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June 28, 2012

Report: JPMorgan Chase May Have Lost $9 Billion on Risky Trades 
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In financial news, new information shows the massive loss by JPMorgan
Chase from a risky derivatives bet may total as much as $9 billion, far
higher than the previous estimate. The bank faced an outcry last month
following the disclosure it lost up to $3 billion in trades that it was
warned carried a high risk. Now the New York Times is reporting the
bank’s own projections showed as early as April the losses could total
up to three times that amount.

 

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