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JP Morgan Chief Executive Officer Jamie Dimon plans to testify before Congress this week about his firm’s $2 billion trading loss.
His Wall Street colleagues don’t understand why.
“Occasional losses are inevitable,” said Blackstone Group LP’s Stephen A. Schwarzman, 65, CEO of the largest private- equity firm. “Publicly excoriating JPMorgan serves no purpose...".
“I kind of shrug,” said Bill Archer, 58, a former co- chairman of Goldman Sachs Group...
Dimon, who averaged more than $1.9 million a month in salary and bonuses in 2010 and 2011, dismissed initial concerns and news reports as “a complete tempest in a teapot” on an April 13 call with analysts.
“I don’t think it’s a big issue,” BlackRock Inc. Chairman Larry Fink told CNBC June 7.
Steven Rattner, co-founder of private-equity firm Quadrangle Group LLC, mentioned his friendship with Dimon in a May 14 Financial Times commentary before calling the JPMorgan loss “small beer.”
http://www.businessweek.com/news/20...rugs-as-jpmorgan-trades-lop-off-27-billion#p2
His Wall Street colleagues don’t understand why.
“Occasional losses are inevitable,” said Blackstone Group LP’s Stephen A. Schwarzman, 65, CEO of the largest private- equity firm. “Publicly excoriating JPMorgan serves no purpose...".
“I kind of shrug,” said Bill Archer, 58, a former co- chairman of Goldman Sachs Group...
Dimon, who averaged more than $1.9 million a month in salary and bonuses in 2010 and 2011, dismissed initial concerns and news reports as “a complete tempest in a teapot” on an April 13 call with analysts.
“I don’t think it’s a big issue,” BlackRock Inc. Chairman Larry Fink told CNBC June 7.
Steven Rattner, co-founder of private-equity firm Quadrangle Group LLC, mentioned his friendship with Dimon in a May 14 Financial Times commentary before calling the JPMorgan loss “small beer.”
http://www.businessweek.com/news/20...rugs-as-jpmorgan-trades-lop-off-27-billion#p2
