Breakingviews: JPMorgan's CEO Dimon "eats crow" after $2 billion loss
Thursday, May 10, 2012 - 01:43
May 10 - As JPMorgan admits a shock $2 bln trading loss, Reuters Breakingviews' Agnes Crane says the reputation of the financial titan is severely damaged and regulators should take a look at what happened.
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Shopping is coming that it it a if they tell that they had so much risk. Going on in the company semi risky trades at the heart of the company that wasn't necessary -- we're talking about essentially the treasurer. Office of JPMorgan was making history with. Essentially set up right to basically protect the bank against things like interest rate risk -- a foreign exchange risk that to get credit losses out of this. Out of this office is actually in this war. I mean again this is not the place for your ears you would expect to see a palm trees being Diana was eating crow on call right he's aware that session that he -- that he is now and I think. Frankly is pretty angry about it. You know but then again and I think it's gonna actually undercut. Anything he has this day. About him as a voice for the banking industry at this point when you have this kind you know laps and risk management. I think the regulation and have to go really close look at this and again according to JPMorgan regulators had full access to this information these are transparent. Positions on whether that's the case what will find out but again this is. No question for regulators like him after everything that we've been through and after Dodd-Frank I mean it was still not able to see into the banks you know well enough to be able to spot these kind of problems with the thought it was again it goes right that issue of trust you know and we JPMorgan has had a great. You know great reputation but it's like you're never. Good enough to run -- big bank and I think that's kind of coming out from this is that you know no matter how good you are. There's going to be an aspect that you may not be -- and again this is that this is an opposites like -- -- story Jamie diamond it's not like it's you know friends. I think it really kind of brings in that question of trust and I think investors are gonna start looking -- other banks is why I I think is gonna reverberate beyond Kmart.
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