In an earnings statement for the second quarter of 2012, JPMorgan Chase announced that they lost $4.4 billion in Q2 on the “Fail Whale” trades out of their Chief Investment Office in London. Overall they still managed to book a $5 billion profit for the quarter. This comes up on the low end of estimates [...]

JPMorgan Chase CEO Jamie Dimon faces the Senate Banking Committee in a two-hour hearing scheduled for 10am ET today. He’ll be the only witness. Keep in mind that Dimon’s JPMorgan Chase has given millions to top-ranking members of the Banking Committee, so anything more than headline-grabbing and grandstanding without a real challenge to Dimon in [...]

As more becomes known about JPMorgan Chase’s Fail Whale trade, we learn that the Chief Investment Office, where the trades were placed, was the most dysfunctional trading desk this side of AIG’s Financial Products Unit. Early success turned it from an office that was supposed to be hedging risk into a profit center. And this [...]