Hedge fund manager Boaz Weinstein, the founder of Saba Capital, is said to exit trades against JPMorgan’s “London Whale”, Bloomberg News reports. Only a headline has crossed, so we’ll have more details in a moment.
On May 10th, JPMorgan disclosed a $2 billion trading loss in the bank’s Chief Investment Office in London related to derivatives.
Weinstein, a legendary derivatives trader who was once the co-head of credit trading at Deutsche Bank, was identified in media reports soon after as the man on the other side of the disastrous JPMorgan trade.
In early February at the Harbor Investment Conference held at JPMorgan’s Park Avenue offices in New York, Weinstein recommended buying the Investment Grade Series 9 10-Year Index CDS, which is reportedly the same security the JPMorgan desk was short.
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