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JP Morgan: What It’s All About
Calls to toughen regulation follow JPMorgan loss
WASHINGTON (AP) — JPMorgan Chase faced intense criticism Friday for claiming that a surprise $2 billion loss by one of its trading groups was the result of a sloppy but well-intentioned strategy to manage financial risk.
More than three years after the financial industry almost collapsed, the colossal misfire was cited as proof that big banks still do not understand the threats posed by their own speculation.
“It just shows they can’t manage risk — and if JPMorgan can’t, no one can,” said Simon Johnson, the former chief economist for the International Monetary Fund. Article Continues…
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