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JPMorgan’s big loss: Was it hedging or betting? – Philadelphia Inquirer

Could misdirection over the meaning of a simple, five-letter word – hedge – be at the heart of the roiling controversy over JPMorgan Chase’s embarrassing $2 billion loss in European trading?

CEO Jamie Dimon tried to quiet the storm at JPMorgan Chase & Co.’s annual shareholders’ meeting Tuesday…

But proponents of stronger U.S. financial rules say Dimon and others continue to cloud the debate by portraying the trading that went wrong as a hedge…

“It is a huge, self-serving myth to say this was a hedge,” said Michael Greenberger, a professor at the University of Maryland law school and former director of trading and markets at the U.S. Commodity Futures Trading Commission…

via JPMorgan’s big loss: Was it hedging or betting?.

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