The “rogue trading” operation that defined JP Morgan’s major positions and which threatens the solvency of the bailed-out bank, has CEO Jaime Dimon speaking in tongues about the potential losses.
Prediction: Dimon hath not yet begun to equivocate. Losses originally estimated at $2 billion and later thought perhaps to be $4 million will be much, much higher. No one will let JP Morgan out of its positions easily. There is too much money to be made on the other side of the trade. Think $10 billion. That’s what we think.