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June 1, 2012

J.P. Morgan's $2 Billion Blunder

“A massive trading bet boomeranged on J.P. Morgan Chasw JPM (-3.20%) & co., leaving the bank with at least $2 billion in trading losses and its chief executive, James Dimon, with a rare black eye following a long run as what some called the ‘King of Wall Street.’ “

“The losses stemmed from wagers gone wrong in the bank’s Chief Investment Office, which manages risk for the New York company. The Wall Street Journal reported early last month that large positions taken in that office by a trader nicknamed ‘the London whale’ had roiled a sector of the debt markets.”

” ‘This is yet another example of the need for the more than $700 trillion derivatives market to be brought into the light of financial regulation,’ said Dennis Kelleher, president of Better Markets, a liberal nonprofit focused on financial reform.”

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Read full Wall Street Journal article here.

 
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