Economy

xchrom

(108,903 posts)

49. JPMorgan's loss from trading blunder could widen to $7.5 billion

Sat Jul 14, 2012, 10:21 AM

Jul 2012

http://www.latimes.com/business/la-fi-0714-jpmorgan-earnings-20120714,0,552996.story

NEW YORK — JPMorgan Chase & Co. revealed that losses from a trading blunder could widen to a whopping $7.5 billion as it reported that profit fell last quarter.

Wall Street's reaction? Investors sent the bank's stock surging 6% on Friday.

It's been a rough couple of months for JPMorgan and its savvy chairman and chief executive, Jamie Dimon, since the bank disclosed that risky derivatives trades blew a hole — initially pegged at $2 billion — in what he calls the bank's "fortress balance sheet."

Dimon, credited with steering JPMorgan through the financial crisis largely unscathed, has been hauled before Congress and seen his credibility come under attack as Wall Street's chief spokesman.

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Weekend Economists Waiting for FDR July 13-15, 2012 [View all] Demeter Jul 2012 OP

ONE BANK DOWN Demeter Jul 2012 #1

ONE BANK THAT DIDN'T GO DOWN...JPMORGAN Demeter Jul 2012 #2

JP Morgan's trades losses are backed by the FDIC MannyGoldstein Jul 2012 #4

You're kidding! Do you have a link? Demeter Jul 2012 #9

There is no link because it ain't quite true n/t Po_d Mainiac Jul 2012 #12

Sure MannyGoldstein Jul 2012 #15

I do remember reading BoA doing this DemReadingDU Jul 2012 #27

IT'S COMIC, ISN'T IT? Demeter Jul 2012 #41

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Calculated Deal in a Rate-Rigging Inquiry Demeter Jul 2012 #6

BUT WAIT, IT JUST GETS BETTER Demeter Jul 2012 #7

New Fraud Inquiry as JPMorgan�s Loss Mounts Demeter Jul 2012 #8

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Fed's Lacker: Libor scandal hurting confidence Demeter Jul 2012 #13

So How Much Did the Banksters Make on Libor-Related Ill-Gotten Gains? Demeter Jul 2012 #21

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Unfortunately, they're probabaly right that it'll take a long time to sort out the consequences; but snot Jul 2012 #59

We need another FDR MannyGoldstein Jul 2012 #5

Mittler? Fuddnik Jul 2012 #22

Worse? Po_d Mainiac Jul 2012 #24

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Another "this should be a separate thread", and what of the outcome for this repeat? I'd love to mother earth Jul 2012 #39

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Not you, Paulie. Not you. n/t Tansy_Gold Jul 2012 #46

Once again, K & R! Every DU'er should be reading these threads. No, make mother earth Jul 2012 #36

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Demeter, thank you, as usual, great job. mother earth Jul 2012 #40

Thanks for dropping in! Demeter Jul 2012 #42

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one of my most favorite memories i'll ever have is the AZ desert after a rain. xchrom Jul 2012 #48

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JPMorgan's loss from trading blunder could widen to $7.5 billion xchrom Jul 2012 #49

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anyone have a link handy on the Banksters and Greece? bread_and_roses Jul 2012 #55

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Thanks, Demeter - and I found a couple too - bread_and_roses Jul 2012 #58

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I'm too pooped to post, sorry folks Demeter Jul 2012 #65

You've done your share and then some bread_and_roses Jul 2012 #66

+1 kickysnana Jul 2012 #69