JPMorgan Halts Buybacks After Trading Loss

1Timothy 6:9,10 Ma quelli che vogliono arricchire cadono in tentazione e in un laccio, e in molte insensate e funeste concupiscenze, che affondano gli uomini nella rovina e nella perdizione. Per l'amore del denaro è la radice di tutti i mali: che mentre alcuni ambita dopo, hanno deviato dalla fede, e si son trafitti di molti dolori.

“We are in love with money, and we worship at the altar of materialism.”

-Jim Bakker in "Prosperità e l'Apocalisse Coming"

JPMorgan Chase has suspended share buybacks in the wake of the $2 billion hedging loss.

The CIO of the company has been telling investors that the company has an $8 billion unrealized profit this year despite taking the actions to suspend the buybacks.

The company’s stock has fallen more than 21% during the path month in the wake of the scandal and nearly $30 million in market value. The loss announced May 10th is speculated to be even higher and will be announced as the accounting audits continue to be performed.

CEO Jamie Dimon said the company has the right team in place to make progress on risk production.

 

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