CNN's Erin Burnett deconstructs JPMorgan's $6 billion loss and stock gain of 6%. Does it add up?
JPMorgan's trading loss: $5.8 billion
JPMorgan said Friday that the loss from the bank's chief investment office's errant trades has totaled $5.8 billion so far this year.
The three managers who led the trading division no longer work at the bank and could lose as much as two years of income, according to JPMorgan. All the traders involved with the so-called London Whale losses have also been "separated" from the bank, without any severance.
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can you say Fraud? why give anyone your money without some form of services rendered?
Good story, Erin! Keep it up.
I just figured the 6% jump was because the $1.21 EPS beat the hell outta the $0.78 estimate. But after that stuff about the LIBOR rate manipulation & the top four banks adding up to half the economy, well... now I'm wondering if I shouldn't have sold off some assets while the gettin' was good.
Well, it's still a lotta years till I even have to think about retiring, and the law of compounding interest is a powerful thing.