1Timothy 6:9-10 But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
“We are in love with money, and we worship at the altar of materialism.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
JPMorgan Chase, the largest bank in the United States, has shocked the financial community by reporting a two billion dollar loss on investments made by the bank’s traders.
Officials with the bank blamed “errors, sloppiness and bad judgment” for the losses and stated that it was possible another billion dollars could be lost because of the strategy that has been in place for investors.
The bank’s chief investment office will lose an estimated 800 million dollars in the second quarter of the year even when accounting for gains in other investment areas.
A source close to the bank told the BBC that despite attempts to focus on one trader they could label as “rogue,” the plan was executed by many traders in a big portfolio.
A former Federal Reserve regulator told the BBC Americans should be concerned about such actions because JPMorgan Chase is a bank considered “too big to fail” and would be bailed out by federal tax dollars.