Media Still Clueless As JP Morgan Losses Grow To $5 Billion

The Wall Street Journal reports the JP Morgan’s losses on their illegal ‘synthetic’ securities speculation was approved directly by CEO Dimon and have now grown to $5 billion.

After nearly a week since JP Morgan’s original announcement they lost $2 billion the amount of their loss on their position has now grown to $5 billion while despite hundreds of hours of news coverage on the story no one knows what the hell happened.

For nearly a week the corporate media ran nearly non-stop coverage on the story while managing to reveal nothing more than vague generalizations with the only detail being what CEO Dimon revealed during the shareholder’s meeting this week “The company was trying to reposition a portfolio of corporate credit derivatives and used a trading strategy that was “flawed, complex, poorly conceived, poorly vetted and poorly executed.”

Instead we are only informed that several government agencies have launched criminal investigations into the JP Morgan scandal while those agencies refuse to say anymore than they are investigating to make sure no laws have been broken.

To recap what we have learned from the media – JP Morgan has lost a massive amount of money of an unknown amount by betting in some unknown manner on some unknown derivatives. We don’t know what the amount is because it is because for some unknown reason JP Morgan can’t unwind the bet but we know that amount as of right now is $5 billion dollars and will continue to grow.

The buzz around the blog-o-sphere is in entirely different story.

Silver Doctor’s informed their readers a source had informed them JPMorgan’s derivatives losses sustained by their CIO desk were actually $100 Billion, not the $2 Billion admitted by Jamie Dimon to investors.

Categories: ECONOMY

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