Atomic Bob's Stock Forum - The Golden Thread

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon plans to testify before Congress this week about his firmâ€™s $2 billion trading loss. His Wall Street colleagues donâ€™t understand why.

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

â€œOccasional losses are inevitable,â€ said Blackstone Group LP (BX)â€™s Stephen A. Schwarzman, 65, CEO of the largest private- equity firm. â€œPublicly excoriating JPMorgan serves no purpose except to reduce peopleâ€™s confidence in the financial system.â€

The loss has sliced $27 billion from JPMorganâ€™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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