Reuters: Financial Services and Real Estate: JPMorgan CEO says bank reacted badly to red flags -NBC

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

JPMorgan CEO says bank reacted badly to red flags -NBC May 13th 2012, 13:08 Sun May 13, 2012 9:08am EDT May 13 (Reuters) - JPMorgan Chase & Co CEO Jamie Dimon said his bank reacted badly to warning flags last month that it had large trading losses in complex financial derivatives, according to a transcript of an interview broadcast on Sunday on NBC's "Meet the Press" television program. Dimon said bank executives were "completely wrong" in public statements they made in April after being challenged over the trades in media reports. "We got very defensive. And people started justifying everything we did," Dimon said. "We told you something that was completely wrong a mere four weeks ago." On Thursday Dimon announced that the bank, the biggest in the United States by assets, had lost $2 billion or more mishandling a portfolio of derivatives.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions