(15 May 2012) HEADLINE: JPMorgan Chase acknowledges $2B trading loss
CAPTION: JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money. (May 11)
[Source:AP STILLS]
2 BILLION DOLLARS.
THAT'S HOW MUCH J-P MORGAN CHASE -- THE LARGEST BANK IN THE U-S -- SAYS IT LOST OVER THE LAST SIX WEEKS --
in a trading portfolio designed to hedge against risks the company takes with its own money.
[Notes:SOT: VOICE OF: JAMIE DIMON/CEO, JPMORGAN CHASE]
("these are egregious mistakes, they were self inflicted, we are accountable, and what happens violates are own standards and principles by how we want to operate the company.")
JAMIE DIMON IS THE COMPANY'S C-E-O - HE SAYS THEY ARE DOING EVERYTHING THEY CAN TO ENSURE NOTHING LIKE THIS HAPPENS AGAIN.
[Notes:SOT: VOICE OF: JAMIE DIMON/CEO, JPMORGAN CHASE]
("you should know that all the appropriate corrective actions will be taken as necessary in the future.")
MATT SMALL, ASSOCIATED PRESS.
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