Just when you thought America’s mega­banks were safe and sound, JPMorgan Chase dis­closed that it had lost at least $2 bil­lion in just six weeks. The loss was suf­fered on high-​​risk invest­ments in a port­folio of com­plex finan­cial instru­ments known as deriv­a­tives. Iron­i­cally, it was incurred by a trading group within the bank that was sup­posed to manage the risks the bank takes with its own money.

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