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WHOOPS Dimon: JPMorgan Loss ‘Egregious’ Kathy Willens / AP Photo

Dimon: JPMorgan Loss ‘Egregious’

Well duh. JPMorgan Chase Chief Executive Jamie Dimon said it was a “terrible egregious mistake” to lose $2 billion trading. Last week, the bank disclosed that the money was lost on bad bets on credit derivatives. Dimon said that the work was “sloppy” and ”stupid” and inexcusable. The interview came on Meet the Press, and marks the first time Dimon has openly stated that the bank  made huge mistakes. “We were dead wrong,” he said. While he said that JPMorgan was “very strong,” Dimon said he would back any government plan to overhaul the bank’s framework.

May 13, 2012 3:06 PM