http://dealbook.nytimes.com/2012/06/...-9-billion/?hp
JPMorgan Trading Loss May Reach $9 Billion
By JESSICA SILVER-GREENBERG and SUSANNE CRAIGhttp://graphics8.nytimes.com/images/...magArticle.jpgDaniel Rosenbaum for The New York TimesJamie Dimon, chief executive of JPMorgan Chase, discussed the deal last week before the House Financial Services Committee.
Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.
When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. But the red ink has been mounting in recent weeks, as the bank has been unwinding its positions, according to interviews with current and former traders and executives at the bank who asked not to be named because of investigations into the bank.
The bank’s exit from its money-losing trade is happening faster than many expected. JPMorgan previously said it hoped to clear its position by early next year; now it is already out of more than half of the trade and may be completely free this year.
In 2010, a senior executive at the chief investment office compiled a detailed report that estimated how much money the bank stood to lose if it had to get out of all Mr. Iksil’s trades within 30 days. The senior executive recommended that JPMorgan consider putting aside reserves to deal with any losses that might stem from Mr. Iksil’s trades. It is not known how much was recommended as a reserve or whether Mr. Dimon saw the report, but the warning went unheeded.
The losses are the most embarrassing fumble for Mr. Dimon since he became chief executive in 2005.
In appearances before Congress, Mr. Dimon has taken pains to assure investors and lawmakers that the overall health of JPMorgan remained strong and that it had more than sufficient amounts of capital to weather any economic dislocation.
Even as he apologized for the trade, calling it “stupid,” Mr. Dimon emphasized to lawmakers that the loss was an “isolated incident.”
The Federal Reserve is currently poring over the bank’s trades to examine the scope of the growing losses and the original bet.
JPMorgan Trading Loss May Reach $9 Billion
By JESSICA SILVER-GREENBERG and SUSANNE CRAIGhttp://graphics8.nytimes.com/images/...magArticle.jpgDaniel Rosenbaum for The New York TimesJamie Dimon, chief executive of JPMorgan Chase, discussed the deal last week before the House Financial Services Committee.
Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.
When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. But the red ink has been mounting in recent weeks, as the bank has been unwinding its positions, according to interviews with current and former traders and executives at the bank who asked not to be named because of investigations into the bank.
The bank’s exit from its money-losing trade is happening faster than many expected. JPMorgan previously said it hoped to clear its position by early next year; now it is already out of more than half of the trade and may be completely free this year.
In 2010, a senior executive at the chief investment office compiled a detailed report that estimated how much money the bank stood to lose if it had to get out of all Mr. Iksil’s trades within 30 days. The senior executive recommended that JPMorgan consider putting aside reserves to deal with any losses that might stem from Mr. Iksil’s trades. It is not known how much was recommended as a reserve or whether Mr. Dimon saw the report, but the warning went unheeded.
The losses are the most embarrassing fumble for Mr. Dimon since he became chief executive in 2005.
In appearances before Congress, Mr. Dimon has taken pains to assure investors and lawmakers that the overall health of JPMorgan remained strong and that it had more than sufficient amounts of capital to weather any economic dislocation.
Even as he apologized for the trade, calling it “stupid,” Mr. Dimon emphasized to lawmakers that the loss was an “isolated incident.”
The Federal Reserve is currently poring over the bank’s trades to examine the scope of the growing losses and the original bet.
.... btw those lower lows on the 15m someone was talking about earlier are still dropping...although it's late after London close maybe some "excrement" er, I mean, "statement" might be released shortly to blast us out of it .... 
