1. busted

    JPMorgan Reports First Quarterly Loss

    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