Ex-JPMorgan Trader Feldstein Biggest Winner Betting Against Bank - Bloomberg
Feldstein, a former JPMorgan executive who helped the company
create the credit-derivatives market, profited by exploiting price
distortions caused by the outsized bets and then aiding the bank in unwinding the trades as it sought to cap the loss,
according to four people with knowledge of the strategy who asked not
to be identified because the matter is private. BlueMountain enabled
JPMorgan to unload more than $20 billion of its bets on a credit-swaps
index, two of the people said.
Kinda like an orthopedist who caps your knee, then does the surgery.
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