Wall Street Shrugs as JPMorgan Trades Lop Off $27 Billion

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon plans to testify before Congress this week about his firm’s $2 billion trading loss. His Wall Street colleagues don’t understand why.

“Occasional losses are inevitable,” said Blackstone Group LP’s Stephen A. Schwarzman, 65, CEO of the largest private-equity firm. “Publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system.”