When news broke a few weeks ago about the Chief Investment Office (CIO) at JP Morgan, and trader Bruno Michel Iksil last month, That Retired Guy (TRG) looked on with bemused curiosity. "Hedging" according to Jamie Dimon... sure.
And now, we find that JP Morgan's 'hedge' has resulted in a market loss of approximately $2 Billion. Dimon, is playing the tragic hero and continues the story that it was intended as a hedge, but some mistakes were made. He has a genetic flaw that excludes him from recognizing the possibility that he himself was wrong! He has decided that he's going to blame those mistakes on someone else! Clearly he is forgetting the roll he personally played in the restructuring of the CIO office which made this 'error' possible.
Dimon's head needs to roll.
It is long past time to get the risk takers out of banking. As a society, we MUST return to a time when bankers are boring, cost conscious, and overly conservative. NO MORE JAMIE DIMONS!