Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
“We are in love with money, and we worship at the altar of materialism.”
-Jim Bakker in “Prosperity and the Coming Apocalypse”
JPMorgan Chase, which had reported a $2 billion dollar loss betting on credit derivatives that caused the resignation of key staffers, reportedly grossly understated the loss.
Internal models at the bank are telling the corporate officers to expect losses of as much as $9 billion due to the failed trades. The bank is exiting as fast as it can from the money-losing trade but the losses continue to mount.
Regulators are expecting the final total to fall between $6 billion and $7 billion.
The much higher totals are sparking debate about how strictly large banks who are called “too big to fail” can invest in risky trading portfolios. The bank insists that it’s second quarter report on July 13th will show a profit despite the increased loss outlook.
“Essentially, JPMorgan has been operating a hedge fund with federal insured deposits within a bank,” Mark Williams of Boston University told the New York Times.
A bank spokesman declined to comment.