JP Morgan finally admits the trading loss was huge: now 9 billion.

[dixiegrrrrl]

JPMorgan Slips on Report Trading Loss Widened to $9 Billion

JPMorgan Chase & Co. (JPM) fell more than 6 percent in European trading after the New York Times reported
the lender’s trading losses from credit derivatives may total as much as $9 billion, exceeding the firm’s initial estimate.

JPMorgan Chief Executive Officer Jamie Dimon said on May 10 the bank lost more than $2 billion on bets in credit markets
taken by its chief investment office in London and
that the loss could increase by as much as $1 billion this quarter.
Dimon, 56, has said JPMorgan is in no rush to unwind the trades, even if adverse market moves produce bigger losses in the short term.

http://www.bloomberg.com/news/2012-06-28/jpmorgan-slips-on-report-of-trading-loss-widening-to-9-billion.html

gosh, he was only off by...450%.

[PM Martin]

1. 2 billion became 4 billion, and now it's over 9 billion.

How much did they really lose?

[dixiegrrrrl]

6. Best guess I have heard is 20 billion.

Course, that just may be ..inflation.

[wordpix]

14. geesh - how much is this corpos worth? That could bankrupt Jamie-boy

[dixiegrrrrl]

15. It isn't real money...just pixels.

And the bank will use the loss of their imaginary money to offset the non-taxes they pay.

[FBaggins]

16. They're worth much more than that.

They approach $100B/yr in revenues.

$9B hurts (and $20B would hurt much more), but bankruptcy isn't in the cards.

[DrewFlorida]

17. I read somewhere it could go as high as $30 billion.

I read somewhere that it could go as high as $30 billion.

I'm not sure where I read that but that is what I remember.

[xchrom]

2. du rec. nt

[bemildred]

3. As predicted here. nt

[benld74]

4. At the Vegas tables, that is known as 'Letting it ride'.

[bemildred]

7. Or "Chasing the pot".

Or being a sucker.

[hay rick]

5. Surprise, surprise, surprise.

[struggle4progress]

8. I know I'm not a financial wunderkind but I could have spent 9 billion more productively

[rusty fender]

9. After losing the first billion dollars

you'd think that they would have taken away the rest of the money...?

[Po_d Mainiac]

10. That's the fun thing about derivatives

You either hold till maturity, or pawn off the shit on some sucker.

JPM is having a difficult time finding suckers

[mbperrin]

11. Yep. It's like my old dad said. "Every family has an idiot that everyone knows and talks about.

If you don't know who it is, it's you."

Looks like JPM didn't know.

[Sushi_lover]

12. $9B to the hedge funds that beat them

Easy money.

You don't even have to be smart enough to find the whale's bad bet. Just attend the conference where Weinstein presents his slideshow and points out the whale's folly.

[Individualism]

13. When the people need the bailout

those vermin bankers get it.