In just six weeks – Wall Street giant JP Morgan Chase lost an estimated $2 billion in bad bets. That was the announcement from CEO Jamie Dimon on a conference call Thursday. JP Morgan Chase has been one of the biggest players in speculative bets over the last several years – those same bets that are known to drive up the price of commodities like oil – and inflate dangerous bubbles like the Housing bubble that popped in 2008.
This latest loss proves once again that banks can’t be trusted with your money – and regulation need to be put back in place to make banking a safe and boring business again in America. It will also be interesting to see if Jamie Dimon gets a massive compensation package this year – even though he oversaw major losses at his company. But that’s the culture on Wall Street – no accountability.