What JP Morgan Chase Forgot About 2008 |
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May 20, 2012 |
May 2012 Bond Updates
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1. JP Morgan Chase's chief investment office accumulated a huge bet-- maybe $100 billion-- in a so-called "weapon of mass destruction" (as in self-destruct) in a very risky credit default swap contract that was a bet on corporate credits improving despite a soft economy-- a kissing cousin to the credit default swaps in mortgage backed bonds that imploded in 2008, and cost markets everywhere many trillions of dollars.
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View more at: http://www.forbes.com/sites/robertlenzner/2012/05/20/what-jp-morgan-chase-forgot-about-2008/
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