JPMorgan CEO says he should have caught “London whale” trades

The chief executive of JPMorgan Chase & Co (JPM) said he should have caught the “London whale” derivatives trades that resulted in a multibillion-dollar loss for the bank.

“We made a stupid error,” Jamie Dimon told an audience at the Council on Foreign Relations in Washington on Wednesday. “I should have caught it … I didn’t.”

So far, JPMorgan has estimated its total trading loss at $5.8 billion. The losses stemmed from a London-based trader known as the “London whale” who took large positions in credit derivatives.

SOURCE: Yahoo.