JP Morgan may end up losing more than $2 billion in bad bets.

[blankslate]

http://dealbook.nytimes.com/2012/05/16/jpmorgans-trading-loss-is-said-to-rise-at-least-50/

The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses.

When Jamie Dimon, JPMorgan’s chief executive, announced the losses last Thursday, he indicated they could double within the next few quarters. But that process has been compressed into four trading days as hedge funds and other investors take advantage of JPMorgan’s distress, fueling faster deterioration in the underlying credit market positions held by the bank.

They're not investing. they're gambling. The only differences between them and the poor sod gambling his savings away at a casino is that they will get bailed out and they're using other people's money to gamble.

http://www.bloomberg.com/news/2012-05-18/jpmorgan-may-lose-5-billion-on-derivatives-wsj-reports.html

JPMorgan Chase & Co. (JPM)’s loss from derivatives trading may widen to $5 billion, the Wall Street Journal reported.

JPMorgan and regulators face pressure to explain the loss as lawmakers haggle over rules for the Dodd-Frank regulatory overhaul enacted two years ago.

Instead of Dodd, Frank what they needed to do was just repeal Graham Leach Blighly and reinstate Glass-Steagall.

These banks are going to crash the economy again...

 

[manimal]

Remember the good ol days when investment banking and personal banking were separate by law?

 

[thraashman]

Remember the good ol days when corporations weren't considered people for the sake of speech in the form of money but corporations immune from prosecution when it came to criminal acts?

 

[Craig234]

Remember the good ol days when corporations weren't considered people for the sake of speech in the form of money but corporations immune from prosecution when it came to criminal acts?

Remember the good old days when supermajorities of Democrats in Congress passed actual protections in the interest of the public from finance to pollution to war to consumerism?

 

[nehalem256]

Remember the good ol days when investment banking and personal banking were separate by law?

And that would keep JP Morgan from making bad bets on derivatives how?

 

[bradley]

It would keep the printing pre$$ away from their investment arm. Although there's no current rule about investing with federally insured deposits.

 

[Gonad the Barbarian]

Oops, looks like it's closer to $9 billion.
http://dealbook.nytimes.com/2012/06/28/jpmorgan-trading-loss-may-reach-9-billion/?smid=tw-share

 

[airdata]

Too bad nobody warned us about scumbags like this... you know... people like OWS.

 

[Mursilis]

Too bad nobody warned us about scumbags like this... you know... people like OWS.

Too bad OWS's warnings about our corporate overlords got muddled with so much other left-wing baggage.

 

[nehalem256]

Oops, looks like it's closer to $9 billion.
http://dealbook.nytimes.com/2012/06/28/jpmorgan-trading-loss-may-reach-9-billion/?smid=tw-share

In April, the bank generated an internal report that showed that the losses, assuming worst-case conditions, could reach $8 billion to $9 billion, according to a person who reviewed the report

It seems you exaggerate.

Not to mention

Despite the loss, the bank has said it will be solidly profitable for the quarter

 

[PokerGuy]

Too bad nobody warned us about scumbags like this... you know... people like OWS.

Too bad those idiots were too busy smoking pot and pushing left wing garbage instead of real issues.

 

[dank69]

Too bad those idiots were too busy smoking pot and pushing left wing garbage instead of real issues.

Too bad idiots ignored the real issues and instead looked for any faults they could find with the protesters no matter how unrelated those faults might have been.

 

[ichy]

Too bad nobody warned us about scumbags like this... you know... people like OWS.

Losing money in business does not make you a scumbag. Besides, JP Morgan is still a profitable company and no taxpayer or account holder money was lost.

 

[Dari]

Losing money in business does not make you a scumbag. Besides, JP Morgan is still a profitable company and no taxpayer or account holder money was lost yet.

FTFY. That's what all this uproar is about. Gambling by banks will lead to tax payers having to bail them out again all while saying that nothing is wrong. Send some of them to prison and they will act right.

 

[GrGr]

Too bad those idiots were too busy smoking pot and pushing left wing garbage instead of real issues.

It is a real issue when JP Morgan is the largest, or one of the most substantial, financial "supporter" of the politicians sitting on the finance committee in Congress. These same politicians support the idea of supporting JP Morgan with tax payer money, so JP Morgan can keep feeding the same politicians money to run for Congress... no matter how much JPM wastes playing games with tax payer money or how broke JP Morgan really is.

JP Morgan FOUNDED the Fed, JP Morgan OWNS Congress, JP Morgan is broke but keeps getting bailed out by money printing by the Fed, leaving the bill with the tax payers.

It is a beautiful fail safe system, as long as people accept being shafted by Wall Street.