FBI Opens Inquiry Into JPM Loss

By Tyler Durden on 05/15/2012 12:15 -0400

Earlier we were complaining that the newsflow was on its way to getting full-retard surreal. It just crossed that line.

From NBC:

NY FBI Opens Inquiry into JPMorgan Chase Loss

 

The FBI in New York has opened an inquiry into JP Morgan Chase’s $2 billion loss, NBC 4 New York has learned.

 

People familiar with the matter tell NBC 4 New York that the inquiry is not a criminal investigation. The FBI is taking a preliminary look at the incident.

 

JPMorgan Chase CEO Jamie Dimon disclosed last week that the bank had lost the $2 billion by making a bad bet with so-called credit derivatives.

 

Investors lopped off nearly 10 percent from JPMorgan’s stock price the next day, and 3 percent more on Monday. Since Dimon made the announcement, nearly $20 billion in market value has evaporated.

Translated: the FBI has been unleashed to investigate how a bailed out TBTF bank with full government backstop can possibly lose money, and to arrest those responsible.

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