“Hedging is not about profits, it’s about reducing risk,” said Marcus Stanley, policy director at Americans for Financial Reform, a coalition of consumer, small business and labor groups that backs financial reform. “If you look at [JPMorgan’s] Chief Investment Office, they were going like gangbusters. JPMorgan was making quite a lot of money off of this trade for quite a long time. And when you see that happening, it’s not a hedge.”

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