Bankster JP Morgan Chase loses $27 billion in market value

[marmar]

(Bloomberg) JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon plans to testify before Congress this week about his firm’s $2 billion trading loss. His Wall Street colleagues don’t understand why.

“Occasional losses are inevitable,” said Blackstone Group LP (BX)’s Stephen A. Schwarzman, 65, CEO of the largest private- equity firm. “Publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system.”

The loss has sliced $27 billion from JPMorgan’s market value since the May 10 disclosure, while triggering at least five federal probes and two Capitol Hill hearings scheduled with Dimon. It also renewed debate about whether curbs on trading by bankers were tightened enough after their wrong-way bets pushed the system to the brink of collapse in 2008.

Executives, lobbyists and analysts said in more than a dozen interviews that the public stir is an overreaction to a minor misstep. ................(more)

The complete piece is at: http://www.bloomberg.com/news/2012-06-10/wall-street-shrugs-as-jpmorgan-trades-lop-off-27-billion.html

[corkhead]

1. The so-called "free market" is a bitch, isn't it Mr. Dimon.

[AndyA]

2. I'm surprised there was any confidence left

in the financial system that could be reduced.

“Publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system.” - Stephen A. Schwarzman, 65, CEO of the largest private-equity firm

It's past time for investigations and indictments. We're still living with the aftermath of crimes committed by top financial sector executives.

[L0oniX]

3. DIE!

[hfojvt]

4. hard for me to say it has "lost" value

in September 2010, JPM was selling for $36 a share it went up to 48 by March 2011 but then down to 29 by October 2011 up to 37 by November, down to 28 by December and since that low it had climbed to 46. Now it has fallen to 31 and now climbed back to 33.28.

So the "value" that it has lost was just paper value that it had gained, and it seems to normally swing up and down, perhaps depending some on news about Greece.