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In April and May 2012 very large trading losses occurred at JPMorgan's Chief Investment Office, based on transactions booked through its London branch. A series of derivative transactions involving credit default swaps (CDS) were entered into, reportedly as part of the bank's "hedging" strategy. Trader Bruno Iksil, nicknamed the "London Whale" accumulated very large CDS positions in the market. JPMorgan announced that it estimated the trading loss as exceeding $2 billion, but the final actual loss is expected to be substantially larger. Many investigations were launched to investigate the risk management system and controls in place and operating at the firm. When CEO [[Jamie Dimon]] testified before Congress on June 19, he refused to explain what went wrong with the the derivatives, but claimed they were designed to hedge JPMorgan's risks in financial markets. [[Ina Drew]], the Chief Investment Officer of JPMorgan, resigned when the loss was announced.
In April and May 2012 very large trading losses occurred at JPMorgan's Chief Investment Office, based on transactions booked through its London branch. A series of derivative transactions involving credit default swaps (CDS) were entered into, reportedly as part of the bank's "hedging" strategy. Trader Bruno Iksil, nicknamed the "London Whale" accumulated very large CDS positions in the market. JPMorgan announced that it estimated the trading loss as exceeding $2 billion, but the final actual loss is expected to be substantially larger. Many investigations were launched to investigate the risk management system and controls in place and operating at the firm. When CEO [[Jamie Dimon]] testified before Congress on June 19, he refused to explain what went wrong with the the derivatives, but claimed they were designed to hedge JPMorgan's risks in financial markets. [[Ina Drew]], the Chief Investment Officer of JPMorgan, resigned when the loss was announced.
==See Also==
* [[Banks]]
* [[American economic history]]
* [[Essay:Invest in tangibles]] - [[:Category:Survivalism|Economic preparedness]]
* [[Inflation]] versus [[Interest rate]]s / [[Rate of return]]-[[Expected return]]
* [[Self-directed IRA]] and [[IRA]], [[401(k)]], Roth IRA, [[403(b)]], [[Retirement]], [[Social security]]
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* [[:Category:Banksters|Banksters]]: [[MF Global]], [[Goldman Sachs]]
* [[National debt]]: [[Debt Ceiling]]-[[Deficit spending]] and the [[Federal Reserve System]]'s [[Ponzi scheme]] of [[Quantitative easing]]-[[Debt monetization]] [[devaluation]] of [[Fiat currency]] through [[Money supply]]-[[Treasury bill]]s bought mostly by [[China]] and [[Japan]]
[[File:Shovelready.jpg|right|250px]]
* [[Globalization]], [[Globalism]], [[International Monetary Fund]], [[World Bank]]
* [[John Maynard Keynes]] [[liberal]] [[Keynesian economics]] and [[Fabian Socialism|Fabian Socialist]] influence on [[Barack Obama]]
* '''[[Big government | Big Government]]''': [[Liberal values|Liberal]] [[ObamaCare]]-[[Common Core]]-[[Social Security]] [[Welfare state]] leads to [[Nanny state]], leads to [[Gun control]], [[Militarization of police]], [[Asset forfeiture]] and Domestic [[mass surveillance]] of law-abiding [[citizen]]s via the '''[[Police state]]''': [[Globalist]]-[[United Nations]]-[[Statist]]-[[Socialist]]-[[National Socialist]]-[[Communist]]
'''Contrast with:'''
* [[Ludwig von Mises]]' [[conservative]] [[libertarian]] [[Austrian economics]] and [[Fiscal conservatism]] -[[Capitalist]] [[Conservative economic policies]] of [[Ron Paul]]
* [[Gold standard]] and [[precious metal]]s
* [[Essay:Invest in tangibles|Invest in tangibles]] for [[:Category:Survivalism|Economic preparedness]]
* '''[[Limited government]]''' implies: [[Conservative values]]/[[Traditional values]] - [[Modern conservatism]] - [[Preparedness | Modern preparedness]] are the original [[American]] [[Patriot]] [[Founding Fathers]]' values
* [[Modern preparedness]]: "[[if times get tough, or even if then don't]]", [[Debt is financial cancer]], [[Tax is theft]], [[Renewable energy]], [[Financial security]], [[You are in control of your life]]
** [[Invest in tangibles]] - [[Rural]] [[farm]] [[land]], [[Tools]], [[Food storage]], [[Precious Metals]], [[Ammunition | Copper-jacketed lead]] and [[Firearms]]
** [[Agriculture]]-[[Permaculture]]: [[Growing your own food]], [[Food and water storage]]
==References==
==References==
{{reflist|2}}
[[Category:Investments]]
[[Category:Banksters]]
[[Category:Criminals]]
[[Category:Banks]]
[[Category:Finance]]
[[Category:Economics]]
[[Category:Deceit]]
[[Category:Billionaires]]
[[Category:Business]]
[[Category:Business]]