San Diego Housing Market News and Analysis
OT: For all you investment gurus...Look on the bright side...You couldn't possibly have done worse than JPMorgan/Chase :)
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Submitted by flu on May 10, 2012 - 3:57pm
I don't understand why JPMorgan/Chase needed "complex financial instruments" to achieve a $2B loss. All they needed to do was hire me, and I would have only lost half that.
JPMorgan Chase acknowledges $2B trading loss
JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in a trading portfolio designed to hedge against risks the company takes with its own money.
The company's stock plunged almost 7 percent in after-hours trading after the loss was announced. Other bank stocks, including Citigroup and Bank of America, suffered heavy losses as well.
"The portfolio has proved to be riskier, more volatile and less effective as an economic hedge than we thought," CEO Jamie Dimon told reporters. "There were many errors, sloppiness and bad judgment."
Translation... We betted on the wrong side of the market ...expecting a big payout...The market took off the other way. We ate shit... End of story... We're not going to making the same mistake moving forward... We've decided to go into the opposite position .... before everything reversed again...Any additional questions?
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