Shrewd investment strategies my anatomy.
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon told Congress the bank let traders take risks they didn’t understand while he didn’t answer key questions about more than $2 billion in trading losses.
In testimony prepared for a hearing today, Dimon expressed regret over losses in the bank’s chief investment office, saying that its trading strategy was “poorly conceived and vetted” by senior managers who were “in transition” and not paying adequate attention.
They put it all on double-zero and let it ride, then, when they spun the wheel, they discovered they had forgotten to
fix vet the wheel.
This is failed strategy on Wall Street.