JPMorgan's Missteps Cost Portfolio $1B, Ambac Says

Law360, New York (April 20, 2011, 6:13 PM EDT) -- An attorney for Ambac Financial Group Inc.'s British subsidiary told a New York state appeals court Wednesday that a JPMorgan Chase & Co. affiliate lost $1 billion in a reinsurance investment portfolio through its own mismanagement under an investment agreement.

In fact, JPMorgan CEO Jamie Dimon made statements to the press in 2007 and 2008 indicating the bank was shedding risky mortgage-backed securities from its own portfolio, even as it held on to those kinds of securities in the reinsurance investment portfolio it was supposed to...
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