PODCAST: Fallout from JPMorgan's huge loss
A Chase sign hangs at the company's Manhattan headquarters in New York City.
Ever since the financial crisis of 2008 one of this country's major banks has looked pretty good compared with all the rest. That would be JPMorgan, which didn't lose the kind of money on mortgages that its peers did. Its leader, Jamie Dimon, is known by some as the "King of Wall Street." Well after the stock market closed yesterday -- his crown lost a little bit of its shine. Or you could say he fell off the throne altogether. Dimon announced that because of bad bets made by one of his London traders the bank will lose at least $2 billion. The bets apparently involved JPMorgan selling insurance contracts against losses on corporate debt.
We take a look at how JPMorgan's loss may impact European banks. And New York bureau chief Heidi Moore discusses why the bank's blunder is a sign that Wall Street's mindset hasn't changed. Plus, how will this affect regulatory efforts? And meet the trader the losses are being attributed to -- the London Whale.
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