USA / WALL STREET: 12 May UPDATE: Dimon's Dithering On Derivatives Proves Disastrous; Traders' Mistakes Revealed.

http://baselinescenario.com/2012/05/11/jp-morgan-debacle-reveals-fatal-flaw-in-federal-reserve-thinking/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BaselineScenario+%28The+Baseline+Scenario%29
        OPINION:Economist Simon Johnson


      JP Morgan Chase Bank CEO/Chairman Jamie Dimon, 56 (foto)...has revealed a massive $2 billion...and probably more...loss from recent derivatives gambles.
      (Though Dimon now claims actual NET losses may only total...$800 million in Q2).
     Embarrassed...Dimon has also exposed the irony of his hubris...for leading attacks on the Dodd-Frank law...and its Volcker rule...as too restrictive on banks.
     Once held up as the successful and stress tested model of a 'too big to fail' bank...JP Morgan Chase...is now enmeshed in a scary debacle.
     Suddenly...JP Morgan looks like...it is the USA's newest version...of UBS.

    http://www.dailymail.co.uk/news/article-2142866/JPMorgan-Chase-trader-Bruno-Michel-Iksil-thought-2bn-loss.html
    Worst of all...weeks ago...the WSJ revealed alarming rumors of at least one JP Morgan big trader...aka...'the White Whale'...and 'Voldemort'...moving London's derivative markets.
    Dimon blithely dismissed those rumors.
    Instead...he now warns of more massive JP Morgan losses.


      TO READ: Details About $2+ Billion Trading Losses:
http://www.bloomberg.com/news/2012-05-11/jpmorgan-loses-2-billion-as-mistakes-trounce-hedges.html