Tagged: JPMorgan

Our use of the term "hedginess," coined by finance criminologist Bill Black, inspired commenter "Tim Myers" to engage in some neology of his own in order to prove his point:

"This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we have let a lot of people down, and we are sorry for it."

That's part of JPMorgan Chase President and CEO Jamie Dimon will tell the Senate's Committee on Banking, Housing and Urban Affairs tomorrow, when it looks into the botched trades that lost the bank $2 billion. Chase released Dimon's prepared remarks this afternoon.

"Some top JPMorgan Chase executives and directors were alerted to risky practices by a team of London-based traders two years before that group's botched bets cost the bank more than $2 billion," The Wall Street Journal is reporting.