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Web Editors' Choice 2012

By Bloomberg - 2012-12-24T16:25:34Z

Photograph by Simon Dawson/Bloomberg

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The London Whale, Beached

The saga of the "London Whale," a story about one of the biggest trading losses of all time, started with Bloomberg TV anchor Stephanie Ruhle, who'd heard about JPMorgan Chase & Co.'s "monster" derivatives trades. On April 5, Ruhle, Bradley Keoun and Mary Childs published a story about Bruno Iksil, a JPMorgan trader who'd built up trading positions so large that they may have distorted world credit indexes. A week later, Erik Schatzker, Christine Harper and Childs followed up with an in-depth look at how JPMorgan's chief investment office, the unit Iksil worked in, was engaged in trades akin to a giant prop-trading desk. JPMorgan Chief Executive Jamie Dimon called the controversy "a tempest in a teapot." It wasn't; JPMorgan's losses eventually reached $6.2 billion, marring Dimon's reputation and calling into question whether anyone could manage a company as complex as JPMorgan.