Blog Flux Directory Subscribe in NewsGator Online Subscribe with Bloglines http://www.wikio.com Blog directory
And, yes, I DO take it personally: JPMorgan Chase and Jamie Dimon decide on a little derivatives sunshine
Mandy: Great blog!
Mark: Thanks to all the contributors on this blog. When I want to get information on the events that really matter, I come here.
Penny: I'm glad I found your blog (from a comment on Think Progress), it's comprehensive and very insightful.
Eric: Nice site....I enjoyed it and will be back.
nora kelly: I enjoy your site. Keep it up! I particularly like your insights on Latin America.
Alison: Loquacious as ever with a touch of elegance -- & right on target as usual!
"Everybody's worried about stopping terrorism. Well, there's a really easy way: stop participating in it."
- Noam Chomsky
Send tips and other comments to: profmarcus2010@yahoo.com /* ---- overrides for post page ---- */ .post { padding: 0; border: none; }

Thursday, May 10, 2012

JPMorgan Chase and Jamie Dimon decide on a little derivatives sunshine

bwahahahaha...! long overdue...

JPMorgan Chase announced surprise “significant mark-to-market losses” on credit derivatives in its chief investment office, an opaque unit whose aggressive trades have recently drawn controversy.

The bank said in a regulatory filing that the portfolio at the CIO had “proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed”.

On a hastily convened conference call, Jamie Dimon blamed “errors, sloppiness and bad judgment”.
Separately, JPMorgan said it was on the hook for as much as $4.2bn in excess of reserves for various legal proceedings.

there's been a great deal of abortive effort to uncover the precise extent of the toxic derivatives held by our criminal, too-big-to-fail banks... suddenly, in this surprise announcement, lo and behold, a little sunshine... my hunch is that this is the thin edge of the wedge and that's there a lot more to come...

Labels: , , , , , ,

Submit To Propeller


And, yes, I DO take it personally home page