Is it any wonder retail investors have abandoned the equity markets?
JP Morgan's Jamie Dimon announced after market last night that the firm he leads has a problem - for now a $2BN trading error but it could get worse - or better - who knows?
Apparently, someone named the "London Whale" (a.k.a. Bruno Iksil - what is it with these Frenchmen trading anyways?) made a trade that has gone horribly wrong. Reuters reported that someone close to the Whale described him as follows: "He's a really nice bloke. A quiet bloke. He's not an arrogant trader, he's quite the opposite. He's very charming." Indeed.
Mr. Dimon, our modern day "Ahab", called it "stupidity" and an "outrageous mistake". He vowed to take the necessary steps to get the Whale beached. After that, our recommendation to him comes courtesy of the Discovery Channel. You just can't make this stuff up!
Have a great weekend,