JPMorgan Chase blows $2 Billion in proprietary trade losses
JPMorgan Chase’s loss of $2 Billion in proprietary trading losses reported yesterday by egg-on-the-face CEO Jamie Dimon only helps to show the banks true colors – a relentless quest for profits above all else.
JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.
A reader remembers Dimon commenting on Google’s “Don’t be Evil” motto: “We have a motto too. It’s make more money.”
This loss can only mean that Chase will try to boost it’s profits by sucking more fees out of customers.
Fees & charges, Ineptitude | admin May 11, 2012
By coakl, May 14, 2012 @ 10:42 am
If this were a Japanese bank, the CEO and other executives would commit suicide to atone for their blunders.
I’d pay to see that youtube video.
By Anon, August 28, 2012 @ 6:12 pm
And the bank was still profitable for the quarter despite the loss