Preet Bharara, the Manhattan U.S. attorney, hinted that the misconduct was not just the work of a couple of rogue traders, but was systemic in a bank that failed to keep adequate watch over its traders.
CEO Jamie Dimon’s original estimate of the loss from the bad trade, disclosed in a surprise conference call with Wall Street analysts in May, was $2 billion.
The executive responsible for trading strategy at JPMorgan Chase, one of the highest-ranking women in Wall Street, on Monday became the first casualty of the bank’s stunning $2 billion loss.
As Occupy Wall Street protesters marched and held rallies Saturday to commemorate the four week anniversary of the protests, nearly 70 protesters were arrested.
Chanting “We are the 99 percent!” they raised their voices, raised their signs and raised a ruckus as they marched through the land of the ladies who lunch.
CEO Jamie Dimon did warn that loan losses are still high in both the mortgage and credit card portfolios, but they are no longer rising like they did during the recession.