JPMorgan loses $2 billion in three-card Monte game
Just weeks after losing $3 billion or more in risky overseas trading, JPMorgan Chase announced it lost another $2 billion in over the weekend in a New York three-card Monte game. CEO Jamie Dimon made the bets himself while leaving a restaurant with his wife.
“I was just trying to get back the money we lost gambling, um, I mean investing, I mean hedging in Europe,” Dimon said. “It seemed like such an easy way to make our money back. This other guy kept betting dollar after dollar and making money. It seemed so easy.”
Dimon said he started off betting $100 as it was the smallest bill he had on him. He won the first few rounds but then kept losing over and over again, doubling his bets each time to try and make up the loss. His wife kept trying to pull him away, fearing that it was a scam.
“I told her she just doesn’t understand high finance. This is how we do it all the time, besides I got the money at nearly zero interest from the Federal Reserve. Sometimes we take that money and loan it back to the government at a huge profit. Other times we gamble, I mean hedge, on something risky and complicated. If we screw up, the government is there to bail us out.”
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http://www.thechicagodope.com/2012/05/21/jpmorgan-loses-2-billion-in-three-card-monte-game/
