JPM desperate to defend losing position on CDIs

Quote from atticus:

Now I am hearing $2B.
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I see 3.

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By DAN FITZPATRICK And LIZ RAPPAPORT

J.P. Morgan ChaseJPM +0.25% & Co. has taken $2 billion in trading losses in the past six weeks and could face an additional $1 billion in second-quarter losses due to market volatility, Chief Executive James Dimon said Thursday in a hastily arranged conference call after the market closed.
 
Quote from antaram:

I see 3.

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By DAN FITZPATRICK And LIZ RAPPAPORT

J.P. Morgan ChaseJPM +0.25% & Co. has taken $2 billion in trading losses in the past six weeks and could face an additional $1 billion in second-quarter losses due to market volatility, Chief Executive James Dimon said Thursday in a hastily arranged conference call after the market closed.
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Joker.jpg



lets hope that money goes to all of US!
 
Quote from atticus:

News just hit bloomberg that the Chief Investment Office to lose more than $800MM for the quarter.
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Did you short the stock when you originally posted? I bot some Jun 40 puts (naked ref 47 or 45, can't remember) which I am sure will feel great tomorrow...
 
Quote from sle:

Did you short the stock when you originally posted? I bot some 40 strike puts (naked ref 47 or 46, can't remember) which I am sure will feel great tomorrow...
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Haha, no I didn't touch it. I had intended on buying JPM vol on a move under 1350 SPX.
 
I can't believe it.

No, not that Jamie got caught with his head up his ass, but that a winning trade was posted here by someone other than me.
 
Quote from atticus:
Haha, no I didn't touch it. I had intended on buying JPM vol on a move under 1350 SPX.
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At the time of reading it felt just like the MS trade circa 2007, you know - the whole "I trade size" aspect, the direct link to the CEO, the conviction and the fact that some very smart funds eagerly took the other side of the trade. To quote a movie character, "when there is a doubt, there is no doubt".
 
Quote from sle:

At the time of reading it felt just like the MS trade circa 2007, you know - the whole "I trade size" aspect, the direct link to the CEO, the conviction and the fact that some very smart funds eagerly took the other side of the trade. To quote a movie character, "when there is a doubt, there is no doubt".
More...

Yes Mr. De Niro.

I wanted to like the idea enough to pull the trigger, but I thought that it wasn't the time to take a macro bet should a rally lift their CDI marks. I also thought the bbg story made the news discounted to an extent.

Honestly, I thought they'd fcuk with the marks enough to drag it into 2013. I still can't believe that Dimon allowed Ina Drew to take him down. She's always had a rep as being a complete degen gambler.

"Admit nothing. Deny everything. Demand proof, then refuse to accept it"
 
keep seeing a popup along the bottom of bloomberg channel about the amount being tied to volatility, with the potential for >$1B.

anyone know what is the source for this? thanks.

also, how closely, and how leveraged, would this tie to volatility be in these huge swaps from the london whale? since other large traders have mentioned being a counter party to some of these trades, would they then also know what vol. levels would cause enough pain in these bets of JPM's to force action?


(yes,... first post, finally.)
--PFL
 
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