Sunday, May 13, 2012

JP Morgan's Two Billion Dollar Loss

Chase CEO Jamie Dixon admits to a "flawed, complex, poorly reviewed, poorly executed and poorly monitored" trading strategy that lost 2 billion dollars.  What's truly frightening is that the losses were a result of derivatives trading.  If that sounds familiar, it should.  Derivatives trading is what triggered massive financial losses and wiped banks off the planet during this financial crisis.  Are we doomed to repeat past failures?

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