When: November 16-19, 2009
Where: London, U.K.
JPMorgan is improving risk management by boldly endeavoring to not make the same mistake — huge positions in credit derivatives — twice, the WSJ reports. But that’s about as far as the changes go. The CIO will still be able to buy “asset-backed securities, emerging-markets debt, collateralized debt obligations and troubled corporate debt”. That’s an incredibly small correction in response to the CIO’s losses. The message from Jamie Dimon to traders is clear: our risk management process is fine, keep doing exactly what you were doing before. Just don’t do that (points to “$2 billion blunder” headline”). In seeming contrast to his positive view of JPMorgan’s risk management, Dimon had less than kind words for new financial regulation in his testimony last week before the House and Senate. But here’s the weird thing: the two things aren’t actually that different. See full Article.
Posts
