If you’ve wondered what investment banks have been doing with those hard earned bail-out tax dollars lent to them by the Federal Reserve and US government at nearly zero percent interest, here’s your answer and a demonstration in how to vaporize the GDP of a small nation in just a few weeks’ time.
In an unexpected after hours call with investors CEO Jamie Dimon said JPMorgan was facing massive losses – legal losses of $4.2 billion were reasonably possible, he said — with trading losses totaling $800 million in the second quarter.
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J.P. Morgan Reveals ‘London Whale’-Size Losses
J.P. Morgan Chase & Co., the nation’s largest bank, surprised the market today, saying it has taken large losses stemming from derivatives bets gone wrong in the bank’s Chief Investment Office.
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Revealed: London trader known as 'Voldemort' who is suspected of blowing bank's staggering $2billion loss
French-born, British-based Bruno Michel Iksil believed to be responsible.
Dubbed the 'London Whale', be bragged 'he could walk on water'.
Believed to be part of Chief Investment Office at heart of bank's losses.
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