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Toops Scoops: JPMorgan's "Sloppy" Move Brings Back Bad Memories

Once upon a time, both banking and insurance were synonymous with security, stability and strength. For banks, that image has been tarnished by risky schemes like that perpetrated by JPM.

By Laura Mazzuca Toops | Updated on May 17, 2012
JPMorgan Chase CEO Jamie Dimon's "stupid and sloppy" $2 billion loss didn't jeopardize his job.

I love nostalgia, but in my desire to go back in time, 2008 isn’t one of the top settings on my wayback machine. Yet the unfolding of the JPMorgan Chase’s $2 billion mishap put me right back into those fun days of the implosion of Lehman Brothers–and the resultant Great Recession.

It’s a story that’s still developing, but the gist is that some bad investment decisions involving derivatives gone wild could cost JPMorgan—one of the “good guys” of the ’08 meltdown—as much as $5 billion, depending on who you talk to.

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