London’s “Whale” Loses $2 Billion for JPMorgan

BY MARLENE Y. SATTER, ADVISORONE

May 11, 2012

“These losses underline the need for a strong Volcker Rule to prevent risky proprietary trading,” Americans for Financial Reform said in a statement. “Regulators need to get the rule done, and they need to get it right. The trades that led to these losses were described as ‘hedges’ designed simply for risk reduction and not proprietary risk-taking.”