Trader Loses JP Morgan’s $2 Billion: Consequences For Wall Street

As reported by Market Leader (US)

Last week’s headlines screamed about a sensation: J.P. Morgan Chase & Co, one of the largest US banks in terms of assets, lost $2 billion. However, Jamie Dimon, CEO of JPMorgan Chase, assured everyone that no client had suffered from that. Moreover, according to him, the bank will finish this quarter with a surplus even despite the major loss. President Obama also helped JP Morgan to extinguish the fire by saying that JP Morgan’s management staff is the best in the US banking sector, so the US authorities won’t interfere with the bank’s activities due to its high productivity. However, the Federal Reserve is determined to start special investigation.
 
What really happened? Why do the US Authorities stay calm? What does it mean for J.P. Morgan’s investors?
 
$2B Loss: Economic Fail Or Political Game?   Read more...

 

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