They lost because they were banking (groan) on the economy tanking, i.e. they were betting against America. No sympathy, vampires!
JPMorgan CEO Dimon: 'This Is an Isolated Incident' - CNBC
...He defended the intent of the traders, telling the Senate Banking Committee it was a genuine hedge that would have made the bank a lot of money if a credit crisis hit. He said the bank's senior management failed to police the London office behind the trades...
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