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JPMorgan losses soar to $4.4bn
JPMorgan Chase has admitted that losses from botched derivatives trades had soared to $4.4bn, but still earned an overall profit of $4.96bn.
“This has shaken our company to the core,” CEO Jamie Dimon said on Friday. Dimon said he believed the loss was mostly contained.
“Mostly contained” means “we have no idea.”
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Actually, it is up to $5.8B now… My guess is that it will hit somewhere between $8B and $10B before the dust settles.