JPMorgan Bemoans Bear Stearns Losses

JPMorgan Chase & Co. (NYSE:JPM) chief executive Jamie Dimon has revealed that the company lost up to $10 billion on its 2008 acquisition of Bear Stearns. The firm has often been credited with expert navigation of the financial crisis, coming out with strong assets, including those from the failed investment bank.

In recent months, several members of Dimon's so called "Operating Committee", which led the company through the crisis and orchestrated the acquisition of Bear Stearns, have left the company. The firm was recently sued by New York State in a case about Mortgage Backed Securities. Those assets were held by Bear Stearns.