JPMorgan's London Whale Losses Could Hit $9 Billion

[Ruprect]

Apparently it was a "hedging" scheme, so in theory money should not be lost because if it is a proper hedging position then loss in that position should be countered by gain in another

I was doing some proper currency risk hedging today.

Going anywhere nice?

[BrilloPad]

Keeping a well paid job is a big bonus, don't you think?

No. I have to pay London prices for things. I bet butlers are 10 a penny in Brum.

[AtW]

Neither. It was one trader who mispriced. He is still at JPM. I am just pleased I left 2 weeks after the story broke as unlikely to be bonuses this year.

Keeping a well paid job is a big bonus, don't you think?

[BrilloPad]

What kind of blunder was it? A single rogue trader, or a strategic errors by a group or the whole bank?

Neither. It was one trader who mispriced. He is still at JPM. I am just pleased I left 2 weeks after the story broke as unlikely to be bonuses this year.

Best still the hedge fund I joined it alledgedly one the the beneficaries of JPM giving away pounds for 72p.

[TimberWolf]

Another day, another banking crisis or 10.

[AtW]

Apparently it was a "hedging" scheme, so in theory money should not be lost because if it is a proper hedging position then loss in that position should be countered by gain in another

I was doing some proper currency risk hedging today.

[OwlHoot]

What kind of blunder was it? A single rogue trader, or a strategic errors by a group or the whole bank?

[AtW]

JPMorgan's London Whale Losses Could Hit $9 Billion

The New York Times reports that JPMorgan Chase‘s losing “London Whale” trades on a credit derivatives index could now cost the bank $9 billion, more than quadruple the $2 billion loss the bank was sitting on when Chairman and Chief Executive Jamie Dimon admitted the blunder May 10.

JPMorgan's London Whale Losses Could Hit $9 Billion, Bank's Shares Slump - Forbes

Looks like they did not pay enough to attract real top banking talent