As we predicted some time ago, it would be only a matter of time before the story of how one failed prop desk trader, in this case Boaz Weinstein who blew up DB Prop only to be resurrected as the successful head of Saba Capital, took down the London whale Bruno Iksil. Sure enough over the weekend, the NYT penned a largely one-sided if entertaining read: "The Hunch, the Pounce and the Kill" which begins as follows 'It was last November, and Mr.
So much for the JPM "fortress balance sheet." Moments ago the bank which 18 months ago stunned the world with the biggest prop trading loss in history, just reported its first quarterly loss under Jamie Dimon, missing expected reven... Read Post
J.P. Morgan's Jamie Dimon will tell a Senate Banking panel Wednesday that the traders inside the Chief Investment Office that has cost billions in a trade "did not have the requisite understanding of the risks they took." Read Post
Jamie Dimon announced today that JPMorgan will be keeping Highbridge Capital, the bank's hedge fund. The bank plans to deal with the new Volcker Rule by moving its best prop traders to the asset management division, says Dimon. Read... Read Post