LORD COPPER: There is nothing to fear after JP Morgan loss ...
May 16, 2012 | 09:00 PM
So, here we go again. Another bank, another huge trade gone bad. The trade doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.
Obviously, like every other outsider, I know no more of the recent upset at JP Morgan than is in the general public domain. But the key fact doesn’t seem to be in dispute, since Jamie Dimon himself has confirmed that a sequence of trades went wrong, leading to losses (currently) quantified at around $2 billion.
I mentioned the element of schadenfreude about these things when I wrote about the last episode, but looking beyond that, where do we get to?
JP Morgan emerged from the financial....
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