Bloomberg Businessweek is out with an extensive piece on Wall Street’s reaction following the multi-billion dollar trading loss in JPMorgan’s chief investment office in London related to derivatives trades. The main sentiment is that Wall Street is shrugging off the loss.
Here’s what billionaire private equity tycoon Steve Schwarzman thinks. (emphasis ours)
“Occasional losses are inevitable,” said Blackstone Group LP (BX) (BX)’s Stephen A. Schwarzman, 65, CEO of the largest private- equity firm. “Publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system.”