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Thursday, May 10, 2012

JPMorgan Chase losses send shock waves through economy

In an announcement that rocked the markets and sent shock waves through the economy late today, the CEO of JPMorgan Chase stated that the nation's largest bank had lost $2 billion dollars since April.
JPMorgan had been considered the most well managed bank of the major Wall Street firms that survived the financial meltdown of 2008.
However, today's announcement placed that designation in doubt as CEO Jamie Dimon admitted that the losses were due to "errors, sloppiness, and bad judgment." And CBS News reported this evening that market analysts have begun to question whether or not other large Wall Street banks were also in deep financial trouble, in spite of the fact that most received a massive bailout from taxpayers in 2009.

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