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 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.