I finally got around to reading the story.
A $2 billion lose isn't a lot in the scheme of things. What is embarrassing for JP Morgan (and for the US financial regulators) is the break down in the risk control framework.
It is OK for a bank to have a big bet. It is not OK to have a big bet and not monitor it.
I'm astonished.
daytrading may 11 pre-market, page-18
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