[the other guy]

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks, jeopardizing Wall Street banks’ efforts to loosen a federal ban on bets with their own money.

The firm’s chief investment office, run by Ina Drew, 55, took flawed positions on synthetic credit securities that remain volatile and may cost an addtional $1 billion this quarter or next, Dimon told analysts yesterday. Losses mounted as JPMorgan tried to mitigate transactions designed to hedge credit exposure.

This could cause big trouble

[WideRight05]

Ouch. I don't know many people that invested in them. A lot of the ones I know invested in Bank of America a while back.

[TheRealThing]

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks, jeopardizing Wall Street banks’ efforts to loosen a federal ban on bets with their own money.

The firm’s chief investment office, run by Ina Drew, 55, took flawed positions on synthetic credit securities that remain volatile and may cost an addtional $1 billion this quarter or next, Dimon told analysts yesterday. Losses mounted as JPMorgan tried to mitigate transactions designed to hedge credit exposure.

This could cause big trouble

These guys are like coaches that can't shut up once in a while and just let the players play. They try to get too cute and too clever. When they make a lot of money with one of these hairbrained schemes, bonuses and confetti are the norm but, when they loose, everybody looses. As for those at the very top, really, I think a normal profit isn't good enough anymore. It all boils down to plain old greed. People in positions of power, be it commerce or government, are increasingly more and more without integrity. It isn't that the penalty for such things are not stiff enough, that's why no matter how many new regulations and governmental oversight we impose, there will always be Bernie Madoffs out there willing to commit the infinite larceny. It's more a sign of the times than anything else.

[RunItUpTheGut]

I actually use to have stock with JPMorgan but got rid of it years ago.
Most of my stock is in steady growth stocks with very little risk.