JPMorgan Counterparty Platt Says Bank's Loss May Widen; Were Not "Hedges"

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Platt said he doubted Dimon's explanation that the trades had spawned from hedges intended to protect the value of credit assets such as corporate loans.

"I don't think they could be described in any way as a hedge," he said. "I think it's a trading loss. They deliberately put the positions on. The London whale, who has subsequently been harpooned, put the positions on."

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Platt, 44, is a former trader for JPMorgan who founded BlueCrest in 2000. He said the hedge fund took its positions against the bank "in the normal course of our business" and "not looking to try and cause them any problem."