JP Morgan Losses Rise to $9B
JP Morgan Chase's loss of an estimated $2 billion on bad credit derivatives bets may actually go as high as $9 billion, according to a data dump timed to get swallowed by coverage of the Supreme Court's decision to uphold Obamacare.
From the Times:
As JPMorgan has moved rapidly to unwind the position — its most volatile assets in particular — internal models at the bank have recently projected losses of as much as $9 billion. In April, the bank generated an internal report that showed that the losses, assuming worst-case conditions, could reach $8 billion to $9 billion, according to a person who reviewed the report.
JP Morgan Chase CEO Jamie Dimon, whom President Barack Obama has hailed as one of America's "smartest bankers," presides over a firm which was among Mr. Obama's biggest political fundraisers in 2008, donating a collective $808,799.00 to Mr. Obama's campaign.
President Obama himself has between $500,000.00 and $1 million in a JP Morgan Chase account.