``The actual employee known as the London Whale, Bruno Iksil, also a Frenchman, has been cooperating with prosecutors and may escape charges or receive a lesser charge than the other two, according to reports. Iksil received the moniker, London Whale, after taking outsized positions in an illiquid derivatives index and effectively becoming the market. Unfortunately, after the market turned against him, his positions were so large he had no exit strategy. JPMorgan has acknowledged losing $6.2 billion on the bets.

Despite barrels of newsprint ink and acres of deforestation devoted over the past year to the London Whale story, the press has failed to adequately enlighten the public as to the significance of this story. If it had, we would not still be debating the wisdom of restoring the Glass-Steagall Act to separate Wall Street casinos from banks holding insured deposits. ''

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