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"It's likely that there will be clawbacks," CEO Jamie Dimon told Congress today, invoking a term that those executives certainly didn't want to hear.
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Inspired by "hedginess," one of our commenters coined some financial terms of his own.
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Dimon will say "sorry," but will also say that the bank's $2 billion loss should be kept in "perspective."
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After interviews with more than a dozen current and former executives at the bank, the newspaper concludes that it was warned about bets that would cost it more than $2 billion. A plan to roll them back wasn't properly implemented, the Journal says.
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The reputations of JPMorgan Chase, Morgan Stanley and Goldman Sachs have all been taken down a notch or two in recent months. The latest black eye came in the wake the flubbed Facebook IPO.
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The banking giant's $2 billion loss has many lawmakers and economists wondering what happened to the 2010 financial overhaul, which was supposed to prevent risky hedging. Many are also looking back further — to a Depression-era law, repealed in 1999, that separated commercial and investment bank activities.
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JPMorgan Chase says it lost billions of dollars trading "synthetic derivatives." Do these complex Wall Street transactions ever do anything to help average people? To answer that question, we consider the case of an imaginary company, Chickens LLC, that is looking to grow.
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David Greene talks to financial writer William Cohan about Jamie Dimon, the CEO of JP Morgan Chase. Before he was an award-winning journalist, Cohan was a banker at JPMorgan. The Justice Department is looking into the bank's risky trades which resulted in at least a $2 billion loss.
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Nearly four years after the financial crisis — and two years after a major new law was passed — key details remain unresolved.
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The losses from ill-fated bets made by the bank's London office have been expected to mount. But they're rising even faster than some predicted. Still, JPMorgan's profits from other operations will likely offset the billion dollar blunders.