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Phil Albinus
Phil Albinus
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Dimon's $2 Billion Bet Proves the Volcker Rule

As Wall Street firms were making a case against Dodd-Frank and The Volcker Rule, JP Morgan loses big on a prop trading bet that blew up in their face.

Jamie Dimon just handed regulators and legislators one more reason to continue with the Volcker Rule. And it only cost him $2 billion.

The CEO of JP Morgan Chase had to call in a bet from one of his top traders - known as the London Whale - for a spectacular bet on credit default swap indexes that went terribly wrong. Not only is the current loss $2 billion but there could be further fallout of $1 billion if, as one commentator says, "the market does not cooperate."

Read the rest of this article on Advanced Trading

Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining Advanced Trading, he served as editor of Waters, a monthly trade journal ... View Full Bio

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