Well, if you are the CEO of JP Morgan Chase, and your in the mood to get away from it all because you oversaw an individual trading office in London lose $2 billion worth of your companies money, you might need a little Hamptons R and R.
On Thursday, Mr. Dimon, who serves both as chief executive and chairman of JPMorgan, blamed the losses on “errors, sloppiness and bad judgement” and warned “it could get worse”.
You know what I would pay $2 billion for? I’d pay $2 billion for a youtube.com video of the trader in London watching his positions go down by $2 billion dollars, and I’d also pay $2 billion for the audio recording of the phone call that he had to make to Mr. Dimon.
Media reports are saying that the trader was Frenchman Bruno Michel Iksil, nicknamed the London Whale.
“Uhhh…yes hello, Mr. Dimon? Beautiful day isn’t it? Oh you’re not in London right I forgot, well…so anyway…remember that trading strategy I told you about? Turns out, I mean it’s a funny thing really, because you know, it turns out that…I mean really what’s $2 billion anyway when you think about it.”