JPMorgan suffers big loss. Oopsie!

[WillowTree]

lost a couple of billion dollars..
























some American fortunes have evaporated.

 

[Mr. Peepers]

Here we go again...

JPMorgan trading unit suffers big loss - May. 10, 2012

 

[Mad Scientist]

Maybe they can cover those loses with customer money from segregated accounts?

All the Way! SLA!

 

[VaYank5150]

Here we go again...

JPMorgan trading unit suffers big loss - May. 10, 2012

No worries. The GOP will bail them out just like Bush did.

 

[CrusaderFrank]

You idiots should read the articles you link to

Jesus

 

[g5000]

I was waiting for this loss. Traders have been noticing for months now that there was a JP Morgan prick in London making large moves which were affecting the price point of derivatives single-handedly. He's been all over Bloomberg for a while now. It is my guess he was double betting like a fucking rank amateur.

He got exactly what he deserved.

Some people never learn. Credit default swaps need to be regulated.

But hey, let's find a way to blame the negroes for this!

 

[CrusaderFrank]

FDIC insured banks should not be allowed to own, sell, hypothicate, borrow against or even look at these securities.

If you want to trade, use and lose your own money and leave me out of it

 

[g5000]

FDIC insured banks should not be allowed to own, sell, hypothicate, borrow against or even look at these securities.

If you want to trade, use and lose your own money and leave me out of it

This was a corporate trading unit. It is not FDIC insured. He was gambling with client money. Maybe proprietary money.

You better hope your 401k manager was not one of those clients.

 

[Truthmatters]

see cons your corporate gods are very falliable

 

[GoneBezerk]

It must be Bush's fault....since Obamination is sitting in the White House.

 

[g5000]

The division responsible for the losses is the Chief Investment Office.

Here's an article from April 13: JPMorgan Said to Transform Treasury to Prop Trading

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon has transformed the bank’s chief investment office in the past five years, increasing the size and risk of its speculative bets, according to five former executives with direct knowledge of the changes.

Some of Macris’s bets are now so large that JPMorgan probably can’t unwind them without losing money or roiling financial markets, the former executives said, based on knowledge gleaned from people inside the bank and dealers at other firms. Bruno Iksil, a London-based trader in Macris’s group, gained attention last week after moving markets with his trades, drawing a comparison to Federal Reserve Chairman Ben S. Bernanke’s power in the government-bond market.

“What Bernanke is to the Treasury market, Iksil is to the derivatives market,” Bonnie Baha, head of the global developed credit group at DoubleLine Capital LP in Los Angeles, where she helps oversee $32 billion, said in a telephone interview.

All right? Everyone could see what was happening. These guys were off the reservation.

But what was Dimon's attitude? Let's see:

“It’s a complete tempest in a teapot,” Dimon said on a conference call with investors today after the bank announced first-quarter earnings. “Every bank has a major portfolio and in those portfolios you make investments that you think are wise.”

Asshole. It's nice to see him with egg on his face this morning.

These are the idiots some of you have been defending.

Dimon pushed the unit to seek bigger profits by buying higher-yielding assets, including structured credit, equities and derivatives, and ramping up speculation, according to two former employees. While Drew’s unit previously had small teams of traders who took speculative “macro” positions in currencies and interest-rate products, people who worked there at the time say the focus shifted and traders were given permission to put more capital at risk.

 

[Dick Tuck]

FDIC insured banks should not be allowed to own, sell, hypothicate, borrow against or even look at these securities.

If you want to trade, use and lose your own money and leave me out of it

Agree with this one. Tearing down the firewall between investment banking in and commercial banking, is another reason why Greenspan should have been put in prison, and Reagan should be despised for supporting it.

This comingling of deposits and investment banking was one of the key causes of the Great Depression. Greenspan/Reagan were numskulls on that deregulation.

 

[VaYank5150]

The division responsible for the losses is the Chief Investment Office.

Here's an article from April 13: JPMorgan Said to Transform Treasury to Prop Trading

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon has transformed the bank’s chief investment office in the past five years, increasing the size and risk of its speculative bets, according to five former executives with direct knowledge of the changes.

Some of Macris’s bets are now so large that JPMorgan probably can’t unwind them without losing money or roiling financial markets, the former executives said, based on knowledge gleaned from people inside the bank and dealers at other firms. Bruno Iksil, a London-based trader in Macris’s group, gained attention last week after moving markets with his trades, drawing a comparison to Federal Reserve Chairman Ben S. Bernanke’s power in the government-bond market.

“What Bernanke is to the Treasury market, Iksil is to the derivatives market,” Bonnie Baha, head of the global developed credit group at DoubleLine Capital LP in Los Angeles, where she helps oversee $32 billion, said in a telephone interview.

All right? Everyone could see what was happening. These guys were off the reservation.

But what was Dimon's attitude? Let's see:

“It’s a complete tempest in a teapot,” Dimon said on a conference call with investors today after the bank announced first-quarter earnings. “Every bank has a major portfolio and in those portfolios you make investments that you think are wise.”

Asshole. It's nice to see him with egg on his face this morning.

These are the idiots some of you have been defending.

Dimon pushed the unit to seek bigger profits by buying higher-yielding assets, including structured credit, equities and derivatives, and ramping up speculation, according to two former employees. While Drew’s unit previously had small teams of traders who took speculative “macro” positions in currencies and interest-rate products, people who worked there at the time say the focus shifted and traders were given permission to put more capital at risk.

No more bailouts for these asshats. I am fairly certain Obama will not halt his campaign like McCain did to give him time to craft a bailout like the last time...

 

[g5000]

These people learned NOTHING from the crash.

 

[VaYank5150]

These people learned NOTHING from the crash.

They learned that our Government considers them too big to fail, and will bail them out with taxpayer money when they fuck up. I think they learned a LOT!

 

[CrusaderFrank]

Um, if you bother to read the article, the bank is profitable, the loss was in this one division.

 

[GoneBezerk]

Meanwhile the DoJ is going after community banks if they don't have enough "minority" owned home loans on their books.

Yep, it's happening all over again....liberals forcing banks to take on bad home loans so that black people can own a home for 1-5 years before it all blows up.

Hmmmm, Romney being POTUS in 2 years might have another situation like Bush, how convenient......

 

[paulitician]

Was Obama's good bud Jon Corzine in on this fiasco too?

 

[Truthmatters]

Um, if you bother to read the article, the bank is profitable, the loss was in this one division.

and those CEOs sure fucked up huh?

so much for your CEOs are perfect people shit huh?

 

[CrusaderFrank]

I'm not expert, but did Dimon say this was 'mark to market'? What gets MTM?