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Wall Street Shrugs as JPMorgan Trades Lop Off $27 Billion

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Mon, 11 Jun 12 7:35 PM | 44 view(s)
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Wall Street Shrugs as JPMorgan Trades Lop Off $27 Billion

By Max Abelson - Jun 11, 2012 9:50 AM ET

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon plans to testify before Congress this week about his firm’s $2 billion trading loss. His Wall Street colleagues don’t understand why.

(This scumbag offers the quote of the day...clo)

“Occasional losses are inevitable,” said Blackstone Group LP (BX)’s Stephen A. Schwarzman, 65, CEO of the largest private- equity firm. “Publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system.” 

The loss has sliced $27 billion from JPMorgan’s market value since the May 10 disclosure, while triggering at least five federal probes and two Capitol Hill hearings scheduled with Dimon. It also renewed debate about whether curbs on trading by bankers were tightened enough after their wrong-way bets pushed the system to the brink of collapse in 2008.

more:
http://www.bloomberg.com/news/2012-06-10/wall-street-shrugs-as-jpmorgan-trades-lop-off-27-billion.html




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