Now it becomes a "rug" story ...
They tried with some fairy tale excuse for something they got caught at and they got away with it ... Now they are pushing all the BS they have done under the same rug. And, since they already got away with the fairy tale, they will get away with these "additions" to it too ... Same old story
Btw: this is the latest "version" after a few additional hours :
"Botched trades by a JPMorgan Chase & Co. (JPM) unit that Jamie Dimon had pushed to boost profit were masked by weak internal controls and may ultimately saddle the bank with a$7.5 billion loss."
JPMorgan Chase, the largest bank in the United States, said Friday that its loss from a highly publicized trading blunder had grown to $4.4 billion, more than double the bank's original estimate of $2 billion. "-From the Associated Press, July 13, 2012, 4:34 a.m.
"JPMorgan says bad trade has ballooned to $5.8B" - Associated Press – 5 hrs ago
you know its hot when
Could not resist ...
Only the Shadoe knows!
And the "rug story" continues, except that they are moving the "rug" around the rooms now (so in the end, no one will know where did and still does actually belong to) :
"JPMorgan Chase & Co. (JPM)’s assertion that traders at its London chief investment office may have intentionally mismarked trades, masking losses that total at least $5.8 billion, makes little sense, according to former executives with direct knowledge of the unit’s operation."
THE eagle is barclays blue bird
US people having a loan will "love" this :
Zuckerberg’s Loan Gives New Meaning to the 1%
The Facebook Inc. (FB) founder refinanced a $5.95 million mortgage on his Palo Alto, California, home with a 30-year adjustable-rate loan starting at 1.05 percent, according to public records for the property.
As a comparison, for "mere mortals" :
"The average rate for a 30-year fixed loan fell to a record low 3.56 percent on July 12."
adjustable...not a fixed rate loan....