Photo: AP Photo
Details continue to emerge regarding JP Morgan’s shocking multi-billion trading losses.However, the biggest behind-the-scenes report so far was just published by The Wall Street Journal and written by Monica Langley.
Here’s how Dimon first found out about the losses:
On April 30, associates who were gathered in a conference room handed Mr. Dimon summaries and analyses of the losses. But there were no details about the trades themselves. “I want to see the positions!” he barked, throwing down the papers, according to attendees. “Now! I want to see everything!”
When Mr. Dimon saw the numbers, these people say, he couldn’t breathe.
Here’s the loss estimate the Langley reports:
Those trading positions have produced losses that could total as much as $5 billion…
Langley’s sources appear to be very close to Dimon. Her story includes an exchange between Dimon and his wife and also references an evening fuelled by vodka.
More on those trades:
Mr. Dimon personally approved the concept behind the disastrous trades, according to people familiar with the matter. But he didn’t monitor how they were executed, triggering some resentment among other business chiefs who say the activities of their units are routinely and vigorously scrutinized.
Langley’s report includes a play-by-play of the drama that ensued after Dimon found out about the losses.