Bank Admits Losses on Massive Trading Bet Gone Wrong; Dimon’s Mea Culpa
Dan Fitzpatrick, Gregory Zuckerman and Liz Rappaport The Wall Street Journal 5/10/2012
A massive trading bet boomeranged on J.P. Morgan Chase & Co., leaving the bank with at least $2 billion in trading losses and its chief executive, James Dimon, with a rare […]
“We are Wall Street. It’s our job to make money. Whether it’s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn’t matter. We would trade baseball cards if it were profitable. I didn’t hear America complaining when the market was roaring to 14,000 and everyone’s 401k doubled every […]