Here are some worthwhile reads for the weekend.
Inside J.P. Morgan’s Blunder
JP Morgan May Lose $5 Billion
In short, although it’s already top news material, J.P. Morgan had a multi-billion-dollar trading loss. The position still exists, so the exact losses are not yet known.
While the failure in that department was enormous, in terms of the bank as a whole, available information indicates that it is able to be absorbed and doesn’t put the bank at risk. It’s a loss of potentially several billion in comparison to around $19 billion in yearly income.