Tell Us It Ain’t So, JP MO!

This doesn’t come at good time for the markets.    Bloomberg is reporting,

JPMorgan Chase & Co. (JPM) said it lost about $2 billion tied to synthetic credit securities after positions taken by its chief investment office were riskier than expected.

“This portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the firm previously believed,” the New York-based company said today in a quarterly securities filing. JPMorgan declined 5.5 percent to $38.50 in extended trading at 4:51 p.m. in New York.

The stock is getting hammered in AH.    S&P5oo futures down 12 points.

Click here for JPMO’s press release and here for conference call.

(click here if chart is not observable)

This entry was posted in Black Swan Watch, Equities and tagged . Bookmark the permalink.

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