Here's Bloomberg contributor Willam Cohan on that JP Morgan trading loss.
Losing that $2bn was the easy part.
The news ain't getting much better, as the trading loss is said to have got bigger on Friday.
The boss of Wall Street giant JP Morgan Chase has said he was 'dead wrong' to dismiss concerns about the bank's trading just a month before posting a $2bn loss.
The City trader at the centre of a $2bn trading loss at JP Morgan Chase had returned to his home in Paris on Friday as the repercussions of the loss spread across the markets.
Flawed. Complex. Poorly reviewed. Poorly executed. Poorly monitored. Sloppy. Self-inflicted. Stupid. Badly judged. Yes, Jamie Dimon scored high marks in the confessional stakes for his various descriptions of how JP Morgan came to lose $2bn by trading credit derivatives.
Wall Street must not be allowed to escape tough new laws on trading in the wake of the $2bn loss at JP Morgan Chase's London-based trading group, leading senators said Thursday.
The US's top financial watchdog has launched a review into the disclosure JP Morgan's $2bn London trading loss.
An influential committee of MPs will on Tuesday hold a hearing into the potential sale of the taxpayers' stakes in Royal Bank of Scotland and Lloyds Banking Group, as fears grow that the public could be left with a multibillion-pound loss on the shares.
Europe is braced for a crucial 48 hours of high-stakes summitry likely to decide whether Germany and France can strike a grand bargain aimed at dispelling growing pessimism over the chances of the single currency surviving in its current form.