It's just getting harder to trust financial experts isn't it? There's news that JPMorgan's $2 billion loss, was actually off by, well, about a billion dollars. But, hey, what's a billion among friends? As Dealbook's Nelson D. Schwartz and Jessica Silver-Greenberg report, "A spokeswoman for the bank declined to comment, although Mr. Dimon has said the total paper trading losses will be volatile depending on day-to-day market fluctuations."

According to Schwartz and Silver-Greenberg, those market fluctuations can be big. "The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses," they write. Schwartz and Silver-Greenberg also mention that JPMorgan Chase CEO Jamie Dimon warned that the losses could double in the coming quarters.  

Why exactly? "The losses will grow, some traders say, because it appears JPMorgan has only sold a small portion of its position, leaving it vulnerable to price swings in a thinly traded market," reports Reuters' Daniel Wilchins and Carrick Mollenkamps. But before you start feeling too bad for Ina Drew, Dimon and the rest of the JPMorgan clan, just remember this piece of information from the Dealbook team

The overall health of the bank remains strong, even with the additional losses, and JPMorgan has been able to increase its stock dividend faster than its rivals because of stronger earnings and a more solid capital buffer...

Analysts expect the bank to earn $4 billion in the second quarter, factoring in the original estimated loss of $2 billion. Even if the additional trading losses were to double, the bank could still earn a profit of $2 billion.