There’s a seminal moment in the 1987 movie “Predator” when Arnold Schwarzenegger’s character, facing a seemingly indestructible alien, finds its blood on a leaf and declares, “If it bleeds, we can kill it.”
For Jamie Dimon, JPMorgan Chase & Co.’s announcement that it was taking a $2 billion loss on its trading activities was the blood-on-a-leaf moment for his multitude of regulatory and political opponents.
The loss didn’t just deal a crippling blow to the bank’s arguments to dial back the Volcker Rule, which is intended to stop similar kinds of trading activity, and add ammunitions to those, like the Federal Deposit Insurance Corp.’s Tom Hoenig, that want risky activities separated from commercial banks.
It also undercut the myth of Dimon himself, a man who has appeared largely invulnerable because he helped lead his bank through the financial crisis mostly unscathed.
via JPMorgan Trading Loss Takes Toll on Dimon, Industry – American Banker Article.
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