Last week we told you about the "London Whale" - the London-based Bruno Iksil of JP Morgan Chase. He has reportedly amassed derivative positions so large that he's driving price moves in the $10 trillion market for credit derivative indexes. Is this yet another sign that too big to fail banks are taking outsized risks with federally insured money? Would they take this huge positions that have the ability to drive price movements in this fashion if they didn't know that their very existence was subsidized and that they had an implicit backstop from the central banks?

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