banks making estimates about banks and what they re doing or not doing. anyway, analysts there estimate the so-called libor rate manipulation scandal could cost banks $14 billion. that s fines and fees on the banks. you say great, they should pay it, those jerks. here s what it means, $14 million less for those banks to lend, which will hurt the rest of us. banks are crucial for our economy. we need them to thrive. they have become so big that they seem to control our fate. just yesterday on this show, dan gross, the economics editor at yahoo! finance, suggested the u.s. economy is sort of like the titanic. i loved the image. it got us playing a little game. take a look at this little image. our economy is the titanic. it feels invincible and huge. the most amaze thing in the history of the earth. even after the financial crisis. pretty much just like the titanic was, right? we were sailing along till we hit that jpmorgan trading loss. and it jolted everybody. it jolted our s
anyway, analysts there estimate the so-called libor rate manipulation scandal could cost banks $14 billion. that s fines and fees on the banks. you say great, they should pay it, those jerks. here s what it means, $14 million less for those banks to lend, which will hurt the rest of us. banks are crucial for our economy. we need them to thrive. they have become so big that they seem to control our fate. just yesterday on this show, dan gross, the economics editor at yahoo! finance, suggested the u.s. economy is sort of like the titanic. i loved the image. it got us playing a little game. take a look at this little image. our economy is the titanic. it feels invincible and huge. the most amaze thing in the history of the earth. even after the financial crisis. pretty much just like the titanic was, right? we were sailing along till we hit that jpmorgan trading loss. and it jolted everybody. it jolted our ship. we said, wow, is our economy still at risk from banks? then the sha
outfront tonight, losing money, rewarded big time. today, jpmorgan s stock was up like a july firework. surging 6%. in fact, it brought the whole market along. for a friday the 13th surprise. it was the best day for stocks this month. and it doesn t add up. so, jpmorgan shares popped in reaction to the bank announcing that losses from that high-profile trading blunder we ve been talking so much about now top $5.8 billion. now, that $5.8 billion is about three times more than the company said it would lose on this trade just weeks ago. today, the ceo of jpmorgan, jamie dimon, took questions on an earnings conference call, and he said he s earned a lesson. we ve learned a lot. i can tell you this has shaken our company to the core. the truth is no one is sure if other banks have trades like this going on or whether it will happen again at jpmorgan. the truth is, we do not know very much about our banks. jamie dimon didn t know about the now infamous trade for so long that
well, good evening, everyone. outfront tonight, losing money, rewarded big time. today, jpmorgan s stock was up like a july firework. surging 6%. in fact, it brought the whole market along. r a friday the 13th surprise. it was the best day for stocks this month. and it doesn t add up. so, jpmorgan shares popped in reaction to the bank announcing that losses from that high-profile trading blunder we ve been talking so much about now top $5.8 billion. now, that $5.8 billion is about three times more than the company said it would lose on this trade just weeks ago. today, the ceo of jpmorgan, jamie dimon, took questions on an earnings conference call, and he said he s earned a lesson. we ve learned a lot. i can tell you this has shaken our company to the core. the truth is no one is sure if other banks have trades like this going on or whether it will happen again at jpmorgan. the truth is, we do not know very much about our banks. jamie dimon didn t know about the now inf
as of today, morgan stanley yes, i understand it s ironic banks making estimates about banks and what they re doing or not doing. anyway, analysts there estimate the so-called libor rate manipulation scandal could cost banks $14 billion. that s fines and fees on the banks. you say great, they should pay it, those jerks. here s what it means, $14 million less for those banks to lend, which will hurt the rest of us. banks are crucial for our economy. we need them to thrive. they have become so big that they seem to control our fate. just yesterday on this show, dan gross, the economics editor at yahoo! finance, suggested the u.s. economy is sort of like the titanic. take a look at this little image. our economy is the titanic. it feels invincible and huge. the most amaze thing in the history of the earth. even after the financial crisis. pretty much just like the titanic was, right? we were sailing along till we hit that jpmorgan trading loss. and it jolted everybody. it jo