FREEDOM PROJECT: JP Morgan Derivative/Props Desk 3+ Billion Losses. WHY did they release this info on a Thursday after market not Friday after market, as normal bad financial news is? Worse news to come?..

 

JP Morgan Derivative/Props Desk 3+ Billion Losses. WHY did they release this info on a Thursday after market not Friday after market, as normal bad financial news is? Worse news to come?

All the financial news sites are covering the information about JP Morgan losing 3+ Billion from their gambling on derivatives.  That information was released yesterday (5/10/12) Thursday after the markets closed in the U.S.

Here are just a few links about it:

http://www.zerohedge.com/news/jpm-staring-another-3-billion-loss

From above link:
 

That is where the media picked up the story and as we detail below leads us to today.Attempts to hedge his over-hedged positions and/or unwind them impacted the market too much and we suspect created the need for today's admission of guilt.

http://www.zerohedge.com/news/worlds-largest-prop-trading-desk-just-went-bust

http://www.bloomberg.com/news/2012-05-11/jpmorgan-s-drew-embraced-risk-before-egregious-loss.html

http://www.huffingtonpost.com/2012/05/10/jpmorgan-chase-london-whale_n_1507662.html

CNBC latest information about it is saying that it could not just be one "rogue" trader, but there has to be more bad news to come.

http://www.cnbc.com/id/47382541
Portion from above article:
 

The $2 billion trading loss announced by JPMorgan on Thursday as a result of a failed hedging strategy does not bear the earmarks of coming from only a “rogue” trader, and developments that follow are more likely to get worse for the Wall Street bank rather than better, Dennis Gartman, founder of The Gartman Letter, told CNBC on Friday.
"I operate under the old rule that there is never just one cockroach, 

via soundofheart.org

Posted via email from soulhangout's posterous