new information shows the massive loss by JPMorgan Chase from a risky derivatives bet may total as much as $9 billion, far higher than the previous estimate. The bank faced an outcry last month following the disclosure it lost up to $3 billion in trades that it was warned carried a high risk. Now the New York Times is reporting the bank’s own projections showed as early as April the losses could total up to three times that amount.
[Should we let these big banks to play with Depositors money or not. Re implement Glass-Steagall act. re-regulate banks]