A $7 BILLION loss at JPMorgan? WHEN are our criminal bankers going face some real accountability?

the crap keeps flowing nonstop and these guys keep walking the streets with zero consequences for fraud, malfeasance, mismanagement, lying, and outright theft... meanwhile, you or i could be literally tossed in jail over a minor traffic violation... when is this shit going to cease...?

JPMorgan Fears Traders Obscured Losses in First Quarter

JPMorgan Chase which reported its second-quarter results on Friday, disclosed that the losses on a soured credit bet could mount to more than $7 billion, as the nation’s largest bank indicated that traders may have intentionally tried to conceal the extent of the red ink on the disastrous position.

Amid a swirl of questions about how the traders marked their bets, JPMorgan also said Friday that it would be forced to restate its first-quarter results.

If the trades, made out of the powerful chief investment office unit in London, had been properly valued, the bank said it would have lost $1.4 billion on the position in the first quarter.

Jamie Dimon, the bank’s chief executive who has consistently reassured investors that the losses would be contained, announced that the bank lost $4.4 billion on the botched trade in the second quarter. So far this year, the bank says it has lost $5.8 billion on the trades in credit derivatives.

In a statement, JPMorgan said that “the firm has recently discovered information that raises questions about the integrity of the trader marks and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses in the portfolio during the first quarter.”

jamie dimon, crook-in-chief...

Submit To Propeller
Tweet