Friday, May 11, 2012
Beached ‘London Whale’ Loses $2 Billion at J.P. Morgan Bank - Yahoo! News ..... J.P. Morgan CEO Jamie Dimon yesterday admitted to costly mistakes in its Chief Investment Office in New York. In an AP story, the loss was termed a "surprise" that will affect stock market trading today. The $2 billion loss didn't sink America's largest bank, which still earned about $4 billion for the quarter. But the gigantic loss adds fuel to the fight in Congress as to how much regulation of the banking industry is necessary and how much of it is political frosting on a cake that's already been eaten. What's not surprising is that many Americans have questions about J.P Morgan and the way America's banks do business.