Gdyby ktoś chciał sobie przypomnieć za
co JP Morgan dostał teraz prawie miliard dolarów kary.
"The London Whale is a trader by the name of Bruno Iksil, who earned his nickname by betting huge sums of money in the derivatives markets from his home base in London. As one hedge fund manager recently quipped, “Bernanke is to Treasuries what the London Whale is to derivatives.” But to point out that the London Whale jumped the shark with these trades would be an understatement (he is now expected to leave the bank).
Let’s digest what we know thus far about the trade. Iksil had three discrete components to his trading strategy, which I will call packages A, B, and C as follows:
(A) JPM purchased credit default swaps (CDS) on high-yield bonds in which JPM would make money if high-yield bonds went down.
(B) JPM wrote substantial amounts of CDX.NA.IG.9, which is a basket of CDS on investment-grade bonds from 121 different issuers.
(C) JPM bought CDS on investment-grade bonds."
