Whale Sushi On The Menu At JPMorgan Executive Lunchroom For Next Few Months

Jamie Dimon just did a conference call in which he mentioned something called the “Dimon Principle,” but he did not define it, so I will propose a definition, which is: If you are going to have a Slytherin alumnus running a $375bn book full of snakes and CDX and TIPS (??) and things, and someone notices and the press starts lobbing in guesses about it, and Congress starts fretting about it, and you say things like “this is a tempest in a teapot,” you have to NOT LOSE TWO BILLION DOLLARS ON IT. From JPMorgan’s just-filed Q:

In Corporate, within the Corporate/Private Equity segment, net income (excluding Private Equity results and litigation expense) for the second quarter is currently estimated to be a loss of approximately $800 million. (Prior guidance for Corporate quarterly net income (excluding Private Equity results, litigation expense and nonrecurring significant items) was approximately $200 million.) Actual second quarter results could be substantially different from the current estimate and will depend on market levels and portfolio actions related to investments held by the Chief Investment Office (CIO), as well as other activities in Corporate during the remainder of the quarter.

Since March 31, 2012, CIO has had significant mark-to-market losses in its synthetic credit portfolio, and this portfolio has proven to be riskier, more volatile and less effective as an economic hedge than the Firm previously believed. The losses in CIO’s synthetic credit portfolio have been partially offset by realized gains from sales, predominantly of credit-related positions, in CIO’s AFS securities portfolio. As of March 31, 2012, the value of CIO’s total AFS securities portfolio exceeded its cost by approximately $8 billion. Since then, this portfolio (inclusive of the realized gains in the second quarter to date) has appreciated in value.

The Firm is currently repositioning CIO’s synthetic credit portfolio, which it is doing in conjunction with its assessment of the Firm’s overall credit exposure. As this repositioning is being effected in a manner designed to maximize economic value, CIO may hold certain of its current synthetic credit positions for the longer term.

This was an amazingly awkward call! Jamie refused to take questions on personnel, which means no one asked “did you fire the Whale,” but it seems clear from his tone of voice that the Whale is praying for termination/death. Here are some things that Jamie Dimon just said:

  • “I can never promise you that we won’t make mistakes. This one I would put in the egregious category.”
  • “This may not violate the Volcker Rule, but it violates the Dimon principle.”*
  • And, when asked if this is due to market conditions and other banks may have similar gaping holes taken out of them: “Just ’cause we’re stupid doesn’t mean everybody else was.”

Whaledemort remains something of a riddle wrapped in an enigma wrapped in barnacles, and the Q&A reflected that. BAML’s Guy Moszkowski and others pressed Dimon on, as Moszkowski put it, “why did you feel the need to add synthetic credit exposure?”; others asked a not-unrelated question, which was, roughly, “c’mon Jamie, was this guy actually ‘hedging’ or was this just a crazy prop bet?” Dimon’s answers were not super satisfying but they were clear enough: the Whale was hedging, not adding, credit exposure. But he wasn’t just doing that by getting short lots of bonds or buying lots of CDS. Instead, he was doing something that had him getting long credit via CDX – presumably massive flatteners or tranche trades that were relatively neutral to small moves in credit but made lots of money if things got rapidly worse. These were not prop trades, not massively long credit – rather, the Whale was long credit via longer-dated CDX and short credit via shorter-dated CDX and/or tranches.

That is a simple enough trade, for some value of “enough,” but apparently not simple enough for JPMorgan! At some point they decided to reduce this credit hedge, or “re-hedge” it (Jamie’s exact words vary but whatever, you get the idea, they were short credit through some things and they decided to reduce that short position in some fashion by getting long more CDX or closing some of their shorts or whatever), and that re-hedging was “flawed, complex, poorly reviewed, poorly executed, and poorly managed” but otherwise fine. Except that, also, they fucked up the model. Here is CIO VaR from the earnings release:

Here is the CIO VaR from the Q:

So not $67mm of average daily VaR, as previously reported, but rather $129mm – rising to $186mm at the end of the quarter. This was attributed to modeling changes made over the last year, and someone asked on the call “why did you change the VaR model?,” but I’m not convinced that’s exactly the right question. This, I suspect, is not an issue of a thing called a “VaR model” that sits in a central location and spits out numbers for regulators and 10-Qs; rather, this looks like the CIO’s trading desk modelling the actual P&L and risks of the trade wildly wrong. That seems to me like the simplest way to lose a billion dollars without noticing it. You can see that in Jamie’s “just ’cause we’re stupid doesn’t mean everybody else was”: this was not driven by the market moving against them (though it seems to have), it was driven by them getting the math wrong.

