JP Morgan fined $920m for “unsafe” energy market trading

American and UK regulators today slapped the United States’ largest bank JP Morgan with fines totalling $920m (£574m) for “unsafe” trading practices. This includes allegations some of the bank’s traders manipulated domestic energy markets in California and the Mid-West. Known as the ‘London Whale’ trades, they led to $6.2billion worth of losses for the bank. […]

Fire Hydrants and Other Random Events

About three seconds before my son ran head first into a fire hydrant on Monday night, I was talking to a friend who was asking exactly what JP Morgan had done to lose $2 billion. Both this event and the escalating farce in Greece have been dictating both the mood and movement in financial markets […]