Saturday, May 12, 2012

London Whale capsizes JP Morgan

Six weeks ago the London Whale was quietly feeding at the fringes of the business press.

This week Bruno Iksil breached and came down with a big splash, nearly scuttling JP Morgan in the process.

And what an irony for JPM chief Jamie Dimon, leading spokesman for the deregulation lobby.

Since Dimon's bank had the good fortune not to be holding too many hot potatoes when the 08 collapse hit, he became the poster boy for the "we're too big to regulate so don't bother trying" school of thought.

Looks like The Whale has pulled the rug out from under that ploy.

Sorry boys, you're not too big to regulate.

You're not too big to fail either.

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