We have a field day dissecting Jamie Dimon’s ‘egregious, terrible mistake,’ the possible insider trading around those so-called mistake and what the Leveson Inquiry may tell us about the SEC’s Mary Schapiro’s ‘focus’ on these oh so egregious mistakes. In the second half of the show Max talks to Nomi Prins, a former senior executive at Goldman Sachs and Bear Stearns and author of It Takes a Pillage and of Black Tuesday, about the problems at JP Morgan’s London trading desk.
Stacy Summary: Good morning! The US is looking a whole lot like Europe this morning. Carry trade unwinding and debtors restructuring (as should happen with all bad but payable debts or written down for those debts that are unpayable).