JPMorgan Chase & Co lost $2 billion on a failed hedge, an unexpected revelation that hit hard the bank that had been seen as the smartest and safest player through the credit crisis that began to erupt in 2007.
via Dimon in the Rough: JP Morgan Loses $2B on Failed Trade.
Comment: Writing good headlines is an art. Occasionally you find a gem like this. It wins my vote for headline of the week.
Brilliant…
“Dimon denied that the ‘London Whale’ was making risky bets, and now that this has turned out to be a fish story, shareholders need to step in.”