JP Morgan Reports $4.4 Billion Loss

Investment bank JP Morgan reported a $4.4 Billion Loss in its second quarter results. The bank admitted “a material weakness” in its internal controls and was forced to restate its first quarter results. Traders have been engaged in risky transactions including a high profile “hedging“ of their balance sheet in the first quarter where the position has increased from an estimated $2 billion loss to closer to an astounding $5.8 billion.