NPR : News

JPMorgan Chase CEO: 'I Should Have Caught' $5.8 Billion Error

JP Morgan Chase CEO Jamie Dimon, wearing a dark suit possibly made of sackcloth, didn't hold back when discussing the derivative trades that led to massive losses for his company.

"We made a stupid error," he said before a lunchtime audience at the Council on Foreign Relations in Washington on Wednesday. "We screwed up."

Then he got more specific: "I should have caught it ... I didn't."

The company estimates it lost $5.8 billion, thanks to a London-based trader, nicknamed the "London whale," who took large, risky positions in credit derivatives.

But Dimon noted that making mistakes is part of capitalism. When companies make errors, "they learn from it," he said.

Critics might point out, however, that when immense banks make mistakes, they might also turn around and ask Congress for multi-billion-dollar bailouts. That's been known to happen.

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Chinese Dissident Artist Ai Weiwei Restricted To 20-Day U.K. Visa

Ai says he was denied a six-month visa because U.K. officials said he didn't list a criminal conviction in his application. Ai was imprisoned in China, but he notes he was never charged with a crime.
NPR

Humans Aren't The Only Ones To Go Ape Over Diets: Chimps Detox, Too

A group of Ugandan chimps has found a great way to boost their mineral intake and neutralize bitter compounds in their diet: by eating clay.
WAMU 88.5

The Politics Hour - July 31, 2015

Join us for our weekly review of the politics, policies, and personalities of the District of Columbia, Maryland and Virginia.

NPR

In Michigan, A Testing Ground For A Future Of Driverless Cars

Automakers and researchers are using a 32-acre fake city at the University of Michigan to simulate a real-world environment for autonomous vehicles. How will such cars affect urban planning?

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