JPMORGAN 2 BILLION DOLLAR TRADING LOSS

by Michael on May 14, 2012

Just how do you manage to lose 2 Billion USD ? I mean, I would know if I was down 100 USD let alone a clear 2 BILLION USD. With that much cash I could fund a space shuttle flight to the International Space Station and back,… 20 times !!

CEO Jamie Dimon said that the┬ábank JP Morganwas continuing to investigate what had happened and would take disciplinary action with those involved. Dimon said the bank’s losses could reach $3 billion or more as it unwinds the positions in coming months.

JPMorgan lost $15 billion in stock market value the day after the latest loss announcement.

The mind boggles !!

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