More on the Supposedly Out of Control JP Morgan Chief Investment Office and the "Fortress Balance Sheet"

``: why was this behavior tolerated at such a large, important unit? A Wall Street Journal story recounts how a CIO trader had lost $300 million in a several days on foreign exchange options trade "without any offsetting gains to balance out the losses." That means it was not a hedge. The CFO of the unit got authority from the chief risk officer and the CFO of the bank to reduce the position size, which did happen.''