JPMorgan CEO: 'Dead wrong' about trading concerns [View all]

[bluesbassman]

Source: Associated Press

NEW YORK (AP) — The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was "dead wrong" when he dismissed concerns about the bank's trading last month.

CEO Jamie Dimon said he did not know the extent of the problem when he said in April that the concerns were a "tempest in a teapot." After the bank reported the trading loss, investors shaved almost 10 percent off the bank's stock price.

"We made a terrible, egregious mistake," Dimon said in an interview that aired Sunday on NBC's "Meet the Press." ''There's almost no excuse for it."

~snip~

A piece of the financial regulation known as the Volcker rule would prevent banks from certain kinds of trading for their own profit. Dimon has said the trading involved in the $2 billion loss would not have fallen under the rule.



Read more: http://news.yahoo.com/jpmorgan-ceo-dead-wrong-trading-concerns-130151271--finance.html

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Derivative trading was not for the bank's own profit? C'mon Dimon.