[BobInget]

That two billion or will it be five? Did not go directly to money Hell.
Somewhere on this planet, other banksters chalked up profit.
When trillions are moved round the world every hour of the day, a few billion fall through
cracks. In 2011, JPM no doubt was winning more bets then loses. We never heard of this trader's team
while they were making billions for their bank. OTOH, Few institutions are going to advertize their losses.
(unless they are too big to hide)

Put in perspective. BP's Macondo's GOM disaster cost perhaps eleven billion, killed more wildlife
put a great body of water in peril for a dozen years. BP restored their dividend.

Perhaps the greatest human tradgey of our generation is Japan.
Poor planning at Fook may kill off millions of innocents, never mind causing trillions in financial losses.
I have little doubt, few banks will stop doing business with Japan or JPM. . Check out Panasonic and Sony losses for Q-1. Toyota OTOH, posted 1.5 billion in profits for Q-1.... Go figure, maybe trucks fall apart faster then flat screens.

[radon]

$this->bbcode_second_pass_quote('BobInget', '
')Somewhere on this planet, other banksters chalked up profit.

[rockdoc123]

I guess at least one person should point out that the head of the trading group actually doesn't make all the trades. He takes responsibility for them obviously. I wonder what the tradeoff here is as to how much money was made through his agressive trade approach over the last five years versus lost recently.

[radon]

$this->bbcode_second_pass_quote('', '[')url=http://dealbook.nytimes.com/2012/05/11/in-jpmorgan-chase-trading-bet-its-confidence-yields-to-loss/]http://dealbook.nytimes.com/2012/05/11/in-jpmorgan-chase-trading-bet-its-confidence-yields-to-loss/[/url]

Among the hedge funds that began taking positions against JPMorgan were Blue Mountain, a New York fund; Lucidus Capital Partners, a London fund; Hutchin Hill, a New York fund; and Bluecrest, a giant London hedge fund founded by two former traders on JPMorgan’s proprietary trading desk.

[americandream]

$this->bbcode_second_pass_quote('Sixstrings', 'H')ousing bubble wasn't just in the US, it was overbuilt vacation homes in Spain for Brits too, and housing bubble in Ireland. And all the loans were securitized, cut up in pieces and packaged with pieces of totally different kinds of loans then marketed as "financial products" all over the world -- insured by AIG.

[smiley]

$this->bbcode_second_pass_quote('', 'I') guess at least one person should point out that the head of the trading group actually doesn't make all the trades. He takes responsibility for them obviously. I wonder what the tradeoff here is as to how much money was made through his agressive trade approach over the last five years versus lost recently.

[Revi]

I think putting your money in banks nowadays is like giving your life savings to your crazy uncle who gambles at the casino. He asssures you that the money will be there when you want it in 10 years, then he puts it all in his van and heads to Vegas. Whoopee!

[smiley]

Tried to read the 10Q but halfway my head exploded from the legal dribble. Anyone got a idea how serious this is?

$this->bbcode_second_pass_quote('', 'F')allout from JP Morgan trading losses, which led to rater Fitch downgrading their debt yesterday, aren’t the only financial worries the banking behemoth is facing. Nestled in that shocking 10-Q filed Thursday is an admission that their regulator, the Securities and Exchange Commission, thinks some of the details that lead to the explosive Ambac mortgage security fraud suit against the naughty stepchild of JPM, Bear Stearns/EMC, are worthy of an enforcement action. Yep- the SEC is giving or finally gave them a Wells Notice

[Sixstrings]

$this->bbcode_second_pass_quote('Revi', 'I') think putting your money in banks nowadays is like giving your life savings to your crazy uncle who gambles at the casino. He asssures you that the money will be there when you want it in 10 years, then he puts it all in his van and heads to Vegas. Whoopee!

[Timo]

CNN just reported that an investigation into the loos has just been begun by the FBI. Kunstler must be real happy now. Finally! A criminal investigation into the practice and culture of gambling with other people's money!

[radon]

It may happen that this is not as much gambling as it is a preordained quasi-legal privatization scheme (taxpayer/depositor money being the object of privatization).

[eXpat]

$this->bbcode_second_pass_quote('BobInget', 'T')hat two billion or will it be five? Did not go directly to money Hell.