Even in the year 2015, it’s difficult for me to believe that ONE person caused such a horrific seismic effect on the New York stock exchange and in such a short amount of time! Here’s a quote from the British newspaper, theGuardian:
“In a matter of minutes the Dow Jones index lost almost 9% of its value – in a sequences of events that quickly became known as “flash crash” . Hundreds of billions of dollars were wiped off the share prices of household name companies like Proctor & Gamble and General Electric. But the carnage, which took place at a speed never before witnessed, did not last long. The market rapidly regained its composure and eventually closed 3% lower.” Flash Crash April 22, 2015
An article in Forbes magazine written in year 2013 contends that the “flash crash” could happen again:
“It’s bad enough that the flash crash occurred. Worse though, is that the corrective measures have focused on mitigating the effects of the crash, not the cause.” Forbes article August 9, 2013
I don’t know who first coined the term “London Whale”, but here he is headlined by Bloomberg news:
“The trader known as the London Whale lost at least $6.2 billion for JPMorgan Chase & Co. in 2012.”
London Whale October 13, 2013
The New Yorker magazine published an article in August 2013 which commented the following:
“The details of the indictment underscore the fact that one of the most significant instances of Wall Street misbehavior in recent years had less to do with a deficit of rules than with JPMorgan’s failure to follow the ones that already existed, and the government’s failure to notice.” New Yorker magazine August 21, 2013
The Financial Times published a short synopsis of the London Whale event and in-fact displays a cartoon editorial entitled “Whale in a Teapot”. Financial Times
NPR (National Public Radio) offers a Q&A presentation of the “Whale” incident. Short and with pointed questions, the reader gets an overview of the ‘Flash Crash.” One explanation of the Whale trade
So there “he” is….the London Whale. So much blubber and bone and whale oil to boot. $2 Billion worth and that’s just JP Morgan’s loss??????!!!!! Wow.
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Mistake
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