
JPChase's chief Dimon: son and grandson of stockbrokers, he's got the Wall Street disease in his blood. Among the highest compensated executives in the world. What's a billion here and a billion there?
By Robert Reich, Robert Reich’s Blog
J.P. Morgan Chase & Co., the nation’s largest bank, whose chief executive, Jamie Dimon, has lead Wall Street’s war against regulation, announced Thursday it had lost $2 billion in trades over the past six weeks and could face an additional $1 billion of losses, due to excessively risky bets.
The bets were “poorly executed” and “poorly monitored,” said Dimon, a result of “many errors, “sloppiness,” and “bad judgment.” But not to worry. “We will admit it, we will fix it and move on.”



