Harpooned!

So all that chatter a month ago about the “London Whale” fucking up the markets with outsized trades turned out to be prescient.

And Jamie Dimon’s rep (along with JPMorgan’s shareholders) are going to be paying for it (full disclosure before we continue, I’m long JPMorgan in client and personal accounts from roughly $40).

I’m still digesting what I’m hearing, I think what this does is removes the halo from $JPM as the so-called “quality” US bank.  What that means in terms of multiple going forward, I don’t know. The good news is there’s a $15 billion stock buyback program authorized as of last month…they’re gonna need it.

Anyway, here’s what I’m reading:

JPMorgan Loses $2 Billion in Chief Investment Office (Bloomberg)

David Benoit live-blogging the call.  (Deal Journal)

The Whale Marched Up the Hill (Streetwise Professor)

The World’s Largest Prop Desk Just Went Bust (Zero Hedge)

Matt Levine’s calling him “Whaledemort”  (Dealbreaker)

 

 

 

 

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