JP Morgan Losses Could Reach $9 billion
OK, it's hard to imagine that just a month and a half ago, $2 billion lost due to improper hedging was thought to be a horrible thing… now it's looking like it might go as high as $9 billion. Amazing. I thought I'd heard the last of this horrible sham, but it appears not.
JP Morgan said they had $2 billion to waste, and still make a profit, now they have to pony up an additional $6 billion or more to get out of the horrible positions they got themselves into thinking they were hedging their legit positions. How much money can JP Morgan afford to loose and not be seen as the biggest pirate of the seven seas?
I've been in finance for 16 years now, and I've learned a lot, and been surprised over and over again. This is just the latest in a series of amazing things that have come up in this industry in my time. If I land a job outside this industry, I won't be sorry to leave it. I've met a lot of nice people, and yet this is an industry that's begging to be regulated even more heavily than it already is.