Back on May 14th, JPMorgan Chase announced that it lost $2 billion on failed derivative bet trading (the same type of bets that contributed to the 2008 crisis). However it now appears as if that number and the whole situation is only going to get worse. According to people that work at trading desks specializing in derivatives, the number is likely to grow to $6 or 7$ billion. Their reasoning is that the other betting side is not likely to let JPMorgan Chase off the hook and are likely to ask for more money. It should be noted that these losses are not going to bring JPMorgan Chase into bankruptcy but this situation has brought out cries for more banking regulation.
Another reason that JPMorgan Chase could lose more money is that a lot of their trades were built around corporate bonds. Since the announcement of the trading loss, the U.S. and European stock markets have dropped, which has lowered the value of their protection investments, making it harder for JPMorgan Chase to pay it back. Both the SEC and the FBI are looking into the trade and CEO Jaime Dimon has been asked to testify before the Senate Banking Committee. As of this moment, there is a standoff between hedge funds and the JP Morgan but with increased pressure from the government, it looks like the bank will blink first.
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