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May 14, 2012
'The London Whale'No one has a picture. They call him Voldemort. His name is Bruno Iksil. Some say he's arrogant. He recently boasted he could walk on water. You know, like Jesus. Others, perhaps circling the wagons, say he's a quiet, unassuming guy. A nice bloke. Nice blokes don't boast about walking on water. At any rate, The London Whale is no longer allowed to trade.
Several others at JP Morgan Chase's London-based Chief Investment Office have been forced out as well. The problem with all this is, as I understand it, Iksil wasn't acting as a rogue trader. Everything was done in the open, as JP Morgan's chief executive, Jamie Dimon, says. I know next to nothing about high finance, so I'm not in a position to try to identify a bad guy and point a finger like, say, Shepard Smith does all the time (argumentum ad ignoramus). I can point out that some feel nothing untoward or unusual happened--that losses are part of the business cycle. Kevin Williamson at NRO makes this point and argues for restraint. The odd thing about this is that it is now considered somehow scandalous when a business loses money. It’s a scandal when banks make profits, and it’s a scandal when they make losses. The only thing financial firms do that Democrats do not object to is write checks to Barack Obama. (Nearly a million bundled by Jon Corzine of MF Global? Yep.) Since I have no way of putting all the pieces together, this is going to be a London Whale News Dump. Here is the set up. Wikipedia on the Volcker Rule. This is an excellent WSJ video from a month ago. This is when people first started talking about The London Whale, and a lot of what they said here appears to have come true. Essentially a follow-up report from WSJ. A video from CBS discusses The London Whale and the Volcker Rule, set to go into effect in July. A recent video from Bloomberg. A decent panel discussion from CNBC. I'm not going to argue that all this means government regulation isn't working or that we need more regulation. Kevin D. Williamson's comments above make sense. Losses are part of the business cycle, and restraint may be in order. On the other hand, Senator Carl Levin's comments in the CNBC video linked above also made sense. If financial institutions are so big they can single-handedly warp the market, maybe they shouldn't be betting truckloads of their own money on the direction of the economy like that. I don't know the answer. Maybe some of our business morons can take a crack at all this information and tell us what it means. | Recent Comments
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Daily Tech News 22 April 2025 Monday Overnight Open Thread - April 21, 2025 [Doof] T-Rex Arrivals Gate Cafe Paul Sperry: Stacy Abrams' Greasy Fingerprints Are All Over the $2 Billion In Biden Graft Sent to Her James Varney: The Department of Education Doubled the Number of "Racial Bias" Investigations Against Schools to Pound Them Into Adopting DEI Policies Hollywood in Danger of Becoming "The Next Detroit Auto Industry" as Film Productions Flee the State Is It Time to Outlaw NGOs? Woke Chinese-Slavery Exploiter Nike Is Funding a "Study" To Figure Out What Hormones to Inject Into Young Boys So They Can Pretend to Be Girls and "Compete Meaningfully" in Girls' Sports New Mexico Judge Resigns After Feds Arrest "Man" In His Home Search
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