JPMorgan’s famous London Whale trading loss could spiral as high as $9 billion according to Jessica Silver-Greenberg and Susanne Craig at Dealbook.This is a staggering amount, especially since in May people were freaking out at that might be as high as $3 billion.
According to the report, red ink on unwinding the derivatives trade has been climbing in “recent weeks” as the trading was getting unwound.
POLITICO’s Ben White notes astutely that it’s nice timing for JPMorgan to let this news leak on the day the SCOTUS healthcare announcement will be released.
The $9 billion number was actually scooped first by independent journalist Teri Buhl earlier this week.
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