‘Egregious Mistakes’

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks, jeopardizing Wall Street banks’ efforts to loosen a federal ban on bets with their own money.

Good luck closing those positions out, especially when all competitors know your positions. This is a big blow to all OTC dealing, and a huge boost to the Volcker rule. Expect the OTC business to slowly dry up going forward. Video below.