The Truth About JP Morgan's $2 Billion Loss!!

Before we can understand what's really going on with JP Morgans loss, which will probably end up being a lot more than $2 billion, we need a little background: JP Morgan is the world's largest publicly traded company, is the largest bank in the US, the biggest of the too big to fail banks which are killing the American economy, Is the largest derivatives dealer in the world, and derivatives are inherently destabilizing for the economy. Essentially wrote the faux reform for derivatives, which did nothing to decrease risk, and killed any chance of real reform. Is the creator of credit default swaps, which caused the 2008 financial crisis, and is the asset class which blew up and caused the loss. Has had large potential exposures to credit default swap losses for years. Has replaced the chief investment officer who made the risky bets, with a trader who worked at Long Term Capital Management, which committed suicide by making risky bets. Went completely insolvent in the 1980s, and again in 2007, and was saved both times by the government at taxpayer expense.