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JPMorgan Chase has announced a two billion dollar mistake trading portfolio designed to hedge against risk the company takes with its own money have backfired.
In a phone interview JPMorgan CEO says the mishap was the result of a theory a bad decisions.
-- insight and your strategy is flawed -- complex poorly reviewed poorly executed and poorly monitored.
The -- of oil has proven to be riskier more volatile and less effective and economic -- that we saw there are many errors sloppiness and didn't judgment.
The two billion dollar -- occurred over the past six weeks.
Fox Business correspondent Liz MacDonald suggests workers at the bank made a bad -- What I'm hearing this is that this.
-- desk at JPMorgan.
Got so big that they were basically.
Warping of this the directions of the derivatives market is -- was protect -- bases -- -- Credit of a number of companies they're bonds would improve when they didn't.
The company's stock has plunged almost 7% in after hours trading following the announcement Fox Business Network senior Washington correspondent Peter Barnes.
Does -- that doesn't farewell for the bank lending institution is still in good standing.
We would be getting some guidance from the regulators I think.
To try to make sure that -- that investors were not spooked.
That the markets were not -- that depositors are not -- and we're not getting any of that kind of guidance and so so that that I think is can be reassuring.
A number of lawmakers say the bank made risky bet that had no business making.
In New York Elizabeth pan Fox --
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