The head of JP Morgan Chases is doing a lot of apologizing today, saying he and other bank executives have ‘a lot of egg on our face’. CEO Jamie Dimon is under (scrutiny) by federal regulators and customers after he announced that the bank which managed to weather the 2008 (financial crisis) better than its peers had suffered a two billion dollar (trading loss). And that figure could get bigger. In a conference call, Dimon said it was (inexcusable).
"These were great mistakes, they were self-inflicted. We are (accountable). And what happened violates our old (standards and principles) by how we want to operate the company. This is not how we want to run a business.”
The loss was the result of a failed (hedging strategy) that’s leading many critics to ask if Morgan Chases learnt anything at all from the banking practices that cause the economy to run aground just few years ago.