JPMorgan Chase discloses $2-billion trading loss
I can't believe nobody posted about this yet...
"It's very unfortunate, plays right into all the hands of a bunch of pundits out there, but that's life and I'll have to deal with that," [Chief Executive Jamie Dimon] said.
The CEO said he hopes to have the situation under control by the end of the year.
Yes, it plays into all the hands of a bunch of pundits, because those pundits were goddamn right. The securities industry needs to stop going to Vegas with our economy. Chase ADMITTED that these losses were due to highly risky margin trading, exactly the kind of financial shenanigans that banks aren't supposed to be doing any more.
I'm so furious right now I can't see straight. When will these f*ckers get what's coming to them.