Relevant:
- Jamie Dimon Misrepresented "London Whale" Risks, Admits to $2+ Billion Loss Plus Risk Management Black Eye
- Jamie Dimon's SNAFU: JPMorgan's Other Derivatives' Losses
- For Dimon ‘there is a woe that is madness' (Loss "Grows" To $4.2B)
- "What Scares Me Isn't $2 Billion Loss JP Morgan Made, What Scares Me is the Record $19 Billion in Profits"
- More Evidence of Lax Oversight of JP Morgan Chief Investment Office
2012-05-12 — telegraph.co.uk
The CDS hedges are just part of what looks to have been a systematic mis-management of risk by CIO staff, the majority of whom were based in London, including "the whale".
In the wake of the losses, Jamie Dimon, the bank's chief executive, will be under pressure to reassure investors that there will not be a repeat of this.
JP Morgan might not like the idea of earning less from its deposits, but if it wants to remain the "fortress" Mr Dimon has frequently referred to the bank as being, then the days of taking big punts on credit will have to come to an end and soon.
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