University of Missouri-Kansas City professor, author and former financial regulator William Black explains what’s wacky about JPMorgan Chase’s version of events that led to the firm’s $2 billion loss in the derivatives market last week.
JPMorgan Chase & Co. weathered the 2008 financial crisis without reporting a loss. But a failed hedging strategy that recently cost the company $2 billion has called into question the ability of its leaders to manage risk and intensified the debate on banking reform.
Liberia is considering two proposals that would make consensual same-sex acts punishable with jail time; NATO refuses to get involved in the crisis in Syria; and a Jewish journalist killed by terrorists was baptized posthumously by the Mormon Church. These discoveries and more after the jump.