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JPMorgan's London Whale A Loch Ness Monster for Our Times
Tickers in this article: JPM C BAC WFC  NEW YORK ( TheStreet) --
How real is JPMorgan Chase (JPM) 's "London Whale?" It may not
matter much in the end.  The most interesting part about myths
is what they tell us about the environment that creates and
propagates them. One certainly hopes bank regulators are on top
of the trading positions of the Whale or, for Harry Potter fans,
"Voldemort" (He Who Shall Not Be Named) or, for those with a
fetish for real names of real people, Bruno Iksil.  Regardless,
Iksil has already served his purpose for those of us interested
in the question of whether banks are too big to fail and too
complex for anyone to understand. And who isn't interested in
that question these days?  JPMorgan's Iksil is a French-born
London-based trader who "has amassed positions so large" that
he's "said to distort credit indexes," according to a Bloomberg
report on Friday that