Jamie Dimon was one of the few bankers to emerge from the financial crisis with his stellar reputation intact. Dimon took the helm of JPMorgan Chase in 2005 and ably steered the bank through the crisis. In its aftermath, he used his reputation to argue against increased regulations, especially efforts to force banks to increase their capital cushions. But Dimon’s anti-regulatory stance was seriously undermined when a trader in JPMorgan’s chief investment office began building up positions in the credit derivatives market, which eventually lost the bank upwards of $9 billion, according to some estimates. The trading debacle renewed calls for a strict implementation of the Volcker Rule, which prohibits banks from gambling in the market with federally insured deposits, and led to the end of chief investment officer Ina Drew’s career at JPMorgan — concluding one of the most successful careers ever for a woman on Wall Street.
Business & Money
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4. JPMorgan’s $9 Billion Trading Loss
Full List
Top 10 Business Blunders
- 10. Goldman Sachs’ Muppetgate
- 9. Walmart’s Mexican Bribery Scandal
- 8. Apple and Book Publishers Collude to Raise E-Book Prices
- 7. The Chesapeake Energy Corporate-Governance Scandal
- 6. Never-Ending European Debt Crisis
- 5. Apple Drops Google Maps from the iPhone
- 4. JPMorgan’s $9 Billion Trading Loss
- 3. Standard Chartered Fined for Money Laundering
- 2. Facebook IPO
- 1. LIBOR Rate-Rigging Scandal
Top 10 Business Deals
- 10. Apple Drops Google Maps
- 9. Softbank Buys 70% Stake in Sprint Nextel
- 8. Yahoo Hires Marissa Mayer as Its New CEO
- 7. President Obama and a Republican Congress Pass the JOBS Act
- 6. Apple and HTC’s Landmark Patent Agreement
- 5. T-Mobile Acquires MetroPCS
- 4. Facebook Buys Instagram for $1 Billion
- 3. $25 Billion Mortgage-Fraud Settlement
- 2. Yahoo Sells Half of Stake in Alibaba
- 1. Yelp IPO
Top 10 Recession and Budget Trends
- 10. Fast Food Goes Gourmet
- 9. Travel Fees Aren’t Just at the Airport Anymore
- 8. Small Cars Are the Next Big Thing
- 7. The Rise of the Irrational Consumer
- 6. Gas Prices Hit Record Highs — Again
- 5. More Americans Are Unbanked
- 4. Student Debt Surpasses Credit-Card Debt
- 3. Retailers Hit Back at ‘Showrooming’
- 2. U.S. Consumers Shed Debt — Then Start Taking It On Again
- 1. The Real Estate Market Finally Hits Bottom
Top 10 Commercials
- 10. Round Up Your Mates for a Guinness
- 9. The Guardian’s Three Little Pigs
- 8. This is SportsCenter – John Clayton
- 7. BGH’s Dads in Briefs Campaign
- 6. Will Ferrell for Old Milwaukee
- 5. DirecTV’s “Don’t Wake Up in a Roadside Ditch” Campaign
- 4. Procter & Gamble’s “Thank You Mom”
- 3. Lena Dunham’s “Your First Time”
- 2. Samsung’s “Next Big Thing”
- 1. Clint Eastwood’s Chrysler Super Bowl Ad