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