Of course Dimon got a question about the Volcker Rule, and it’s hard to argue with his answer: this surprise loss doesn’t change the arguments, but “this is very unfortunate, it plays into the hands of a bunch of pundits out there, but that’s life.” The arguments, presumably, are over portfolio hedging – glopping all your credit risk together and then having one guy in London hedge it – versus, um, whatever the other thing is, I guess having each trader hedge all of her own risks. Allowing portfolio hedging seems like a no-brainer but the obvious counter-argument means that any time you concentrate things in one person, if that one person screws up, he has screwed up more things. Perhaps the response here is “but the model was screwed up, so even if we had 100 traders hedging 100 books using this model, they’d have ended up in the same place,” but that response is not fully encouraging.

Don’t worry, though. JPMorgan will get through this; they’ll “manage the position for economics” and their capital return plans are still on track. We know this because Dimon said it and added “our general counsel is sitting right here and would kick me if that wasn’t true.” No pressure though.

J.P. Morgan Reveals ‘London Whale’-Size Losses [Deal Journal]

* I had a delightful boss at GS the entirety of whose instruction on some trades was “don’t fuck it up.” This would also be good content for the “Dimon principle.”

(hidden for your protection)
Show all comments

182 Responses to “Whale Sushi On The Menu At JPMorgan Executive Lunchroom For Next Few Months”

  1. Guest says:

    Knew you wouldn't let us off that easy, Matt…

  2. Alt_EST says:

    There is a wonderful irony in Matt using the fail splash screen for a platform devoted to communications less than 160 characters in length.

  3. Ben Got Your # Nanke says:


    So has any bothered to study the cumulative effect of all these regulations, sorry, I mean, hedges???

    And, Jamie, where's the hissing sound coming from? Is something leaking?

    Barack sends his regards.


  4. Mark Carney says:


  5. Woland5 says:

    very well written, nice analysis, thanks. At least they didn't call this "rogue trader" and push him under the bus, instead they called him an idiot and pushed him under the bus.

  6. WallStChef says:

    I wonder how well 'egg on your face' and whale sushi go together?

  7. doofus says:

    Oops forgot to carry the 1.

  8. Zoroz says:

    TLDR but I do have to say that I like the headline

  9. Guest says:

    Dimon is now referring to himself in the third person a la Lebron. This doesn't bode well for JPMorgan's 4Q projections

  10. pazzo83 says:

    Somebody called?

    – K. Adoboli

  11. YUT says:

    His funny how obvious it is that Matt doesn’t understand anything about trading in the CDX market. His attempts to bullshit his way through it are just complete nonsense to anyone with the most basic experience in these markets.

  12. Guest says:

    As a person who enjoys going to sea and killing whales, simply because they taste good, I have to complain about the misleading title of this otherwise good article.

    Icelandic Banker

  13. DMX says:

    Here we go again….

  14. Brian Hunter says:

    This sounds so familiar
    1. make huge trades that you can't unwind
    2. lower your balls into a vise, tighten
    3. have conference call

  15. Lol says:

    Anyone know who this was?

  16. _guest says:

    "As this repositioning is being effected in a manner designed to maximize economic value, CIO may hold certain of its current synthetic credit positions for the longer term."

    Translation: we're going to take advantage of some accounting rules and move these into Held to Maturity and to prevent this from happening again.

  17. Exactly — who is the whale? who, exactly was the whale working for? what other damage di the whale do? how many other, smaller whales will we see in the next quarter? Any Morgan Whales working in Hong kong? Who was watching the whale? Whose job was it to watch the whale anyway? Has that person, along with of course the whale himself or herself, been sacked yet? Or just consigned to obloquy? Good grief … these are the people we used to trust with our money? A complex position, properly hedged is a thing of beauty? … but, run by an idiot, it is a pile of ….? use your own word here? Mr. Dimon, on whose desk the buck will eventually stop, should resign tomorrow? Having lost the confidence of his own reflection in the mirror? Or was the whale actually acting on orders from Jamie Dimon himself? How else can one account for the total lack of oversight? Would it be wrong to inquire who, or how many, took short positions in the Morgan stock and made out like … bandits? Crooked bankers, whale on ice — ain't them rich folks really nice?

  18. Mont B. says:

    Well kiddies, and yes, I mean all you late, great 28 and 29yr olds sitting in your cubicles as you read this article saying silent prayers to yourselves giving thanks that your business card does not read "JP Morgan Chief Investment Office", you are all together, one, great and good all fucked. Royally fucked. Like it or not, JP was the last flame burning brightly in this very cold, dark night of Lehmanacht (hehe). It was the lone bank that most on both Wall and Main St. could take solace in and say "at least those guys still have their shit together"- well, no more. Now everyone, EVERYONE, who has name badge and keycard with XYZ Bank or XYZ Securities plastered on it is by default a bumbling jackass not worthy of keeping a 10 count with even a 2nd grader's abacus! Yes, tonight, modern finance died. Not with a bang but with a Dimon whimper.

