Counterparties: Today's Best Links

An employee of the Korea Exchange Bank counts one hundred U.S. dollar banknotes at the bank's headquarters in Seoul, August 11, 2011. REUTERS/Jo Yong-Hak

Corporate cash-hoarding continues

Even as the economy improves, corporate America continues to pile up record amounts of unused cash, Bloomberg reports.  Read more at Counterparties 

Sponsored Links

JPMorgan CEO says he should have caught "London whale" trades

1 of 2. JPMorgan Chase & Co CEO Jamie Dimon speaks about the state of the global economy at a forum hosted by the Council on Foreign Relations (CFR) in Washington October 10, 2012.

Credit: Reuters/Yuri Gripas

WASHINGTON | Wed Oct 10, 2012 6:26pm EDT

WASHINGTON (Reuters) - The chief executive of JPMorgan Chase & Co (JPM.N) said he should have caught the "London whale" derivatives trades that resulted in a multibillion-dollar loss for the bank.

"We made a stupid error," Jamie Dimon told an audience at the Council on Foreign Relations in Washington on Wednesday. "I should have caught it ... I didn't."

So far, JPMorgan has estimated its total trading loss at $5.8 billion. The losses stemmed from a London-based trader known as the "London whale" who took large positions in credit derivatives.

(Reporting By Sarah N. Lynch; editing by John Wallace)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.