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Is JP Morgan too big to hedge?
“The idea takes Jamie Dimon’s logic—that he needs to be able to protect against the credit risk in his portfolio—and turns it on its head, since one of JP Morgan’s problems was that the trades it used for hedging were so large they moved the market. Everyone on Wall Street and in London could see what it was up to with this particular hedge and was able to punish it by taking the other side of the trade.”
Noam Scheiber, “Yet Another Problem With JP Morgan.”
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thenewrepublic posted this
