Jamie Dimon, CEO of JP Morgan Chase, underestimated the losses to be incurred by Chase over risky trading. He must be using Governor Moonbeam Brown’s accountant who was off in his estimates by about $9 billion. Dimon, instead of losing $2 billion, might have lost something closer to $9 billion.
Dimon is an Obama favorite and a big Obama donor. It’s good thing or he would have been pilloried. Read more about it at Daily Beast
Obama said on The View –
“JPMorgan is one of the best-managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,” the president said. “We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street reform.”
This is why they passed Wall Street reform [Dodd-Frank]? Well, duh, why didn’t it work then???