JP Morgan Trader Sacked for $130 Million Loss (JPM)

CNNMoney.com is reporting that Chan Bhima, one of J.P. Morgan’s (NYSE: JPM) star coal traders, was fired after he lost $130 million on the wrong of a strong movement in European Coal prices during Q2.

Back in July 2009, the bank saw Bhima's hiring as "an important step toward the expansion of our global coal footprint," though I am guessing that management has changed their tone since then.

It is reported that Bhima was up over $50 million on the trade before the trade turned around and bit him.

For more information, please visit…

http://money.cnn.com/2010/08/05/news/companies/JPMorgan_coal_trader.fort...