Democracy Now: JPMorgan Loses $2B on Complex Instrument

The financial giant JPMorgan Chase has acknowledged a $2 billion loss on a complex investment package meant to hedge against other risks. The company says the losses on the portfolio could grow to another $1 billion. Critics say JPMorgan appears to have engaged in “proprietary trading,” and could have potentially avoided the loss had there been tougher regulations that it has in fact lobbied against.


~ by wheresthemic on May 11, 2012.

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