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JPMorgan Loses $2 Billion as ‘Mistakes’ Trounce Hedges

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon says the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks, jeopardizing Wall Street banks’ efforts to loosen a federal ban on bets with the

(BLOOMBERG) NEW YORK - The firm's chief investment office, run by Ina Drew, 55, took flawed positions on synthetic credit securities that remain volatile and may cost an additional $1 billion this quarter or next, Dimon told analysts yesterday. Losses mounted as JPMorgan tried to mitigate transactions designed to hedge credit exposure.

"There were many errors, sloppiness and bad judgment," Dimon said as the company's stock fell in extended trading. "These were grievous mistakes, they were self-inflicted."

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Society

The Australian Dream: Lived, Loved And Lost By Yearning Italian Youth

Every year thousands of young Italians apply for a Working Holiday visa and escape to Australia. They have many reasons for leaving — but many seek a better work-life balance down under. And then, there are those who cut their adventure short to return home to the bel paese.

photo looking through windshield

Uluṟu, Mutitjulu, Australia

Laura Loguercio

MILAN — “The last two days it was 35 degrees, but last week we got over 40.” It’s December. As he speaks to me, it is just past 10 p.m. for Alberto Bellini, while here, in cold, wintery Milan, the afternoon has just begun. Alberto is exactly 12,992 kilometers away from my phone: he called me from Karratha, a town of 23,000 inhabitants in Western Australia.

Alberto is one of the thousands young Italians who, every year, decide to leave everything and move to the other side of the world, taking advantage of the Working Holiday visa that, thanks to an international convention, allows them to live and work in Australia for up to three years.

Another land, another language, another life. The reasons for leaving are many and always different, as are those that convince so many to return to Italy after months or years spent abroad. In some cases, the desire to leave is dictated by the immobility of the Italian labor market, which benefits those who already have everything.

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