"JPMorgan Trading Loss Reportedly May Reach $9 Billion" by Sarah Skidmore at Huff Post

[applegrove]

JPMorgan Trading Loss Reportedly May Reach $9 Billion

by Sarah Skidmore at Huff Post

http://www.huffingtonpost.com/2012/06/28/jpmorgan-trading-loss-9-billion_n_1633443.html

"SNIP........................................

NEW YORK — JPMorgan Chase stock declined more than 2 percent on Thursday, making it one of the worst-performing banks, after a published report said its loss on a bad trade could be far higher than the bank first estimated.

The New York Times, citing an internal report at the bank, reported that the loss could reach $9 billion. JPMorgan's initial estimate was $2 billion when it disclosed the trade in May, although CEO Jamie Dimon said then that the loss could grow.

JPMorgan Chase stock closed down 90 cents, or 2.4 percent, at $35.88. Financial stocks as a group lost 0.2 percent. JPMorgan traded at about $41 before the loss was disclosed and has closed as low as $31 in the weeks since.

The Times story said the $9 billion figure reflected a worst-case estimate by the bank. But because the bank has sold the most volatile part of the trading position, the loss could be $6 billion to $7 billion, The Times reported.

..........................................SNIP"

[rhett o rick]

1. The government should take control immediately for the good of America. nm

[SoutherDem]

2. I heard this during all the talk about the SCOTUS and Holder

So $2B which could reach $4B is now $9B.

[AnotherMcIntosh]

3. If they can't figure out how much they lost, how can they calculate the next bail-out?