Despite generating a $4.4 billion trading loss, JPMorgan Chase reported a second quarter profit of $5 billion, which was down 9 percent. In May, the bank initially reported the trading losses were $2 billion. The financial giant says it will have to restate its first-quarter earnings as traders may have misstated positions in attempts to reduce losses on the failed investments.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- The U.S. is about to sell weapons to Vietnam. That's bad news for China.
- Why is the Pentagon stuffing caves in Norway full of tanks?
- What the Middle Ages can tell us about the GOP's big charity myth
- An open letter to #brands about Gamergate
- Did the media get Ferguson wrong?
- The most sensible GOP alternative to ObamaCare comes from a Senate candidate who is almost sure to lose
- 'Having it all' has officially jumped the shark
- 43 TV shows to watch in 2014
- Did Republicans overshoot on the Ebola panic?
- Gamergate has backfired spectacularly on its nincompoop perpetrators
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