JPMorgan reveals shock US$2 Billion loss

[ricohflex]

BBC News - JPMorgan reveals shock $2bn trading loss on investments

A unit managing risks made mistakes in hedging. It is not a rogue trader - not done in secret. Does it mean the bank top mgt was not supervising the risky trades properly?
So they are not so wonderful/intelligent after all. Did they deserve the enormous bonuses they used to get every year for the last 20 years?
Some of them earn bonuses (this is just the bonus - not counting the pay) in one year that exceeds what most of us can earn in one lifetime.

 

[dreaming]

these figures / number to them is peanuts. they won't understand how painful to lose that sum of money in our shoes. put it this way, they are living in a different world from ours.

think most trader would head straight to pub / health center after work

 

[9V-Orion Images]

Two billion USD nia. Some "Sovereign Wealth Fund (SWF)" but claimed not to be a "Sovereign Wealth Fund (SWF)" investment corporation lost tens of billions of its taxpayer's hard-earned money and yet a majority of those daft people choose to be apathy about it.

 

[CamInit]

They earned almost 19billion last year.

 

[HazeMaze]

The way I see them, remember the movie (IN TIME)? They are consider the higher standard which live in a different "zone" from us. That's my personal point of view, yours might be different.

 

[lotus80]

I don't believe in rogue trading, those days are long gone.

A trader needs to pass through various layers of clearance depending upon how big the bet is.

Rogue trading is their way of coming out clean and blaming someone.

 

[dreaming]

窃听风云2 tell us all about trading..

 

[ricohflex]

According to CNN, it is a staff of the JPM London office. Lost US$2Billion in 6 weeks. Hedged wrongly in credit default swap on corporate bonds.

 

[dreaming]

According to CNN, it is a staff of the JPM London office. Lost US$2Billion in 6 weeks. Hedged wrongly in credit default swap on corporate bonds.

and he will walk away scot free.....

it is all about conspiracy and this is a black eat black world.

 

[hanzohattori]

these figures / number to them is peanuts. they won't understand how painful to lose that sum of money in our shoes. put it this way, they are living in a different world from ours.

think most trader would head straight to pub / health center after work

And since its a zero sum game, that would be recorded as two billion revenue in the other side of the trades. Money goes around.
But yea.. sadly even loss in this magnitude does not bring them down to earth..

 

[dreaming]

And since its a zero sum game, that would be recorded as two billion revenue in the other side of the trades. Money goes around.
But yea.. sadly even loss in this magnitude does not bring them down to earth..

yeah. u are right. maybe the federal wants them to lose it purposely in the market. who knows?
can trace back the money? no way.
lost to whom? don't know.
it is like 洗黑...

 

[Sion]

Heard from BBC about 3 resignations of top JPM exectives today.

More heads to roll? Rumour about the entire London staff of JPM chief investment office is at risk of dismissal has been going round.

 

[Sion]

Latest news.

Ina Drew, the executive who ran the department behind JP Morgan's $US2 billion trading loss, has left the bank and will walk away with about $US32 million.

Not bad for a golden handshake resignation.

 

[MichaelLee]

According to CNN, it is a staff of the JPM London office. Lost US$2Billion in 6 weeks. Hedged wrongly in credit default swap on corporate bonds.

it is a sincere mistake. let;s move on.