J.P. Morgan Chase JPM -1.96% & Co. Chairman and Chief Executive Officer James Dimon had just committed the most expensive blunder of his 30-year career, failing to detect the risk of trades that had begun to generate huge losses at the bank.
On April 30, associates who were gathered in a conference room handed Mr. Dimon summaries and analyses of the losses. But there were no details about the trades themselves. "I want to see the positions!" he barked, throwing down the papers, according to attendees. "Now! I want to see everything!"
When Mr. Dimon saw the numbers, these people say, he couldn't breathe.Everyone all together now: awwwwwww.
Dimon, who has earned a reputation for brash talk, once called international bank rules "anti-American" and said public criticism of bankers is "a form of discrimination." Dimon has referred to the Dodd-Frank Financial Reform Act as "Dodd Frankenstein."