Episode 556 • • 35:04 - 41:37
556: Vape like a Ninja
JPMorgan Chase Loss, Mary Ann Lake Litigation Reserves
JPMorgan Chase reported its first quarterly loss since 2004, totaling $398 million, primarily due to massive litigation expenses. CFO Mary Ann Lake detailed that the firm has reserved $23 billion for legal matters, mostly related to mortgage-backed securities. Despite the multi-billion dollar penalties and ongoing negotiations with the government, the bank's stock price rose following the announcement.