Published on 14th May 2012
“JPMorgan Chase's $2bn blunder not only fanned the fires of tighter bank regulation, it led Monday to the resignation of the bank's chief investment officer, Ina Drew. Those fighting for stricter rules to curb excessive risk-taking by big US banks now have 2 billion more reasons to say, ‘I told you so.’ The surprising $2bn loss at JPMorgan Chase caused by a trade involving derivatives that was intended to lower, or hedge, the bank's risk but which went terribly wrong, is the latest proof for some that banks can't police themselves and that their trading risks still pose a threat to the financial system and economy,” USA Today writes.