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Friday started off as a down day and the reason for that was the announcement by JP Morgan Chase. They are going to loose $2 billion, maybe more, because of bad trades out of their London office. Jamie Dimon, Chairman and CEO of JP Morgan Chase, stepped up and took responsibility stating that the bank made a mistake. As a result, the stock market on Friday opened negatively. This news coming out of JP Morgan Chase is giving investors, advisors, and analysts a flashbacks of the panic of 2008. Ed Butowsky, wealth manager, financial advisor, and managing partner of Chapwood Investment Management, joins Fox Business’ Varney & Company to examine if the severity of this announcement and how it compares to the panic of 2008.
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.
Tags: advisors, analysts, chairman and ceo, chase, ed butowsky, financial advisor, fox business, investors, jamie dimon, jp morgan, panic of 2008, performance, portfolio, stock market, wealth manager