MAY 16, 2012, 9:14
JPMorgan’s Trading Loss Is Said to Rise at Least 50%
BY NELSON D. SCHWARTZ AND JESSICA SILVER-GREENBERG
Simon Dawson/Bloomberg News
JPMorgan Chase, center, in London, where the losing trades were initiated. The Federal Reserve is examining the scope of the accelerating losses.
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.
A spokeswoman for the bank declined to comment, although Mr. Dimon has said the total paper trading losses will be volatile depending on day-to-day market fluctuations.
Spanish Withdraw 1 Billion Euros! French Govt Slashes Pay By 30%
Stephen: It’s all happening in Europe today. I mean, we have long been told things would happen in the blink of a eye…
Following the Greeks withdrawing over 800 million Euro from their banks yesterday, the Spanish have grabbed their withdrawal slips, headed for their banks and started removing their money, too. Over 1 Billion Euro out already today.
Personally, I think they could be on to something. If everyone in the world withdrew all their money from the banks on one day, we would soon see some very big changes – and quickly. After all, the cabal-owned banks and moneymen caused this whole money schemozzle in the first place.
Meanwhile, proving that they have indeed voted in a more egalitarian regime, the new French President, Francois Hollande has slashed his government’s pay packets by 30 percent.