How does JP Morgan lose $2 billion in a single trade?
Jamie Dimon, CEO of JP Morgan Chase
The craziness of one trader at JP Morgan Chase having the power to lose $2 billion is totally blowing my mind. Didn’t we just pass laws that would reign in out-of-control risky betting by banks? This is a bank that we, the American people, insure. If it goes belly-up then we will be expected to pay the bill. That’s more risk than I can take. I suspect that is more risk than the American public can stomach. (more…)