Tagged: Banking

JP Morgan Chase CEO Jamie Dimon, wearing a dark suit possibly made of sackcloth, didn't hold back when discussing the derivative trades that led to massive losses for his company.

"We made a stupid error," he said before a lunchtime audience at the Council on Foreign Relations in Washington on Wednesday. "We screwed up."

Then he got more specific: "I should have caught it ... I didn't."

The company estimates it lost $5.8 billion, thanks to a London-based trader, nicknamed the "London whale," who took large, risky positions in credit derivatives.

Earlier this summer, we set up two shell companies in tax havens. On today's show, we continue our quest to figure out what people actually do with shell companies.

We discover the world of "Asset Protection," which is a fancy way of saying "hiding money." It's a world of Latvian companies and offshore conferences, of people trying to hide money from their future-ex-husbands and future-ex-wives.

The U.S. government filed a lawsuit against Wells Fargo & Co., today, saying the bank was reckless when it issued federally guaranteed mortgages.

Bloomberg reports: