Friday, April 12, 2013

Silent

"J.P. Morgan Chase & Co. Chief Executive Officer Jamie Dimon was silent Friday about the bad bets in 2012 placed by a trader nicknamed the London Whale.

The unit houses the Chief Investment Office, which invests the bank’s excess cash and houses various private equity holdings. “Direct investments” in private equity recorded $327 million in “unrealized” losses during the quarter. Lake said she could not discuss what caused the loss but admitted it was larger than the bank would have liked. The unit recorded an overall profit of $250 million."

Of course he did--just sweep it under the rug.