Nothing like kicking a beached scapewhale when it’s down.
Remember: Jamie Dimon and Ina Drew had no idea, NO IDEA, what the junior traders were doing for months on end when they were losing billions after their attempt to corner the HY and IG markets failed miserably, and is why Jamie accosted the ignorant media with his now immortal “tempest in a teapot.” And why not: the traders were making the firm billions in profits for which they got paid millions. It’s not like anyone actually cared how they made the money as long as they did. (Read more…)
Watch Prett Bharara explain why it is all a couple of 30-year olds fault.
[VIA Zero Hedge]