By Daily Mail Reporter
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JP Morgan chief Jamie Dimon admitted yesterday he was ‘dead wrong’ to dismiss concerns over the toxic gambles which cost the bank £1.2billion as a ‘tempest in a teapot’.
On Thursday night the bank shocked the markets when it announced the losses, made by a team of London-based traders tasked with managing its risk.
Dimon now faces more searching questions from regulators in the US and UK.
King of Wall Street: JP Morgan boss Jamie Dimon faces searching questions after the bank's losses
Claims emerged over the weekend that he and other senior executives were warned the huge bets on complicated financial instruments being taken by its Chief Investment Office were ‘an accident waiting to happen’.
Dimon â€" dubbed the King of Wall Street â€" told US media he did not know the full extent of the problem in April when he played down the concerns.
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He was wrong. Now given 3 million bonus, a platinum plated handshake and let him retire on 50 million pension pot. Then the government can re hire him on 20,000 a day consulting for RBS.
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What did they do? Overhedge the trading book by going short the lot, especially Euros? Euros have not obliged in dropping much these past 4 years, having pretty much gone sideways throughout. Stock markets have not fallen either, and the US market has risen close to all time highs! Again, not a good place to be short in retrospect. Shorting US dollars after the QE program hasn't done the traders much good either. The dollar has been sideways to higher ever since. Shorts in Cocoa and Coffee have paid off in the past year or two, but I'm guessing this trader didn't have much of either in the "portfolio".
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