pico's thinkery

JP Morgan: loss of 2+ billion was "dumb" and "sloppy"

JP Morgan: loss of 2+ billion was "dumb" and "sloppy"

loss money Jul 13, 2012
JP Morgan's CEO said recently that their loss of 2+ billion was "dumb" and "sloppy." Still, money changed hands. Where is it? It doesn't just vaporize. Does that mean that some other entity made a "smart" and "tidy" gain of 2+ billion? It's the nature of an equation: both sides must be equal. Yin-yang. JP Morgan still had profits this year and was able to absorb the loss which makes me wonder just how bad this economy is if one of the largest banks in the US can sustain such a loss. Someone or some group of people benefited from their loss.