The $2.3 billion unauthorized trading loss at UBS last autumn would be one such. The rape accusation against former IMF head Dominique Strauss-Kahn would be another.
But the announcement that JPMorgan had mislaid $2 billion and counting because of a hedging mishap is in a league of its own.
Why do I say that? Partly it is because of the repercussions for JPMorgan and partly because of the repercussions for the industry. Essentially, this loss makes the universal banks and investment brokers uninvestable.
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