New York (ap)-jamie Damon Wall Street on a few years of temper, already in a few days were seriously damaged, reputation.
In the 1980 s and 90 s, he is the banking sector of the legend of · of Sanford weir apprentice. In the 21 century, he's more than the bank, the agency a few people believe that can be resolved, and restore its profits.
And in 2008 and 2009, jpmorgan chase, Damon built a fortress, and strong enough to stay in financial crises of the profits.
His enthusiasm for cutting costs and the perceived risk master did more than keep the Morgan strong enough released on bail, have no competition, bear stearns and Washington mutual. This gave him a street in the years after the credit crisis, when he tried to curb bank, and occupied a backlash against the Wall Street protesters attacked their regulators.
Now all this will do.
Johnny Damon had to face the stock market analysts and reporters on Thursday, and recognize that "flawed, complex, lack of examination, the poor and poor management supervision" trading strategies, lost $2 billion of a surprise.
Enlightenment cause traders scrape the nearly 10%, jpmorgan chase's share price the next day, and bring the shower industry observers and congress, he said, the bank that need to be more strict censorship complaints.
Johnny Damon black rim of the eye worse, lost in derivatives trading-larger-in large losses and dissolve the financial crisis of the bank, complex financial control.
, who is now in the MIT professor, before the international monetary fund chief economist Simon Johnson said, "Johnny Damon" and in the creation, this is the ultimate, no risk at all the risk management of the opinion, his reputation. "Along the spoke about this huge mistake."
56, Johnny Damon, in the borough of queens, New York city, a son of Greek immigrants grew up. His father is who worked many years in merrill lynch stock broker.
Universities and business schools, Damon refused to a long history of from the investment bank Goldman sachs offer. Will the father's boss has been Damon in previous work, and recruited young Johnny Damon American express.
Will become Johnny Damon's mentor. When will leave the American express company in 1986, Johnny Damon followed him to commercial credit company, a sleeping financial company, catering to middle class customers.
Will go to buy a company's host, including 6 salomon Smith barney and travelers, Damon led some department. The construction of the empire climax, with citibank of passengers with citigroup in 1998, when America's largest bank.
Johnny Damon was the heir, but has begun and will conflict. Johnny Damon's will is more and more confident not safe, Damon in meeting often show his temper. Weir fired Damon in 1998.
Johnny Damon take time to read biographies of politicians, and picked up boxing lesson vent. In 2000, he became a Chicago bank is losing money the bank, one of the chief executive officer. By 2003, he turned to the bank around in 2004, and the merger jpmorgan chase. Johnny Damon in 2006 to become chief executive of Morgan.
By that time, Johnny Damon had been through several industry crisis, including the 1980 s savings and loan crisis, in 1998 the Russian debt default and the early twenty-first century dot-com stock bust.
Johnny Damon are not responsible for anyone, of course, for the $2 billion of his mistakes.
He admitted mistakes, this week, left some analysts to ask about his grip sliding, and the bank in more than $2 trillion in assets and his management has become too big.
More likely, some other analysts said, how is it, after 3 and a half years of crisis, the bank still carry on May not complex industry, it is very difficult to track the statement.
"If even jamie get wrong managing $2 trillion bank, it is said that Banks than management is?" Mike said, Mayo, in Lyon securities bank analysts and the author of "Wall Street" in exile.
Just a few weeks before, from the stock analysts in answer to questions, Johnny Damon was fired big market mobile industry media reports jpmorgan chase as a "complete the teapot storm."
He admits, on Thursday, he should have been given the attention of better. Asked what he first said, trading loss, and then said, "there is something in the newspaper and a bunch of other things."
Johnny Damon's signature features have cut costs, properties, help him leading the squirrel cash Banks. Find out how much newspaper subscriptions pay bank, he in Banks, reportedly told sir: "you are a businessman, and pay for his Wall Street journal"
Low tolerance, to spend, let he managed to be strong enough to resist any crisis of the bank. Now, Damon is so complex, the loss of trade can easily become worse.
Jp Morgan's $2 billion loss caused by, means that hedge, or protect, from trade losses may occur in the bank's enterprise finance, the investment bank trading.
Loss amount smaller organizations jp Morgan's size-it cleared $1.9 billion profit, last year-it will be for its second quarter earnings of damage, is an embarrassment. The bells and whistles industry. Other bank's stock is down more than 4% on Friday.
"It takes us to face, eggs, Damon said," we get we deserve any criticism and investors rushed at the conference call disclosed on losses.
Johnny Damon in the 2008 crisis, to maintain the health of his bank to widespread praise, including from President barack Obama and billionaire investor warren buffett. A biography of book, after the financial crisis, and soon release called "the last man standing in."
In these days, the bankers on Wall Street and CEO falter, to the public as the strong reaction bankers and their bonuses has grown. But Damon, who made 23 million dollars last year, according to the Associated Press calculation, with his shape, becoming the most outspoken bank chief executive officer.
He attack any barriers, and in his or his company way to-especially regulations aimed at stopping the bank take all kinds of the risk of a financial crisis, the precipitation. Damon is considered as the bank make a profit ability of obstacles.
He did not even make the federal reserve chairman Ben bernanke, or one of his trademark predecessor Paul volcker. Sometimes, he calls a spade a spade the proposed brow obtrusive.




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