Thursday, May 10, 2012

JPM: $2 billion trading loss on synthetic credit position

by Bill McBride on 5/10/2012 05:19:00 PM

At a special conference call, from the WSJ: J.P. Morgan To Host Surprise Conference Call. A few excerpts:

J.P. Morgan is now forecasting an $800 million loss in the corporate segment in the second quarter.

Dimon says the strategy was "Flawed complex poorly reviewed poorly executed and poorly monitored."

These were egregious mistakes, they were self-inflicted."- Dimon

Other headlines: "Obviously there was sloppiness" "Portofolio still has risk"

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