Reuters – JPMorgan Chase & Co’s losing bets in credit derivatives were so huge that one of its traders was known as “the London whale” and the hedge funds that attacked him have often been portrayed as harpooners who made a killing. But the story, it turns out, is more complicated than that.
According to hedge fund managers and traders close to the struggle, the bank’s losses – more than $2 billion (1.29 billion pounds) – may not lead to stunning returns for the funds that were on the other side of the transactions.
