wall street banks...and I post one a week of crooked dirty deals and fails...and you just ignore them...they are not american heros they are all greedy suckers that put money before people

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    Re: JPMorgan Trading Loss Reportedly May Reach $9 Billion

    Quote Originally Posted by lpast View Post
    Hes been lieing through his teeth...now their saying the loss's can be upward of 13 billion...kinda a bit more than he admitted to when in front of congress...he said 1 maybe as high as 2 billion...which he said the bank is quite able to accept...12 billion later uhhhhhhhhh

    Sorry conservatives, I truly dont understand how you can keep defending these wall street banks...and I post one a week of crooked dirty deals and fails...and you just ignore them...they are not american heros they are all greedy suckers that put money before people
    What was gross was when they called Jamie Dimon to the hill to question him on losing, what he had said, $2 billion dollars. And before he got his chance to blame some single guy from London called "the whale" or something like that, the entire banking committee sucked his dick on live TV about what a great guy he was and great businessman and all that jazz. Why you ask? Because JP Morgan funds everyone on the Senate Banking Committee's campaigns.

    Awesome punking of the banking committee by Jon Stewart practically showing them giving Mr. Dimon Felatio during questioning when they should have been tearing him a new one.


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    Last edited by poweRob; 07-01-12 at 10:49 PM.
    Quote Originally Posted by Moderate Right View Post
    The sad fact is that having a pedophile win is better than having a Democrat in office. I'm all for a solution where a Republican gets in that isn't Moore.

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    Re: JPMorgan Trading Loss Reportedly May Reach $9 Billion

    Quote Originally Posted by lpast View Post
    Hes been lieing through his teeth...now their saying the loss's can be upward of 13 billion...kinda a bit more than he admitted to when in front of congress...he said 1 maybe as high as 2 billion...which he said the bank is quite able to accept...12 billion later uhhhhhhhhh

    Sorry conservatives, I truly dont understand how you can keep defending these wall street banks...and I post one a week of crooked dirty deals and fails...and you just ignore them...they are not american heros they are all greedy suckers that put money before people
    I saw something in the times about the loss potentially being 9 billion which would present Dimon with a problem with the SEC.

    Where did you get the 13 billion number from?

    While I can't disagree that there a lot of greedy bankers, there are a lot of greedy CEOs a lot of greedy every profession.

    How many CEOs get fired after making acquisitions that cost their company hundreds of millions or billions in write offs.

    Dimon and many others on wall street are democrats. This is a problem, not just with conservatives.

    Sad that even a topic that should unite is used to pit americans of different stripes against each other.

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