Buffett’s Berkshire Buying JPMorgan Preferreds?

After JPMorgan Chase & Co. (NYSE:JPM) revealed that they had lost at least $2 billion in trades related to "the London Whale" activities the firm's share price has tanked. Shares have dropped from just above $40 before the announcement of those losses to just over $31 today.

Despite the losses JPMorgan is a healthy company and they are doing well. This, and the losses may be much higher than $2 billion, looks like an isolated incident based on one man's mistakes and a lack of oversight and clear understanding from the higher ups.

The shares have still lost between 20% and 25% since the announcement,...