JPMorgan Chase CEO Jamie Dimon spoke this morning about the company's solid quarterly earnings, but all the attention is on the massive $4.4 billion trading loss -- twice what they first thought -- and how the company will sort out the implications.
Although originally estimated at about $2 billion, the total losses from JPMorgan's botched trade in derivatives could -- in a worst case scenario -- reach upwards of $9 billion, according to the New York Times.
JPMorgan CEO Jamie Dimon apologized for not doing a better job supervising trades that lost his bank billions. Dimon emphasized that while bank shareholders lost money, their clients and taxpayers did not.
After the financial crisis of 2008, regulators focused on the idea of disclosure to prevent further problems in the financial industry. But what happens when the bank itself doesn't know how bad things are?