JPMorgan Chase Admits Big Losses On 'Egregious' Credit Trades

Thursday, May 10, 2012 JPMorgan Chase Admits Big Losses On 'Egregious' Credit Trades JPMorgan Chase has suffered big, unexpected losses at a closely watched trading desk, providing fodder to supporters of a new financial regulation the bank's CEO has loudly opposed. The biggest U.S. bank by assets said on Thursday that it had lost $2 billion on bad bets on credit derivatives, made by a London office, run by a man traders have alternately dubbed "The London Whale" and "Voldemort." The desk is intended to hedge the giant bank's credit risk, not increase it. Why Taxpayers Are Right To Think Bailouts Are Here To Stay Facebook-Instagram Deal Reportedly Probed By FTC Economic Mobility Highest In Northeastern States, Study Finds Half Of Recent College Graduates Lack Full-Time Job, Study Says Ben Bernanke: 'This Situation Will Be Difficult To Turn Around Quickly' BLOG POSTS David Shapiro: Private Prison Secrecy Corrections Corporation of America, the largest private incarceration company in the world, today convenes its annual shareholder meeting. Participants will pore over profit and revenue figures, but the real question is, should for-profit prisons exist at all? Kimon Valaskakis: Austerity Now!: Bold Policy or Huge Blunder It is time to challenge the underlying assumptions of austerity by asking three fundamental questions. (1) Is it fair? (2) Is it working? (3) Is it needed? Daniel B. Ravicher: Is Obama's Patent Reform Hurting American Small Businesses While I would never -- and have never -- advocated for abolishing the patent system, because that would be throwing the baby out with the bath water, we do need to fix our patent system so that it rewards innovation, not manipulation. Penny Herscher: Top 5 Reasons to Understand Your Customer's Customer Your customer's customer is the real revenue engine behind your business. The B2B companies who truly believe this are the ones who are already pulling ahead of the competition, even in this lukewarm recovery. Ken Blackwell: Obama's Soros-Controlled Energy Council If natural gas is an already cheap and abundant source of energy, why would we subsidize it? The answer may be found with the Soros Management Fund.

MOST POPULAR ON HUFFINGTONPOST.COM 10 Cities Where Home Prices Are Collapsing Michael Jordan Gatorade Ad Draws Harsh Criticism (VIDEO) Recent College Graduate Skunked In Job Hunt, Joining Half Her Peers Without Full-Time Work ON FACEBOOK Michael Jordan Gatorade Ad Draws Harsh Criticism (VIDEO) Recent College Graduate Skunked In Job Hunt, Joining Half Her Peers Without Full-Time Work Gay Marriage Could Give The Economy A Much-Needed Boost

If you believe this has been sent to you in error, please safely unsubscribe.