Jamie Dimon on Meet The Press Talking About JPMorgan's $2 Billion Trading Loss

Jamie Dimon (Wikipedia)
As you already know, JPMorgan's chief investment office in London, which includes trader Bruno Iksil (the "London Whale") and CIO Ina Drew, lost $2 billion on wrong way bets, credit hedges, basis trades, curve trades, or whatever they were, on the synthetic credit default swap index CDX.NA.IG.9. I'll provide more details on this trade in another post. For now, I embedded the clip of Jamie Dimon on Meet the Press this morning talking about JPM's massive trading loss.

On April 6, Bloomberg first publicized JPM trader Bruno Iksil's sized position in the CDX.NA.IG.9 index, who was said to be "distorting prices."

"The trader may have built a $100 billion position in contracts on Series 9 (IBOXUG09) of the Markit CDX North America Investment Grade Index, according to the people, who said they based their estimates on the trades and price movements they witnessed as well as their understanding of the size and structure of the markets."

Related linkfest on April 6: Defusing Structured Credit Bombs and Distorting Credit Default Swap Indexes (CDX)
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