JPMorgan Chase & Co. had an awkward moment recently when it bet its hedges instead of hedging its bets. This resulted in a $2 Billion loss, some management changes, and loss of CEO Jamie Dimon’s ability to lobby against Wall Street reform with a straight face.
“JP Morgan Chase $2 Billion Derivatives Loss Illustrates Toxicity Of Casino-Banking,” Avery Goodman, Seeking Alpha
“FAQ: What happened at JP Morgan? And should you care?” Ezra Klein, Washington Post blog
“With JPMorgan Loss, Volcker Rule Resurfaces,” Robert Siegel and Lynn Stout, NPR News
“Will JPMorgan’s Dimon now shut up about the Volcker Rule?” Michael Hiltzik, Los Angeles Times
Short Link: http://wp.me/p6sb6-d9y
Image (“Dogs Dealing Securities at JP Morgan Chase, after Cassius Marcellus Coolidge”) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com
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