"Several executives involved in the transaction have either abruptly decided to retire or been sacked."
June 13, 2012 8:46 PM Subscribe
posted by the man of twists and turns (69 comments total)
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Last month, JP Morgan Chase announced it had lost $2 billion dollars
in a 'hedging' maneuver. Today, Jamie Dimon, Morgan's chairman and CEO, testified
before the Senate banking committee.
There, he said that 'trading strategy that led to bank's $2bn loss was "poorly conceived and vetted".
Meet the 'London Whale'
, the trader responsible for the position.
Politics blog: "Master of the Universe Jamie Dimon went before Congress this morning, tugging his well-compensated forelock and explaining how terribly, terribly sorry he was to have had J.P. Morgan Chase, the death star for which he is currently employed, soak the system for $2 billion in losses through the kind of exotic trading that every Master of the Universe pinky-swore would never, ever, happen again
after similar shenanigans nearly ate the world."
responds: "That is a bald faced admission that the CIO’s mandate had nothing to do with hedging."
Dimon previously on Metafilter:
The Big Lie goes viral
Interchange reform is necessary and it is long overdue.