JPMorgan Trading Loss May Reach $9 Billion

[Locutus]

Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.


When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. But the red ink has been mounting in recent weeks, as the bank has been unwinding its positions, according to interviews with current and former traders and executives at the bank who asked not to be named because of investigations into the bank.


The bank’s exit from its money-losing trade is happening faster than many expected. JPMorgan previously said it hoped to clear its position by early next year; now it is already out of more than half of the trade and may be completely free this year.


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JPMorgan Trading Loss May Reach $9 Billion - NYTimes.com

 

[Cliffy]

"Give a man a gun and he could rob a bank. Give a man a bank and he could rob the world".

Or as Don Henley put it, "A man with a brief case can steal more money than any man with a gun."

And some people say the dippers would spend other people's money, but these cretins gamble with other people's money and get away with it and give themselves bonuses.

 

[TenPenny]

And some people say the dippers would spend other people's money, but these cretins gamble with other people's money and get away with it and give themselves bonuses.

Yeah, all those who claim that the NDP likes to 'spend other people's money' need to think about this.

 

[Cliffy]

Yeah, all those who claim that the NDP likes to 'spend other people's money' need to think about this.

And, how much has Harpo added to our dept. It is the business of governments to spend other people's money. What makes these people think any other party is spending any less than the NDP might if they got a chance? Politics is such an emotional commodity that logic doesn't very often enter the picture.

 

[TenPenny]

And, how much has Harpo added to our dept. It is the business of governments to spend other people's money. What makes these people think any other party is spending any less than the NDP might if they got a chance? Politics is such an emotional commodity that logic doesn't very often enter the picture.

Difference is, the NDP spreads it around through social programs, the others give it to their friends through contracts.

Some men will rob you with a sixgun, some rob you with a fountain pen.

 

[JLM]

Difference is, the NDP spreads it around through social programs, the others give it to their friends through contracts.

Some men will rob you with a sixgun, some rob you with a fountain pen.

Yeah, right, Glen Clark spent $460 million but none of it was on social programs and actually the money that does go on social programs is also funneled to their friends. Social programs are provided by bureaucrats, you don't think the nice lady handing out those school lunches is getting paid?

 

[captain morgan]

And some people say the dippers would spend other people's money, but these cretins gamble with other people's money and get away with it and give themselves bonuses.

The difference is: The people that have an interest in having JP Morgan manage their money do so with the knowledge that there is a big risk attached.. The dippers legislate that you get to lose your money for the purpose of giving it away with zero chance of return.

Big difference between the 2

 

[Cliffy]

The difference is: The people that have an interest in having JP Morgan manage their money do so with the knowledge that there is a big risk attached.. The dippers legislate that you get to lose your money for the purpose of giving it away with zero chance of return.

Big difference between the 2

I think your perception is a little more than biased and exaggerated.

 

[captain morgan]

I think your perception is a little more than biased and exaggerated.

How is it biased Cliffy?

If you put money into JP Morgan, you do so as their customer knowing from the start that there will be fees as well as bonuses. Further, the goal is to see growth in your money which is also taxed to the benefit in which you reside.

Gvt legislating increased taxes isn't an individual choice and the fact of the matter is that there is a relationship between taxes going up (generally) with poor gvt and economic performance.

 

[dumpthemonarchy]

Glen Clark spent more than $460 as his years as premier, and Gordon Campbell could have let a private developer build a free convention centre, but no the prov govt had to spend a billion on one. Then there was Gordo's $500 million upgrade of BC Place. All pols like pyramids.

The market wishes to be free when they make money, when they lose money they want govt help. We lived without derivatives 20 years ago, so just ban them, the govt can. But it would take the USA govt to do this. The financial economy is too big.