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.

Read the entire story.

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.


  • 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

Other Links to this Post

RSS feed for comments on this post.

Leave a comment

WordPress Themes