JP Morgan’s CEO Jamie Dimon announced a few weeks ago that the bank may take a loss as high as $2B on a trading position established by a London traded dubbed “the whale”. Now, some estimates are as high as $6B and some people are saying that Dimon will have to step down. If this [...]
Whenever I struggle with an issue, such as banking regulation and the JPM situation, I find that the eminent Dr. Frank Shostak has already solved the problem. I’ve been thinking a lot about the current banking system and how it perpetuates Too Big To Fail banks. There is a free market solution to the banking system, actually, a [...]
“JP Morgan Chase last night announced a surprise $2 billion trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on “errors, sloppiness and bad judgment”, warning it “could get worse”.
- From The Financial Times, Friday 11th May 2012.