This morning, all of the major stock indexes around the world are trading lower. The catalyst for the decline comes as JP Morgan Chase & Co (NYSE:JPM) reports a $ 2 billion trading loss caused by the a trader known as the “London Whale.” Traders are now wondering if other firms have similar trading losses out there. Just last week, Prudential Financial Inc (NYSE:PRU) plummeted after reporting earnings. The company sited a large derivative trading loss as the reason for the poor earnings results. This news from JPM is now the second report by a major firm that has admittedly taken a large loss from derivative trading. JPM has been one of the most outspoken firms against the controversial Volker Rule which would eliminate banks from proprietary trading. Other leading financial equities such as Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS), ProShares UltraShort Financials (ETF) (NYSEARCA:SKF) and BlackRock, Inc (NYSE:BLK) are all likely to be very volatile today.
www.StockMarketFunding.com Financial Crisis 2012 Worse than 2008, European Banking System on the Verge of Collapse. The scenario will likely fully play out in 2013 and we will see what central banks world wide to do postpone the selling and get the cash off the side lines to pump markets….
www.FT.com Chris Perretta, chief information officer of State Street, the US financial services provider, says the line between technology and business is becoming ever more fuzzy. He talks to Connected Business editor Paul Taylor in the first of the FT’s CIO Interviews series. For more video content from the FT, visit the Financial Times video section at: www.ft.com
In a world of Too Big To Fail giants, Florida-based firm sees opportunity as a Wall Street alternative. RJF Acquires Morgan Keegan: onforb.es More Paul Reilly: onforb.es Exile On Wall Street: blogs.forbes.com
Find Top Financial Advisor in your Area for Free: Visit www.TheOnlineCFP.net to Find a “Wiser Advisor” Presented by Certified Financial Planner Kevin Wenke
www.FT.com Financing Innovation Conference – In-depth interview with Workday Co-Founder and Co-CEO, Aneel Bhusri For more video content from the FT, visit the Financial Times video section at: www.ft.com
