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/.

WAMU 88.5

Auction Of Artifacts In Paris Stirs Protest At American Indian Museum In D.C.

"It's almost like seeing one of our own tribal members being auctioned off," says a member of California's Hoopa tribe who denounced the auction during an event at the National Museum of the American Indian.

NPR

We Don't Know How Many Workers Are Injured At Slaughterhouses. Here's Why

Injuries in the meat industry are likely to be under-reported, a new GAO report finds. Workers may be sent back to the line without seeing a doctor, or may not report out of fear of losing their jobs.
WAMU 88.5

Power Plant Fight In Prince George's County

A predominantly African American community in rural Prince George's County recently filed a federal civil rights complaint in response to plans to build a third power plant in one town, and fifth in the region.

NPR

Reports Peg Tech Billionaire As Funder Of Hulk Hogan's Case Against Gawker

The New York Times says entrepreneur Peter Thiel confirms he has been bankrolling the ex-wrestler's lawsuit. Gawker is appealing a jury award to Hogan of $140 million over publication of a sex tape.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.