With the 10 year yielding 2.4% and good US growth in March which should imply a 4% yield the London Whale bet big. Now the 10 year is yielding 1.7% after 2 months of slow job gains and the europe election uncertaintly. If yields go down more JPM could lose 100 billion dollars since the Whale made a whale of a wrong trade. Trillions of dollars of derivatives are getting crushed in a wrong way trade.
Is that the problem? The elephants believe their own inhouse liars, and base trades on their own inhouse WRONG TREND PREDICTIONS? haahahahahahaahhaahhahhahaahhahahahahahaahahahha hahaahhahahha <snork> drool hahahahah