Noun: A sudden and ignominious failure; a fiasco.
Also: A total, often ludicrous failure.
Mark Gongloff at the Huffington Post:
Fail Whale: Seven And A Half Things To Know
..."It is a high irony that the too-big-to-fail bank at the forefront of a relentless effort to stop Dodd-Frank is JPMorgan itself," University of Maryland law professor Michael Greenberger wrote in an email to 7.5 Things last night.
So now the fallout begins. Obviously champions of reform are heartened this morning, writes Nelson Schwartz of The New York Times. Bank stocks took a beating overnight, and the beatings will continue until morale improves -- not because of worries about losses, but because of worries about regulation, writes David Reilly of the Wall Street Journal. Wall Street's former golden boy, the one who argued he didn't need any bailout money, is now tarnished, writes the WSJ's Robin Sidel. Meanwhile, some people at JPMorgan might be in for some extended gardening leave, and Michael de la Merced of the NYT takes a look at who they might be, including the London Whale himself, Bruno Iksil. Max Abelson of Bloomberg profiles the head of the London office at the center of the debacle, Ina Drew....
FT Alphaville's Lisa Pollack goes in-depth:
While fellow toiler in the 'ville, Izabella Kaminska , talks dirty hedges:
The only perfect hedge is in a Japanese garden