Climateer Line of the Day: Liveblogging JP Morgan Edition (JPM)

From Deal Journal:

• • 4:05 pm
  • by David Benoit
  J.P. Morgan has also decided that its "value-at-risk" model was inadequate and is going back to an older model.
• • 4:06 pm
  • by David Benoit
  Dimon says the strategy was "Flawed complex poorly reviewed poorly executed and poorly monitored."

Other than that...

The stock is down 5.4% in late after-hours action.

Here's the Liveblog

HT: The Dealies confrère at MarketBeat