The investigation centers on whether the bank was hedging risk or seeking to profit from risky trades (and semantics is what this is all about - there’s no hard and fast rule to work with here).

Obdicut, net income for 1Q 2012 was 5.383 billion ($1.31 per share).

And the lower stock price resulting from the scandal will make the company’s stock repurchase program even more efficient and using the losses to offset gains elsewhere will have favorable tax implications as well.

However, with the recognition of the major losses due the “London whale”, it is possible the company may have to restate earnings for the past quarter, and possibly beyond.