JPMorgan Jumped On First Republic's Exploding Manhole Cover
Regulators are always trying to prevent the next crisis, but they're always working with rules made in the last one.
Up in smoke.
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This morning at around 1:30, I woke up to two massive booms that rattled me to my core. Was it an earthquake in Manhattan? Or the sound of Jamie Dimon sticking a fork in the regional banking crisis? Neither. It turns out a manhole had exploded right outside my apartment window, and the fire erupting from the earth looked like one of those onion volcanoes at a Hibachi restaurant. Soon firefighters arrived and everything was OK, but the whole episode got me thinking about whether there might be some symmetry between malignant manholes and bank failures.