Write-Offs: 06.03.13

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$$$New York Sues HSBC [WSJ]

$$$We are dead I tell you,” Bruno Iksil, a London-based trader at JPMorgan Chase & Co. (JPM), messaged an associate on March 23, 2012. “It is hopeless now.” Iksil, a Frenchman who would soon become known as the London Whale because of the size of his trades, had lost $44 million on corporate-credit bets three days earlier and was down more than $500 million for the year, Bloomberg Markets will report in its July issue. He and junior trader Julien Grout, under pressure from their manager, had tried to hide the extent of losses that would swell to more than $6.2 billion, the bank’s biggest trading blunder ever. “They are going to destroy us,” Iksil wrote to Grout that Friday in one of hundreds of e-mails, instant messages, transcripts of recorded conversations and other documents released in March by the U.S. Senate’s Permanent Subcommittee on Investigations after a nine-month probe. [Bloomberg / Dawn Kopecki / Michael J. Moore]

$$$AIG, Prudential Named Systemically Important by Panel [Bloomberg]

$$$Porsche Ex-CFO Found Guilty of Fraud [WSJ]

$$$4 llamas involved in car crash in SW Florida [AP]

$$$Jain Says Fed Should Start Withdrawing Stimulus After Rally [Bloomberg]

$$$Warren Buffett Lunch Bids Quickly Top Apple CEO Cook's Coffee [CNBC]

$$$‘Cronut’ Craze Creates Black Market for Tasty New Treat [TIME]

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