Do You Believe the Report on Chase’s Loss?

[khamore1 10]

Do you believe the report on chase’s loss?

 

Somehow my guts feeling telling me that they have even a bigger loss but I don’t believe a word that this loss was caused by a legit bad trade, I believe they did something illegal and trying to hide behind the story of a bad trade if this loss happened on 2008/2009 I would believe that but now?...while the market is stable and one timeframe up?......No way

 

Don’t be surprised if you hear a chase manager disappear or die all of a sudden from a heart attack….

[SIUYA 11]

yes I do believe it. Losses can occur in stable markets, I also think that they will have more losses to come.

It is probably exactly as they say that happened. ie; we used more leverage than before, traded bigger than before, were sloppy, thought we had enough risk controls to trade bigger than before and what the hell we will get bailed out....we learnt nothing and arrogantly thought we knew better

Basically they f...d up

 

I think this article covers most of it

 

JPMorgan Chase discloses $2-billion trading loss - latimes.com

 

so no I dont believe in the conspiracy theory, but each to their own.

[MightyMouse 12]

Fed policy is such that it encourages aggressive trading in US banks. The fed lobbied in favor of banks being allowed to continue trading derivatives in the OTC markets when Dodd Frank was being drafted. The Fed contends that US banks need to be able to take risks in these markets to be able to be competitive with other global banks.

 

Something like that.

[khamore1 10]

  khamore1 said:

Do you believe the report on chase’s loss?

 

Somehow my guts feeling telling me that they have even a bigger loss but I don’t believe a word that this loss was caused by a legit bad trade, I believe they did something illegal and trying to hide behind the story of a bad trade if this loss happened on 2008/2009 I would believe that but now?...while the market is stable and one timeframe up?......No way

 

Don’t be surprised if you hear a chase manager disappear or die all of a sudden from a heart attack….

 

Well, I hate to tell you but I told you so…stage one complete now we are looking who will be in jail

[SIUYA 11]

why jail.....so far it seems that they were trading and lost money.....and it was always likely to be bigger than first reported.

Has there been issues of criminal behavior?

If they have not done anything about MF Global which stole money from customer accounts do you think they will do anything here?

[Obsidian 10]

they all lose big

[khamore1 10]

It is getting closer and closer to my prediction

 

JPMorgan disclosed possible misconduct to feds ahead of earnings

6:08pm EDT

NEW YORK - In a matter of days, the two-month-old criminal investigation into a $5.8 billion trading loss at JPMorgan Chase & Co. -- known as the "London Whale" blunder -- was transformed from dormant to potentially explosive.

[ForexTraderX 10]

  khamore1 said:

Well, I hate to tell you but I told you so…stage one complete now we are looking who will be in jail

 

From what I've heard... the loss was just that... a huge F****** loss.

 

Think about it....if they had done something illegal.... wouldn't it be to like... oh, I don't know... NOT lose???

 

No one cheats to get themselves snookered by 9 billion. And besides, I heard about the trader MONTHS ago on the newsfeeds and other financial sites I check out. Was referred to as the "London Whale". In fact, it was known by the trading community before even JP MORGAN realized the situation that he was basically just a fool who was totally out of control.

 

He had been offsetting such large, sophisticated positions over the past few years in many markets, but for the last 2 years, he was profitable. immensely so (to the tune of hundereds of millions in profits that his trading personally generated). So, JPM felt to open up the floodgates this year and give Bruno and others access to more funds to do what he did best = use a hundreds of millions to make a hundered million. He had held positions into the billions before, and had come out smelling like a rose and making over $100 million last year doing it. (or was it $80 million. no matter. a LOT of money)

 

So he, AND JPM, thought they were hot stuff. Thought they knew something. Thought they could beat the market.

 

No... maybe poor oversight, or maybe even some fraud with not disclosing the loss earlier (thought they may not have been able to know how big it actually would be, due to his positions being so complex)... but no fraud in losing the money.

 

Just another couple traders who thought they could beat the market, and forgot to respect risk while doing so. Rookie mistake TBH. Only difference between most guys on this forum, and Bruno/JPM, is the number of zero's behind their losses. Nothing more, nothing less.

 

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