By Michael T. Snyder: When news broke of a 2 billion dollar trading loss by JPMorgan (JPM), much of the financial world was absolutely stunned. But the truth is that this is just the beginning. This is just a very small preview of what is going to happen when we see the collapse of the worldwide derivatives market. When most Americans think of Wall Street, they think of a bunch of stuffy bankers trading stocks and bonds.
By Daryl Montgomery: JPMorgan Chase (JPM) revealed yesterday that one of its traders, Bruno Iksil, was responsible for a $2 billion loss in the last six weeks. Apparently, little has changed since 2008 when the irresponsible activities of the big banks and trading houses almost brought down the world financial system.
ByAlex Cho:I can not believe the media is still touting the London Whale event over at JPMorgan Chase (JPM). I think the media is overly exaggerating the negative consequences of the derivative losses that were made by JP Morgan and Chase. One example of this is Kate Kelly from CNBC:
NEW YORK (Reuters) - JPMorgan Chase & Co was the target of two separate lawsuits by shareholders on Wednesday, accusing the bank and its management of excessive risk that led to trading losses of $2 billion or more announced last week. A spokesman for JPMorgan Chase declined to comment on the two lawsuits, which were filed in U.S. District Court in Manhattan. (Reporting By Grant McCool; Editing by Gerald E. McCormick)