Thursday, June 28, 2012

Chase losses could be bigger

As you may recall Jamie Dimon went before congress recently to report on the significant losses JP Morgan Chase suffered due to poor trades. At the time he stated that the losses could be somewhere in the vicinity of 2 billion dollars. Now it is being reported that the figure he gave was somewhat of an underestimation and that losses could reach as high as 9 billion dollars. Dimon says that notwithstanding this shocker, his bank can weather the storm and still remain profitable. All I can say is I am glad I am not a shareholder. Ouch!

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