The $2 billion “Fail Whale” trade has morphed into a $3 billion loss – and counting. The trade is still being unwound, so we aren’t yet sure about the final losses. What we do know more today is about the massive size of the trade.
|By: David Dayen Thursday May 17, 2012 10:40 am|
|By: David Dayen Tuesday May 15, 2012 4:22 pm|
In addition to asking Jeff Merkley about filibuster reform, I sought his reaction to the Fail Whale trades that have racked up massive losses at JPMorgan Chase. Merkley, along with Carl Levin, authored the Volcker rule, the ban on most types of proprietary trading, that made its way into the Dodd-Frank financial reform bill. There has been a lot of slippage on the rules, however, once they left Congress and made their way through the regulatory gauntlet.
|By: David Dayen Monday May 14, 2012 8:00 am|
Three JPMorgan Chase executives will take the fall for the “Fail Whale” trades that have so far cost the firm $2 billion. But Bruno Iskil, the actual London Whale, so far still has a job, for some reason, as does Jamie Dimon, the CEO who has been on an apology tour for his lack of awareness of the trading losses.
|By: masaccio Sunday May 13, 2012 10:40 am|
The Whale Trade fail shows that all banks are poised on the brink of disaster. When it happens, the government will pay, not the banks. So why shouldn’t Jamie Dimon’s operation try to make money betting with credit default swaps with someone else’s money?
|By: David Dayen Saturday May 12, 2012 11:00 am|
If you can find another CEO answer a point-blank question about whether or not their company broke the law with, essentially, “I don’t know, the regulators should come in and find out,” you win a cookie.
|By: David Dayen Friday May 11, 2012 1:30 pm|
The fallout from JPMorgan Chase’s “Fail Whale” trade (I’m trying to coin this phrase, so help me out, will you?) continues. But there’s been a thread in one section of the liberal blogosphere that has confounded me. For some reason, writers are trying to position this as a problem for Mitt Romney.
|By: David Dayen Friday May 11, 2012 6:40 am|
I spent most of yesterday afternoon laughing my ass off about Jamie Dimon’s London Whale loss, but it’s actually not all that funny.
|By: masaccio Sunday April 22, 2012 11:00 am|
It’s easy to salute and say Yes Sir. It’s too hard to regulate, investigate and prosecute.
|By: masaccio Sunday April 15, 2012 10:40 am|
The SEC is the Three Stooges of regulation.
|By: David Dayen Wednesday March 14, 2012 2:33 pm|
It was only a matter of time before Goldman Sachs would start to smear their former employee, Greg Smith, who published his resignation letter in a celebrated op-ed in the New York Times. At first they merely denied the change in culture that Smith stressed, one from nurturing a relationship with their clients to field-stripping their clients for as much money as they could get. But now they’re bringing out the big guns.