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.
“To my surprise, after months of studying Jesus, I conclude that He did not have one good thing to say about money.” Jim Bakker in “Prosperity and the Coming Apocalypse”
Ina Drew, the chief investment officer for JPMorgan Chase, resigned after 30 years with the company due to mismanagement that led to a $2 billion dollar loss by the largest US bank. The bank’s co-chief of global fixed income will take over as CIO.
The poor investments have apparently been restricted to the company’s London office where other staff members are expected to resign or be terminated.
JPMorgan head, Jamie Dimon, admitted he was “dead wrong” to dismiss concerns about trading but reiterated the strength of his company.
“It’s important to remember that our company is very strong,” Dimon said in a prepared statement. “We maintain our fortress balance sheet and capital strength to withstand setbacks like this.”
Dimon had ignored speculation that the bank was facing losses. Trading of JPMorgan’s shares fell almost 10% in trading on Friday as news broke of the losses. It opened Monday down another 3%.
Even with the loss, the company is expected to show a $4 billion profit this quarter.