    Mont Blanc

  19. Beeper guy says:

    Nobody protects you from mayhem like…

  20. guest says:

    ring ring

    secretary: Mr Dimon, call for you.

    Dimon: who is it?

    secretary: it's the whale

    Dimon: you cocksucker! I'm gonna cut your dick off and shove it down your… oh, hi Warren!

    Buffett: Hey Jamie. Heard you might have some securities for sale.

    Dimon: Well, maybe. We've got some good positions… great stuff, really. Might even be able to let you have it for under par. Why don't you send some of your people to take a look?

    Buffett: No, that's ok Jamie. If you say it's good stuff that's good enough for me. 20 bid.

    Dimon: What did you say?

    Buffett: you heard me. what's the cover? Oh, and by the way, I'll need some ten year warrens to buy your stock at 38.

    Dimon: Warrens? Do you mean warrants?

    Buffett: well, that's what Lloyd calls them.

    Dimon: Fuck you Warren.

    Buffett: that's what Brian said the first time that I called. Hey, gotta hop. Got Jimmy Gorman on hold; something about collateral.

  21. UBS Quant says:

    A 2bn loss on a 375bn book is a 0.53% loss….who cares? It's like a rounding error at JPM

  22. Crediteye, India says:

    That’s what happens when u rely on VAR. VAR is crap. See

  23. Per se says:

    Anyone care to speak of why 13,800 jpm 41 puts traded today before this news broke?

  24. Amit says:

    Listen people. This isn't about 2 billion dollar loss. It's about a major part of a huge bank that should have had people watching them like a hawk fail to stop a train wreck! These trades weren't hidden they were out in the open! Yet they failed to catch them! Apparently because of a flawed model. Hello people, where ere you in 2007 – 08! Any of this sound familiar? What other models being used for trades at all the other trading desks are flawed?

  25. Andrea says:

    Could be simply a CVA/DVA hedge? Just asking….

  26. HFguy says:

    We have gone from a nation where risk taking meant building the Hoover Dam and betting that it will power enough to make fat cash rolls to doing stupid fuckall nonsense of why the little blip in some curve will flatten when the market which makes that curve is just 10 exactly like you and then you wonder why is never works.

  27. ex-UBS CEO says:

    We are not alone!

  28. PermaGuestII says:

    "but that's life"

    Things I would not be saying to my boss if I had a massive wrong-way trade.

  29. Cut Me says:

    I just don't know how we got here. Our entire relationship, I have gone above and beyond for you, for us. I support you, I supported your work. If we ever had dinner or anything I did the plans, I take care of everything. And I just don't feel like you appreciate any of it. I don't feel you appreciate me. All I want is to know, is for you to show me that you care.

    -Excel Chart Wizard Button

  30. zero sum says:

    but who WON 2 bln?

  31. UBSer says:

    JP Morgan sucks!


    Welcome to the club

  32. Military actor says:

    Well, gentlemen! When the shit hits the fan, some guys run and some guys stay.

  33. Ed LeFevere says:

    Bad position sizing will kill you every time.

  34. Tom Hobbes says:

    Does anyone know where Tyler D@zerohedge is getting the 200M/DV01 on IG9?

    +7.5bp today.. if the dv01 is correct.. more pain to come.

  35. Tom Hobbes says:

    Numbers don't add up… FT and other sources saying that the losses are largely tied to the IG9 2017 maturity.. even if they'd done all the trades out there (about 180bio notional), the DV01 per million should be around 440 or around DV01 77MM net.. what am I missing?

  36. Voldemort says:

    this pretty much sums it up:

  37. HistoryBuff says:

    I told you so.

    – Jay Gould

  38. Mining quant says:

    Something shiny and hard in your portfolio…

  39. Captain Obvious, CFA says:

    And here I thought "whale sushi" would be some fat girl-on-girl site the SEC had just gotten into

  40. Japanese Shareholder says:

    Fuck you, whale! And fuck you, dolphin!

  41. Ron Ron says:

    So this news gets "released" right on time, damn it's all Vegas, baby. What a crock of Shit ! (in my best pacino voice) Mises > Keynes

  42. Per Kurowski says:

    Whatever, when compared to what the expected real-term losses for society of the over 5 trillion dollars new US debt accumulated the last 3 years could be… what does a $2-3bn loss signify?

    Frankly, sometimes I feel the urge of picking up the phone and calling a Mr. Dimon or someone like him, to beg him to help me save my small savings… that is as long as he agrees to do that in the shadows, as far away as possible from our current loony banks regulators.

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