JPM's London CIO thought CDS would be a great investment for the secondary portfolio. But the people tasked with calculating correlation were overworked an unfocused. Burned by too much leverage, and wider markets as they try to exit (slippage)....
Burning Down the House
My house is out of the ordinary, that's right
Don't want to hurt nobody
Some things sure can sweep me off my feet
Burning down the house!
– Talking Heads
As much as I love Jamie Dimon, I can’t help but hear this song as the...
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