Exam question

May 12, 2012

Please give a complete answer and show all your work:

When Jamie Dimon announced JP Morgan’s trading loss of 2 billion dollars, he said:
(a) Oops.
(b) Biden misspoke.
(c) Volcker doesn’t understand capital markets.
(d) We’re stupid.

For extra credit:  What should he have said?

Answer follows.  Both (c) and (d) are correct.

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