How do you blow up a (London) whale? In the case of JPMorgan Chase (JPM) - which sees $2B in...

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

How do you blow up a (London) whale? In the case of JPMorgan Chase (JPM) - which sees $2B in mark-to-market losses and counting - apparently by trying to "hedge" against credit stress by writing protection, and get the whole market playing against you. Despite uncertainty about further losses, Doug Kass is buying the dip though many are more cautious. And don't bet against a resurgence in the Volcker Rule and bank breakup talk, and more downgrades ahead.