Tags: Buffett | JPMorgan | Reputation | loss

Buffett Says JPMorgan Reputation Intact for Him Despite Loss

Friday, 13 July 2012 08:55 AM

Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said JPMorgan Chase & Co.’s reputation is intact as far as he’s concerned, after the bank posted a trading loss on credit derivatives.

“I’ve had enough mistakes of my own that I’m very forgiving when something like that happens,” Buffett said on Bloomberg Television’s “In the Loop With Betty Liu” in an interview from the Allen & Co. media conference in Sun Valley, Idaho.

JPMorgan, the biggest U.S. bank, said it is closing the group that traded so-called synthetic credit at its chief investment office, after a $4.4 billion trading loss at the unit in the second quarter.

The company also restated first-quarter results after finding a “material weakness” in its reporting and said in a regulatory filing that employees may have sought to hide losses.

Buffett, who has said he has a personal stake in JPMorgan, was asked by Liu if the blunder would hurt the reputation of the New York-based bank. “Not with me,” Buffett said.

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Friday, 13 July 2012 08:55 AM
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