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May 16, 2012

JPMorgan's big loss: Was it hedging or betting?

“Could misdirection over the meaning of a simple, five-letter word – hedge – be at the heart of the roiling controversy over JPMorgan Chase’s embarrassing $2 billion loss in European trading?”

“CEO Jamie Dimon tried to quiet the storm at JPMorgan Chase & Co.’s annual shareholders’ meeting Tuesday, just days after he called the bank’s actions “stupid” and “sloppy” in a TV interview and the bank announced that chief investment officer Ina Drew, whose London office orchestrated the costly trades, would resign.”

“‘That’s what the law calls for, and that’s what the reckless activities of Wall Street in 2008 require,’ said Dennis Kelleher, president and CEO of Better Markets, a nonprofit that says it promotes the public interest in financial-market debates.”


Read full Philly Business story here.

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