Wed Jun 19 03:23:40 SAST 2013
Wed Jun 19 03:23:40 SAST 2013

JPMorgan's 'London Whale' losses $4.4 BLN

Jul 13, 2012 | Sapa-AFP  | 1 comments

The losses from JPMorgan's botched derivatives trades hit $4.4 billion in the second quarter, according to an earnings report.

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The losses, which were linked to a London-based trading group that included a man dubbed "the London Whale," were originally predicted to have cost the firm at least $2 billion.

   

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Wed Jun 19 03:23:40 SAST 2013 ::
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Jul 13, 2012

16-12-1838

Really glad to hear that. Derivatives are another league "instruments of mass destruction", a high risk - very high return strategy! What the article doesn't mention is that despite these losses, the bank still reported a three-month net profit of $4.96bn, with shares opening earlier in New York over 3% up. Ridiculous money, so I for one have no sympathy for these 'gamblers'!
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    Wed Jun 19 03:15:06 SAST 2013

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