|Here’s a quick timeline of events that surround the so-called London Whale which has run into trouble at J.P. Morgan:|
April 5 — The Wall Street Journal reports Bruno Michel Iksil, a trader at J.P. Morgan known in the market as the “London Whale,” made large bets on credit derivatives. J.P. Morgan says his unit is meant to “hedge structural risks.”
April 10 — WSJ reports the J.P. Morgan trader had stopped making trades.
April 13 — J.P. Morgan reports first-quarter earnings. CFO Doug Braunstein says the bank is “very comfortable” with the unit’s positions. CEO Jamie Dimon calls media coverage on the matter a “tempest in the teapot.”
May 10 — J.P. Morgan says it has taken $2 billion in losses so far in the second quarter related to the trading. Mr. Dimon calls the strategy “flawed, complex, poorly reviewed, poorly executed and poorly monitored.” Among the things Dimon says he should’ve paid more attention to: “newspapers.”