The FBI is NY is opening an “inquiry” into the recent JP Morgan Chase $2 billion loss. apparently, it’s not a “criminal” case yet, so they are just wondering about it right now.
JP Morgan CEO, Jamie Dimon, noted last week that the bank had lost the $2 billion by making a poor investment with so-called credit derivatives. You can go read Wiki about the definition of that one. I’m not a financial expert and do not totally understand what that means or how to manage them, but if you’re JP Morgan, maybe you shouldn’t hire people like me and hire FINANCIAL EXPERTS that do understand credit derivatives!
Ina Drew, senior executive has been released from the company. Dimon said, “Drew was a “great partner, but it is appropriate that we bring in new management.” You think so Drew? Sounds like someone’s on the job market, maybe he can get a job at a new bank, like Joseph A. Banks.
Who the eff is running our financial institutions around this place? Are you going to ask for a bail-out now? I think Apple might be the only one who might be able to lose $2 billion and not be too concerned, but you’re JP Morgan.