My comment: These guys screw up the economy with their financial engineering and corruption, they get bailed out with taxpayer money, and they give themselves big bonuses. So, they make even larger, more speculative bets. But not to worry. They'll get even bigger bonuses and more money from the Fed. What a racket.
CEO Jamie Dimon, speaking to analysts and reporters on a conference call, said the losses were caused by "errors," "sloppiness" and "bad judgment."
"This was a unique thing we did," Dimon said. "Obviously it had a lot of problems. It was a bad strategy. It became more complex, it was poorly managed."
Last month, rumors swirled around a JPMorgan employee based in London who had, according to the Wall Street Journal, been taking large positions in credit default swaps. The employee was said to work in the bank's Chief Investment Office.
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