President Obama recently appeared on The View in order to laud Jamie Dimon as the smartest banker on earth.
Masterfully, he also convinced the ladies that if the real regulations of Dodd-Frank had been in place, J.P. Morgan’s $2 billion trading loss would have never happened.
It seemed Obama was saying the government needed to protect poor Jamie from himself. In light of J.P. Morgan’s total capital, Main Street media looked at the trading loss and said “what’s the big deal?”
I wonder if J.P. Morgan’s “London Whale” had found one more counterparty to take the martingale trade...