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June 19, 2012

Loopholes Abound Despite New Rules

” Bank regulators are casting new nets to catch excessive risk-taking in the financial system. But future London Whales may find plenty of ways to slip right through them.

The story of JPMorgan Chase’s multibillion-dollar trading loss is now well known. Traders, including Bruno Iksil, nicknamed the London Whale, amassed large positions in credit derivatives as part of a complex trading strategy that eventually soured.

The motivations for the trades were unclear. While the bank says they were intended to offset other risks on the books, the strategy also appeared to have a speculative element.

Nearly four years after the collapse of Lehman Brothers incited a worldwide financial crisis, such blowups are all too probable. “

Read Peter Eavis’ full article here

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