Photo: By Michael Dawes on flickr
Last week, Bloomberg was first to report that a JPMorgan trader in London has a massive CDS book, and that hedge fund counterparties claimed to be feasting on him.WSJ quickly followed up with their own story, reporting that the trader named Bruno Michel Iksil had the unflattering nickname “The London Whale.”
“Whale,” of course, is the unflattering nickname given to idiot rich people that drop millions at a casino.
Anyway, Bloomberg is back tonight with a followup on their first exclusive, talking about how Mr. Iksil’s case has prompted some politicians to call for the immediate implementation of the Volcker Rule, while others have made demands that it apply internationally, not just in the US (probably impossible).
And apparently “The London Whale” isn’t his only nickname.
The trader became such a big client of credit-derivatives dealers that some started calling him Voldemort, the Harry Potter book-series villain so powerful he simply was referred to as “He Who Must Not Be Named,” said one fund manager, who asked not to be identified because his firm does business with JPMorgan.
The whole thing, with hedge fund traders using nasty nicknames to describe the guy via the press, seemed odd from the beginning. This only makes it weirder.