Richard Zombeck-
A wrap-up of stories and posts you might have missed or overlooked — the ones below the fold.
Unless you had the unusual good fortune to be removed from technology and the 24-hour onslaught of media you probably know that JPMorgan Chase lost on a $2 Billion bet that many are comparing to the same crazy drunken sailor on leave behavior that brought the economy to its knees in 2009. On the other hand, Chase CEO and King of hubris, Jamie Dimon, is referring to it as an unfortunate mistake that in no way should get regulator’s knickers in a knot and be a cause of undue alarm.
As Kevin Drum of Mother Jones explains it, “a JPMorgan trader placed some humongous bets that credit spreads would go up relative to CDS spreads, and instead the opposite happened. Eventually, everything went kablooey.”
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