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What a miss!

June 28, 2012

JP Morgan picked a good day to reveal that their original announcement of losing $2 billion in derivative bets was low. With all the attention drawn to the Supreme Court ruling upholding Obamacare, maybe not that many people will notice. However, JP did not just miss on their estimated losses, they were on another planet — no, make that a different universe! They are now estimating their losses to be $7 billion!

How does one miss by such a ridiculous margin? It is called gambling in the derivatives’ casino! It’s rigged, it’s leveraged and it’s dangerous. JP will just be one more exhibit in our history books in the explanation of Wall Street’s implosion.

One Comment
  1. John permalink
    June 28, 2012 10:29 am

    No surprise. Just like our budget being off by 7 billion dollars was no big surprise.

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