Photo: Lisa Du, Business Insider
Everyone’s still talking about JPMorgan’s announcement yesterday that the bank lost $2 billion in trades in the credit market.In this morning’s The Gartman Letter, Dennis Gartman writes:
“The press conference… caught everyone a bit off guard and does raise all sorts of flags and does indeed cause us to remind ourselves that “there is never just one cockroach;” however, if the losses sustained are held to what was reported yesterday afternoon, then we must remember that this is isolated; that it shall be a loss of only 30 cents/share; that Jamie Dimon’s pristine reputation has been irreparably sullied; that the Left shall use this as an excuse for even more onerous over-sight of the banking/broking businesses of the nation, but the nation is not in jeopardy and we shall all go on.”
Gartman also writes that the losses by JPMorgan could be much larger than the $2 billion reported this far and that these things “ALWAYS… become worse, not better, as time rolls on”. But in terms of the bigger picture he says this will prove to be “nothing more than a temporary, and very ugly, blip upon the financial radar screen.”
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