1. busted

    JPMorgan Reports First Quarterly Loss

    FILE - In this Tuesday, June 19, 2012, file photo, Jamie Dimon, CEO of JPMorgan Chase, testifies before the House Financial Services Committee on Capitol Hill in Washington. On Friday morning July 13, 2012, Dimon will appear before Wall Street analysts to apprise them of the size of the loss and what he has done to protect the bank from a similar kind of loss happening again.  (AP Photo/Jacquelyn Martin, File)

    Dimon on Capitol Hill on June 19, 2012. (Jacquelyn Martin/AP)

    After Washington regulators imposed a whopping $9.15 billion in legal charges, JPMorgan Chase reported its first-ever loss this quarter. “While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense,” CEO Jamie Dimon announced in a statement. In September, the bank agreed to pay $1 billion in charges for the "London Whale" disaster, a trading misstep that cost more than $6 billion in losses to the bank and which employees then attempted to cover up. The total legal charges for the quarter were up 1,337 percent from normal.

    Read it at Bloomberg Businessweek