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Money: Is It Real?
"Whose $6 billion did JPMorgan Chase & Co. lose during the now-infamous London Whale debacle? Was it depositors’ money or shareholders’ money? Or was no money lost at all?"
Cohan's vendetta against the firm that fired him for cause continues….
JPMorgan Chase wants us to believe that it was shareholders’ money that was lost, not depositors’ money. There is no question that JPMorgan Chase’s stock got hammered when the full extent of the London Whale losses became known; shareholders lost almost $25 billion, that's more money than the reports claimed. in addition to the $6 billion he lost on his trades.