JPMorgan must live with $1.5 billion paperwork error

[KamaAina]

http://www.cnbc.com/id/102356444

JPMorgan Chase got a painful reminder on Wednesday that we all have to live with our mistakes, even a clerical mix-up that could cost $1.5 billion.

A federal appeals court in Manhattan ruled on Wednesday that, although it was not JPMorgan's intention, it clearly authorized its law firm to file papers in 2008 that unsecured much of a loan to General Motors.

The difference was critical because the automaker soon after filed for bankruptcy. During GM's Chapter 11, secured lenders were repaid in full while unsecured creditors lost out.

JPMorgan said it was reviewing the decision and its options.

[JustAnotherGen]

1. You know . . .

I kind of like this!

[philosslayer]

2. Looks like someone's bonus may be cut.....

What a cryin' shame.

[AtomicKitten]

3. Ah, that's a shame.

[niyad]

4. I wonder how they are going to stick that debt to us.

[tosh]

5. Kharma, baby!

[irisblue]

6. HA HA

[LiberalAndProud]

7. I'm math impaired.

$1.5 billion is what percentage of $2.3 trillion?

With the largest holding company in the U.S. by assets ($2.53 trillion) in regulator crosshairs, industry analysts are wondering how long it will be before the company splits up and how a breakup would occur.
http://www.cnbc.com/id/102310602

[Scuba]

10. Spitting in the ocean.

[cheapdate]

13. 0.06% -- six-hundredths of one-percent

[LiberalAndProud]

14. Thank you.

All those zeros confuse me. I lose track of the decimal point. All in all, I would say that JP Morgan will probably survive this "error".

[closeupready]

8. No they won't. Didn't Congress just pass that pre-emptive TARP recently?

No worries. Billions, Trillions? Who cares? The taxpayer will get stuck with the bill.

[aggiesal]

9. Not good ...

that means the rest of us will have to cover their losses.

Still serves them right. Really funny.

[AtheistCrusader]

11. Couldn't have happened to a nicer company.

[WinkyDink]

12. What was that---the salaries for three guys?