http://www.guardian.co.uk/business/2...t-loss-hedging
The bank who actually kept away from risks in 2008 showed slopyness there words lost £1.2bn.
What the risks this could cause more damage as it already hurt other banks. I hope we dont see little mini banking crisis like ripple effect. Confidence is low dont think it will take alot for it to create mini crisis. At least they been quick to move not hide. Hopefully that will allay fears.
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"We will admit it, we will learn from it, we will fix it, and we will move on," he said.
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JP Morgan Chase, America's biggest bank, issued a surprise trading update after US markets had shut on Thursday, admitting it had incurred $2bn (£1.2bn) of trading losses in the past six weeks.
Jamie Dimon, chief executive of the bank which was praised for its handling of the 2008 banking crisis, cited "sloppiness" "bad judgment" and "many errors".
During a hastily arranged conference call, he described the mistakes as "egregious". The bank expects to take an additional $1bn in losses in the second quarter and said the losses occurred in its chief investment office, a part of the bank intended to manage risks. The trading position causing the losses involved credit default swaps, which insure against losses when companies or governments collapse.
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