THE STUMP MAY 22, 2012
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As soon as we learned that the trader largely responsible for JP Morgan’s $2 billion-and-counting loss had been nicknamed “the London Whale,” it was pretty much inevitable that we’d find a squid on the other side of the trade. And whaddya know. It turns out there was a squid involved! Better yet, it wasn’t just any squid, but a great vampire squid—the kind that wraps itself around the face of humanity and jams its blood funnel into... well, you know the rest.
Over to you, Wall Street Journal:
A group of about a dozen banks, including Goldman Sachs Group Inc. and Bank of America Corp., have scored profits that collectively could total $500 million to $1 billion on trades that sometimes pit them directly against J.P. Morgan’s Chief Investment Office, according to traders and people close to the matter.
Go figure!
My only question is how on earth did the Journal miss the obvious headline?
Follow me on twitter: @noamscheiber
3 comments
Personally I am glad they missed this particular headline, all things considered.
- Sophia
May 22, 2012 at 1:23pm
Deeper and deeper with a flick of his tail Into the risk pool plunges the Whale They call him a killer, and he’s gonna kill He’s got a position in Antarctic krill He weighs forty tons and he’s too big to fail. You’ll see him again when he’s eaten his fill. With options and futures he’s minimized risk He’s got a masters from Stanford in Pisc- Atorial Finance. So what could go wrong? He’s short August herring while everyone’s long. More at: http://jerryadlersnewsverse.com/2012/05/13/the-vampire-squid-and-the-whale/
- BLebowitz
May 22, 2012 at 2:13pm
These masters of the universe in high finance are like the monarchs and potentates of 1914 jockeying for position on a geopolitical map, completely without regard to the huge risk their "positions" put into the stability of the political system. Just substitute "world financial" for "geopolitical" and "political" and voila, watch us risk collapse that puts entire populations at risk for stagnation, impoverishment, ..... all so the "big boys" can move massive pieces on their chess board. We need regulations that tie global financial moves to legitimate national and social purpose, not the egos of these dopes.
- IowaBeauty
May 22, 2012 at 3:11pm