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I of course did not read JP Morgan’s post-mortem of their ‘London Whale’ trading, but I of course did read Matt Levine’s wrapup/summary of same, including all the footnotes. And it was hilarious. I laughed out loud multiple times. Others were made uncomfortable.
The only problem is that it makes me feel like an idiot. Time and time again, when observing behavior of people in [other, important job] that appears inexplicable, my instinctive reaction is: ‘Aw, I’m sure they know what they’re doing.’ And time and time again, I’m proven wrong. JPM CIO’s trading now gets added to this pattern.
When will I learn?
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