JP Morgan's $2 Billion Trading Loss Is Already $3 Billion

Jamie Dimon said it could get worse... and it is. The JP Morgan trading loss that was $2 billion four days ago is now $3 billion, report Nelson Schwartz and Jessica Silver-Greenberg in the New York Times. Why? Because every hedge fund in the world knows JP Morgan is stuck in a position so big that it can't unwind it... and they're taking the other side of the trade. Can JP Morgan fire those risk managers and traders all over again? Nope. Can it claw back the massive bonuses it paid to those risk managers and traders in prior years? Nope. The good news is that JP Morgan was expected to earn $6 billion this quarter. So it has only wiped out half of that profit so far. Another $3 billion to go..