Anyone know what the total position exposure or did they liquidate the entire position and posted the 2 billion loss?
From what I read in bloomber, no, they did not liquidate the entire position. Dimon mentioned that the losses could deepen.
Btw, could it be a start of a trend. EU nations issues, MF losses, now Chase. Could 2013 repeat 2008??????? Most of troubling signals started appearing in 2007, a year before.
I don't think they liquidated. Not enough time, if Dimon didn't commit securities fraud he only found out about it in less than business 4 days from the disclosure day
So it could be 100 billion. Wow that would definitely be a problem. I bet they would get bailed out again though.
From what I hear, they have an IG18-IG9 spread on and given their loss of 2 yards and a steepening of 7 bps over the past month, it shoudl be something like 250mm per basis point... and no, there is no f*cking way they liquidated that position from the moment they went public. There is a lot of assumptions in the above conjecture, so I'd take it as a rough guestimate only.
Drew and iksil were lifting offers in an attempt to pad their marks that you have to assume that this could approach 10x their stated losses.