Mish/ Mike Shedlock – Whale Of A Story : JP Morgan Loses $2 Billion On “Ineffective, Poorly Monitored,Poorly Constructed” Hedging Strategies; Reflections On The Volcker Rule – 11 May 2012

In a special conference call this evening Jamie Dimon, CEO of JPMorgan disclosed a “trading loss” of at least $2 billion from a failed hedging strategy.

The strategy “morphed over time” and it was “ineffective, poorly monitored, poorly constructed and all of that,” said Dimon.