May 14th, 2012
07:28 AM ET
11 years ago

Crowley: JP Morgan shakes up Wall Street and Capitol Hill

Washington (CNN) - JPMorgan Chase announced last week that it lost $2 billion as the result of some complicated hedge fund trading, which according to its top executive is apparently not as bad as it sounds.

"This is a stupid thing we should never have done, but we are still going to earn a lot of money this quarter. It's not like this company is jeopardized - we hurt ourselves and our credibility, yes, and we've got to fully expect that and pay the price for that," CEO Jamie Dimon said on NBC's "Meet the Press" on Sunday.


Filed under: Congress • Economy • Wall Street
soundoff (4 Responses)
  1. Gurgyl

    I do not know what kind ofanager he is, doesn't he know derivative position is sacked mostly in financial regulations? How can he bet to lose? Dumb management.

    May 14, 2012 07:57 am at 7:57 am |
  2. Adios Senor O!

    Its a shame in 2008 the Democrats ran on cleaning wall street! then they went to bed together!!

    May 14, 2012 08:04 am at 8:04 am |
  3. tigerakabj

    Of course it's not as bad as it sounds. It's worse.

    The bottom line is that 2010's Wall Street Reform was just the start.

    It is painfully clear that the GOP will never approve of legislation tackling more of this nonsense on Wall Street, so they must be voted out so more progressive people (i.e., Elizabeth Warren who's faced down these folk) can get more leashes on the JP Morgan types. Wall Street must understand that their bad behavior impacts the rest of the country.

    The Dems need to follow up President Obama and reclaim the trust-busting spirit of Teddy Roosevelt, 1890's Sherman Anti-Trust Act, and Taft that helped to break up the monopolies that put a stranglehold on our economy and exacerbated income/business inequality.

    Obama/Biden/E.Warren 2012

    Obama/Biden/E.Warren 2012

    May 14, 2012 08:36 am at 8:36 am |
  4. GI Joe

    What is there to say. The obstruction of the implementation of the bill to put a stop to this crap continues to wreak havoc on U.S.

    May 14, 2012 08:39 am at 8:39 am |